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Workforce Talent Shortage Approaches
By Art | May 25, 2005
We do not have workers with enough training or skills to replace experienced retiring workers. The race to retain top talent in key positions has begun. Here are just a few of the available statistics.
- The shortage of available skilled workers is likely to exceed 10 million by 2010.
- One-fifth of this country’’s large established companies will be losing 40% or more of their top-level talent in the next five years. The replacement pool of 35-44 year-olds will decline by 15% during the same period.
- Within the next 10 years, 18 million jobs will require individuals with baccalaureate degrees. At current graduation levels, the Employment Policy Foundation predicts a shortfall of 6 million. Job growth in these occupations is projected to increase 42% by 2010.
- In 1950, over 60% of all manufacturing jobs required unskilled labor. Today less than 15% of all manufacturing jobs are unskilled.
- In 1973, blue-collar workers represented over 60% of the workforce. Very shortly, just 10% of the workforce will be blue-collar.
- The Hudson Institute estimates that by 2006, only 20% of our workers will have the skills to do 60% of the jobs.
- 3 out of every 4 Fortune 5000 companies listed in 1970 are no longer on the list. 1 out of 3 firms who went public since 1988 are now out of business.
One thing that will become more and more important is attracting and retaining top talent. High-performing companies have nearly half the turnover as low-performing companies.
What can you do to put your company into high performance mode? First, you have to hire top people, then you have to find or create the best work environments and positions for key people. Finally, you have to retain that talent.
It sounds very simple, and yet many companies miss out on the most effective strategies for accomplishing all three. We can help with all
of your organizational optimizations. We can target the best tools from the wide variety available and implement processes to maintain your edge, retain your talent, communicate more effectively, and invigorate the corporate culture with trust and shared vision. Call us at 404-814-0739 or visit http://www.datadome.com.
Topics: Assessments, Workforce Trends |