From generation to generation, leaders of companies have made adjustments in regards to “tomorrow’s workforce.” How will today’s leaders need to adjust? Frequently discussed topics include everything from technology improvements to on-shore vs. off-shore resources to the debated differences of Gen Y employees vs. other employee generations.
United States colleges are adding over 1,750,000 to “tomorrow’s workforce” every year. However, according to the Bureau of Labor Statistics, 10,000 people could leave our workforce on a daily basis as they turn 65, and this will continue through 2030. That’s 3,650,000 of today’s workforce every year that are eligible for retirement. Of course, not everyone ends up retiring at 65 these days, but even if 70% do (and we continue to gain 1,750,000 college graduates every year), we’ll lose over 800,000 people annually from the US workforce.
Bottom line: Tomorrow’s workforce is shrinking
As the US, and more specifically, Minnesota’s workforce continues to shrink, companies will need to get more out of less. Technology enhancements will help, but it will become even more critical to have the very best people in every seat of your organization and to drive higher productivity on an individual basis.
With 19 Fortune 500 companies and many other large private companies in Minnesota, competition for top talent will be strong.
How will you prepare? Here are two important questions you’ll want to ask:
- How will I attract top-tier talent?
- How will I retain tomorrow’s workforce once hired?
Develop a strategy for those two questions, and your company will attract top-tier talent, despite the challenges of tomorrow’s workforce!