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The Perfect Storm

. The Perfect Storm. . . . A Labor Shortage?MAYBE. A Skill Deficit?PROBABLY. A Shortage of Knowledge Workers?DEFINITELY. . . . Labor Shortage. World's Population will double in the next 40 yearsThe greatest fertility will be found in those countries least able to support their existing populatio

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The Perfect Storm

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    1. The Perfect Storm

    3. Labor Shortage World’s Population will double in the next 40 years The greatest fertility will be found in those countries least able to support their existing population In contrast to the developing world, many industrialized countries will see fertility rates below replacement level and hence significant declines in population As a result, in 10 years or so, the workforce in Japan and much of Europe will shrink by 1% per year. By the 2030s, it will contract by 1.5% annually

    4. Labor Shortage The long-term labor shortage continues to be a threat – 10 million-person shortage in U.S. by 2010, 40 million by 2015. 43% of the U.S. civilian labor force eligible to retire in next decade.

    5. Skill Shortage The half-life of an engineer’s knowledge today is only five years. In electronics, fully half of what a student learns as a freshman is obsolete by his or her senior year. Rapid changes in the job market and work-related technologies will necessitate increased training for virtually every worker. In the next 10 years, close to 10 million jobs will open up for professionals, executives, and technicians in the highly skilled service occupations.

    6. The U.S. Education System Failing to Deliver Achievement scores in subjects such as mathematics and science progressively fall for U.S. students as they move from lower into higher level grades Colleges are significantly increasing the number of remedial courses required for entering freshmen

    7. The U.S. Education System Failing to Deliver With the “Baby Boomlet” entering school, class sizes are dramatically up, and new classroom additions only marginally so There is a shortage of 2.2 million teachers in the K-12 system over the next 10 years Increasing reliance on e-learning solutions, necessitating increased investment in technologies and skills development, with uncertain results to date

    8. The U.S. Education System Failing to Deliver Approximately 20 million American adults are functionally illiterate Once they're settled into their jobs, only one in ten U.S. workers receives any new training

    9. Knowledge Shortage 35 to 54 year olds are the prime-age category. Every day 10,000 people turn 55. By 2015 there will be a 15% decline in 35-54 yr. olds, while demand increases 25%.

    10. Actual Number of Births per Year in the U.S.

    11. Generational Markers

    12. Characteristics of Generations

    13. Characteristics of Generations

    14. Characteristics of Generations

    15. Characteristics of Generations

    16. Characteristics of Generations

    17. Workers of different generations blend as they work together; age is not a major factor at work

    18. Environment Experience by Most Young People Increased cultural awareness Dual income/career parents Technology as a toy Corporate Restructuring

    19. Increased Cultural Awareness

    20. Percent of Baby-Boom and Baby-Bust Generations by Race/Ethnicity

    21. Growing acceptance of cultural diversity is promoting the growth of a truly integrated global society. Within the U.S. and Europe, regional differences, attitudes, incomes, and lifestyles are blurring as business carries people from one area to another Intermarriage also continues to mix cultures geographically, ethnically, socially, and economically Minorities are beginning to exert more influence over national agendas as the growing number of minorities in the U.S. is mirrored by the expanding population of refugees and former “guest workers” throughout Europe

    22. Minorities in Top Management

    23. Women in Top Management

    24. Dual income/career parents

    25. Labor Force Participation Rates of Married Women

    26. Married Mothers, with Children in the Labor Force

    27. Percent of Children by Number of Parents in Household

    28. Two-income couples are becoming the norm In 75% of U.S. households, both partners will work full time by the year 2006, up from 63% in 1992 In Europe today, dual-income households outnumber single-income households by about two to one. Countries in northern Europe tend to have a higher percentage of dual-income households than those in southern Europe Growing numbers of grandparents are raising their grandchildren. Among the poor, grandparents also provide live-in day care for the children of single mothers.

    29. Perception of Quality of Life Over Time

    30. Perception of Quality of Life Over Time

    31. Parent Adult Child

    32. Technology as a toy

    33. The pace of technological change keeps accelerating As late as the 1940s, the product cycle (idea, invention, innovation, imitation) stretched to 30 or 40 years. Today, it seldom lasts 30 to 40 weeks. Eighty percent of the scientists, engineer, and doctors who ever lived are alive today – and exchanging ideas in real time on the internet. All the technical knowledge we work with today will represent only 1% of the knowledge that will be available in 2050.

    34. More “Hi Tech” - More “Hi Touch” Remote Distant Impersonal One size fits all I’m not important Need for affiliation Personal attention Recognize individual differences Customized response I’m important

    35. Corporate Restructuring

    36. Loyalty and Commitment has Vanished Tardiness is increasing; sick-leave abuse is common. Job security and high pay are not the motivators they once were. Young people watched their parents remain loyal to their employers, only to be downsized and out of work. Fifty-five percent of the top executives interviewed say that erosion of the loyalty and commitment will have a major negative effect on corporate performance in the future.

    37. How important are the following strategies for attracting and retaining a loyal and committed workforce?

    38. Key Issues Related to Retention and Engagement

    39. Key Issues Related to Retention and Engagement

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