Act Now to Secure a Qualified Workforce

Although economic times seem bleak now, current trends point to a shortage of qualified labor in the immediate future. The U.S. Department of Labor Statistics estimates there will be a shortfall of approximately 10 million workers within the next seven years. Statistics indicate there will be nearly 168 million jobs in the U.S. economy, but only about 158 million people available in the labor market to fill those jobs.

by Vicki Gerson NFIB.com

One of the reasons this will occur will be due to the number of Americans who will be 65 years and older. This age category is expected to increase to 26 percent between 2005 and 2015. Meanwhile, people ages 40 to 54, will decrease by five percent, while the number of 25- to 39-year-olds will only grow by 6 percent.

What does this shortage mean for your business?

If you own a small to mid-size business, take a careful look at your workforce. Think about which workers may retire within the next seven years. If they have special skills, think about ways you can entice them to stay. For example, maybe some of them would be willing to job share and work 2.5 days a week. Another alternative to consider is starting to hire people these experienced workers can train.

Another option is to hire interns to work at the company either in the summer or for a school semester. Even if you can’t hire them within the next year, you have the names of these individuals you can contact in the near future. And, as the economy starts to improve, you may find room on your payroll for hiring one of the interns.

Finally, make sure you don’t wait until the economy is at full strength to determine the number of workers you need. As business starts to pick up, start hiring — because if you don’t, you won’t have the luxury of 50 resumes crossing your desk for one job. The best workers will be snatched up by your competitors.

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