Corporate CPR Episode 51: Will the Labor Shortage Ever End?

August 11, 2022

On today’s show, we discuss the current labor shortage, and what we might expect moving forward.

If there is a crystal ball for what the future of jobs, work, and the workplace look like, it lies in the head of Ira S. Wolfe. Ira has emerged as one of the top 5 Global Thought Leaders in the Future of Work and HR. a visionary thinker in what happens When the Shift Hits Your Plan and How to Thrive on the Never-Normal Journey.

Key Takeaways:

The labor shortage isn’t going to end anytime soon. Why?

  • We are experiencing a worldwide economic downturn. This is the first time since 1945 that the GDP has lowered without the unemployment conversely rising. Unemployment is still low.
  • The population is decreasing. There are fewer people entering the workforce with the new generations. Between 1950-2020, more women and immigrants were entering the workforce to compensate for the population decrease. Now, Baby Boomers are also leaving the workforce. We are in a job full downturn, and it’s not expected to change soon.

What should employers consider during this time?

  • Employees want choices in creating work/life balance. Employers will need to decide what type of culture they want for their business – remote / hybrid / on site.
  • The burden of shortage is falling on remaining workers, and the stress is causing them to quit as well.

Do you see the shortage driving companies to be more innovative?

Yes, businesses may alter hours to only profitable times. Businesses will also find ways to automate tasks to be successful with fewer employees. Examples:

  • Robots doing fast food ordering, food preparation, payment processing. 
  • Apps for content editing, both written words and video.
  • Apps like Watson used by surgeons that use keywords against enormous amounts of medical journals to suggest treatment.
  • Autonomous vehicles for individual use and also to carry passengers.

What do employers and employees need to focus on for the future job market?

Employers

Embrace what a good employee experience looks like.  Talk to your employees and make a plan together. 

  • Do the employees feel like the managers have their back and care about them? 
  • Do they like their coworkers and the culture? 
  • Is the workspace safe? Can you say something when you need help or when you have a great idea? 
  • Are there ways to make the recruiting and onboarding experience better?

Employees

  • Adaptability – Many jobs will become automated. Being adaptable and resilient will mean you’ll find a way to be valuable no matter what changes occur.
  • Growth mindset – Be willing and motivated to try new things, make mistakes, and accept challenges.
  • Mental flexibility – Have the ability to deal with misinformation and disinformation.
  • Unlearn what doesn’t work anymore

Contact Ira Wolfe

Website: https://www.irawolfe.com/

Book: Recruiting in the Age of Googlization

LinkedIn: https://www.linkedin.com/in/irawolfe/

Coaching: https://www.successperformancesolutions.com/aqplus-growth-mindset/

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