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Millennial Speaker John Di Frances
Why as Employers Should We be Concerned?
Aka
Millennials Will Soon SHAKE EMPLOYERS’ REALITY
U. S. Department of Labor data shows that America will face a 10 Million Worker shortfall by 2010 and that represents the net worker deficit after taking into consideration gains through continued immigration. Why this sudden lack of employable workers? The demographic reasons are twofold.
First, the aging Boomer Generation, born from 1925 to 1945, is beginning to retire. This trend will accelerate, as many boomers, especially those who are professionals, do not plan on working to age sixty-five. Early retirement in their mid to later fifties is a common and growing trend. Today, 32% of Public & Private School Teachers are over the age of fifty and 60% of all Federal Workers are Boomers.
Meanwhile, the generation following the boomers, Gen-X, was numerically very small in total size. These two factors are combining to create an extreme shortage of available workers.
Enter the millennial generation upon the scene. Millennials have different vocational values, expectations and goals. Moreover, they are not particularly interested or willing to accept the employment conditions of their parents and given the rapidly approaching worker shortage, they will not need to do so.
In the coming “scarce labor market,” it is the millennials who we will be in the position to choose among competing employers offers.
The following article appeared in the Tuesday, September 11th, 2007 issue of the Milwaukee Small Business Times. Although the employer survey it references is specific to Wisconsin and Northern Illinois, it does closely mirror a phenomenon that is rapidly growing common throughout the United States.
QPS survey reflects tight labor market
According to the QPS Companies Inc. (QPS) quarterly Employment Forecasting Survey, 55 percent of employers throughout Wisconsin and northern Illinois report that it is difficult or extremely difficult to fill their open job positions.
The findings in the survey by the Brookfield-based staffing company included: 47 percent plan to increase their staff in the quarter; a lack of qualified employees is the top challenge facing employers; general skilled labor positions are the most difficult to fill; and 53 percent are increasing their wages.
QPS surveyed more than 245 companies including manufacturers, banks, printers, distributors and information technology firms throughout Wisconsin and Northern Illinois.
