The leading economists in America can’t agree on much right now. If you ask about inflation, recession, wages, job growth, etc. you will get a confusing amalgamation of useless information. If you ask them about the workforce however, you will get an almost choir-like answer in unison. Factually, the workforce is short and getting shorter. Americans just aren’t having kids and there is no sign that this will change anytime soon. According to Census data, by 2034 deaths will outnumber births for the first time in American history. Put plainly, if you think your workforce woes are bad now just wait.
You can do one of three things in response to this data:
- Pretend it’s not true and go about your daily life oblivious to reality.
- Do it like Grandpa did and just keep operating the same as you have for decades hoping for the best.
- Lay out a plan for the future with executable goals and then pursue them daily.
While you can do any of the three, the first two will probably result in bankruptcy and for obvious reasons are not recommended.
The question is: “What will you do?”
There are certainly successful ways to plan for the future. Increased use of technology is low hanging fruit here. We are using tech to drive all kinds of amazing advancements that save labor. Remote surgeries, driverless tractors, and ai accounting are just a few examples. Additionally, internships and externships (like the Chamber’s Venture program) can help recruit future workforce and train the skills you need to thrive. Flex schedules, work environments, unique fringe benefit plans, and much more can all be used as tools to entice young workers away from your competitors.
You don’t have to be Einstein to know that griping and complaining, doing nothing, or just doing like I always have are not smart business decisions so don’t wait, act now. Take a few minutes to do a self-evaluation about the labor needs in your business and think about possible solutions, regardless of how out of reach you think they may seem. You need a plan, and you need it now, so get to work!