Labor News

  • Are You As Busy As You Think?

    We all have the same 168 hours per week, but since time passes whether we acknowledge it or not, we seldom think through exactly how we're spending our hours.

  • For Some, All in a Leap Day's Work

    On Feb. 29, some people will be celebrating, others will take the day off to go shopping or do something fun. But many Americans will spend their leap day at work.

  • Facebook as Job Predictor

    A new study found that impressions taken from Facebook profiles correlate to job performance.

  • Co-Workers Change Places

    Some businesses are giving employees the chance to complete a stint in a different department or swap places with a colleague overseas to help sharpen skills and stay motivated.

  • Tax Bill Passed by Congress Broadens Jobless Program

    The economic package that cleared Congress on Friday includes changes to the nation's unemployment-insurance program aimed at helping more Americans stay in jobs and others go back to work.

  • Unemployment Claims Drop

    The number of workers filing new applications for unemployment benefits fell last week to the lowest level in nearly four years, as a series of reports offered mostly positive signs about the U.S. economy.

  • News & Trends in Management

    Companies are seeing fewer applicants per job opening, but recruiters say they are still seeing too many unqualified candidates. Plus, a study says a simple surname can be a big perk career-wise.

  • Agency Aims to Help Pregnant Workers

    Federal regulators are trying to bolster workplace-discrimination protections for pregnant women and people caring for relatives, in response to complaints by workers who say they have been fired or mistreated because of their status.

U.S. Labor Shortage

As the competition for critical talent in the U.S. intensifies, organizations must better understand the supply and demand for critical workforce segments. Companies must begin to identify the skills in their organization that will help drive future growth. "With the relative aging of the population, it is bound to bring with it many changes to the economy of the U.S.-some foreseeable, many probably not," according to Alan Greenspan, Chairman of the Federal Reserve emeritus.

Today, the average cost to replace an employee is one and a half times their current salary when you factor in benefits, on-boarding and training and development. That cost is expected to double in the next 25 years. According to the Bureau of Labor Statistics, by 2012 there will not be enough skilled workers in the U.S. to staff all of the nation's jobs.

  • The number of people aged 55 and older will increase to 73% by 2020, while the number of younger works will grow only 5%.
  • More than 25% of the working population will reach retirement age by 2012, resulting in a potential skilled worker shortage of nearly 10 million
  • The United States sees a shortage of more than 1 million nurses by 2012 and an estimated shortage of 200,000 physicians by 2025.
  • U.S. colleges will graduate only 198,000 students to fill the shoes of 2.5 million baby boomers scheduled to retire by 2012.
  • More than 400,000 of the 1.5 million IT jobs to be created by 2011 will go unfilled because of the skilled labor shortage.
  • Private pension funds in the U.S. are staggering to the tune of being underestimated by $111 billion - a 425% increase recently and the highest under funded pension liability ever reported.

The real talent gap in the United States involves selected skill sets. Four industries in particular will suffer a mass exodus of employees including: Healthcare, Manufacturing, Energy and the Public Sector. With a decrease in the employee workforce, companies are challenged with the question of whether or not there will be enough qualified workers in the United States to do the work at an acceptable cost. Organizations must be prepared to manage divisions or business units that will be heavily impacted by waves of retirement and the impact retirement will have on critical skill sets and productivity needs.

Reference/Sources:
- The Bureau of Labor Statistics
- Deloitte research 2008-Do you know where your talent is?
- HR Magazine Vol. 50, No. 3