Mr. Taylor shared that as the baby boomers are retiring, it’s creating a big expense for the rest of the economy to handle. The baby boomers tended to have large families. The workers entering the job market now are delaying marriage and children. They are busy during 40+ hour workweeks. Dogs have replaced children. Most younger college grads are in debt with college loans. When I was finishing my degrees, the cost of college was $ 45 per credit hour. We didn’t have to deal with the incredible expense of college now. - SHRM President and CEO Johnny C. Taylor, Jr.
The predicted challenge is that there will be fewer workers to shore up the economy at the same time retirees are using resources and not working. Check out this SHRM summary: ”The Skills Gap 2019” www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/pages/skills-gap2019.aspx
Whether this challenge will happen or not, the low unemployment rate makes it difficult to find quality talent. The hard questions to ask yourself are:
Are employees moving more frequently through jobs (buyers’ market)? How will retention change?
Can the unemployed be reskilled quickly and effectively? Where do degrees, certificates, etc. bring more resources to the job needs?
What is the cost of lack of resources? What is the economic impact?