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Surviving
and Thriving in the Upcoming Workforce Crisis
Over the last three years, the executive team at Profiles
International has had the unique opportunity to partner with
industry leaders to investigate a critical subject--how demographic
changes to the world's workforce are leading to a workforce
crisis and what companies can do now to survive and thrive.
Profiles
International partnered with The Concours Group, Harris Interactive
and AgeWave to assess how 24 leading global companies are
preparing for the upcoming workforce crisis. The results of
this collaboration served as the basis for the new book, "Workforce
Crisis."1 This research has also been
instrumental in driving product strategy for Profiles. Simply
put, Profiles International is committed to providing solutions
to help our customers address the upcoming workforce crisis.
The workforce crisis is being driven into a "perfect storm"
of catastrophic proportions by . . .
>
A significant drop in the growth rate of the labor force.
>
The impending retirement of Baby Boomers.
>
A continuing paradigm shift from physical labor to a knowledge
worker economy.
Soon,
the worldwide demand for labor will outstrip supply by 35
million jobs essentially draining $3.5 trillion in annual
output from the global economy--an impact sure to be felt
worldwide.
The
workforce shortage will result in incredibly stiff competition
for top performers. Those companies capable of attracting
and keeping top performers will thrive, while those that are
not will fail.
Given
this situation, what is the secret to effectively competing
for top talent? It is very simple: optimizing employee engagement.
Companies
that have a high percentage of engaged employees experience
tremendous return on investment. For example, research found
companies with a high percentage of engaged employees enjoy
these clear competitive advantages:
> Higher customer loyalty (86 percent higher)
> Success in lowering turnover and increased productivity
> Higher profitability (44 percent higher)
> Better safety records
> A 27 percent increase in earnings per share
It
is obvious optimizing workforce engagement is a key business
strategy that yields high results. Unfortunately, our research
found that over 60 percent of current employees are not engaged
in their current roles.
Therefore
the question remains, "How do you make sure your employees
are engaged, especially through the changing dynamics of the
workforce?"
Some
solutions include making sure the job matches a person's thinking
and cultural styles in addition to their previous background
and skills, and tailoring the right combination of compensation,
benefits and work/management "climates" to match the characteristics
of your workforce.
Profiles
International's integrated portfolio of solutions provide
you with tools to optimize employee engagement throughout
the employee life cycle, from hiring to motivation and retention
through succession planning.
We
invite you to learn more about our continuously expanding
family of solutions such as our Employee Engagement Survey.
Also, request our newsletters on the Workforce Crisis and
Leadership Development.
We
look forward to ongoing and future partnerships to assist
you to prepare for and thrive during the workforce crisis.
1.
Dychtwald, K., Erickson, T., Morison, R. (2006). Workforce
Crisis. Boston, MA: Harvard Business School Press.
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