Guest Article: Preparing for and Investing in a Dwindling Workforce

As a provider of IT services to the business community we often run across interesting and helpful stories for our clients.  In this guest post, Richard Sontarre, Community Resource Partners, discusses the cause of shortages in the workforce and what to do about it.

Employment variants between Baby Boomers, Gen X’s and Millennial’s can create a unique challenge in hiring, training and team building within your business.

Recent employment data released may cause further concerns over a quality and productivity of our workforce. Minnesota employers reported a record 142,282 job vacancies in Q2 2018, up 15.7% from the same period a year earlier, according to the Minnesota Department of Employment and Economic Development (DEED). DEED’s biannual job vacancy survey found that the state had 0.6 unemployed people for every job vacancy. The job vacancy rate was 5.2 percent, meaning there were 5.2 openings for every 100 jobs in the state. The number of unemployed people per vacancy was a record low, while the job vacancy rate was a record high. These figures reflect a strong economy and high demand for labor statewide. At the same time, they underscore the need for continued investment in training programs, specifically for Minnesotans on the economic sidelines.

If the number of workers looking to fill positions concerns you, consider this; according to AARP, 10,000 baby boomers are turning 65 every single day, and this is expected to continue into the 2030s. This means that nearly 7 baby boomers are turning 65 every minute. In Minnesota, the number of baby boomers becoming seniors is expected to double over the next 20 years as an additional 784,000 cross the 65-year mark. In the same time period, our working-age population (16-64) is projected to shrink by about 5%, or 170,000 people. That creates an estimated net loss of 954,000 workers.

As such, significant consideration will need to be given to ideas such as utilization of consultants and contractors, plus investing into your own training and development programs to secure and incentivize available, but under skilled, employment candidates.

Community Resource Partners, specializing in image, branding and operations would like to be a tool in your toolbox of success.

Guest article provided by Richard Sontarre, Richard has been consulting in government and business agencies for over 20 years.  His areas of experience have included lobbying, campaigning, branding individuals and businesses, coalition building and operational analysis.  Richard has worked corporately for national and worldwide corporations in the areas of employee relations, operations, leasing and public affairs. Outside of work Richard is a Head Coach for three high school teams and serves as President and Director of Coaching for a youth soccer club.