Diversity, collaboration, and your workforce impact the success of business. The press about the workforce, aging demographics, and talent shortages is everywhere. Consider the following:
- Gen X and Gen Y make up the core demographic of social networking sites [i.e. Facebook and MySpace]. Generating an estimated 90 million viewers every month, between business, industry, professional, and internet groups.
- According to the bureau of labor statistics the United States will face an overall labor shortage, continuing for decades. In 2 years, the shortage of skilled workers is expected to hit 10 million. By
- 2030, the estimated shortage is projected to hit 35 million.
- By 2015: Hispanics will make up an estimated 15.9% of the labor force, up from 13.7% in 2006. African Americans will make up 12% of the labor force, up from 11.4% in 2006. Asians will make up 5.1% of the labor force, up from 4.4% in 2006.
- By 2012 people of color will make up 35% of the workforce, and by 2015 students of color will make up 47% of college enrollment.
- An estimated 3.3 million white collar jobs and $136 billion in wages will shift from the United States to low-cost countries by 2015.
- People with disabilities aggregate income tops $1 trillion; they are the largest minority population in the United States that spans all other minority groups.
Integrating an overall workforce and diversity plan – as well as aligning it to your business strategy is critical. While “planning” alone is not enough, questions you should integrate include:
- How will we successfully compete for our unfair share of future talent?
- What is our value proposition?
- Are we prepared and equipped to attract, hire, develop, and retain the talent needed to meet our business and member objectives?
- What sets us apart?
- What are the implications for our business?
Remember the buzz years ago about “the war for talent”? While there are arguments on both sides of the table about the shortage – some argue – “it’s a shortage of talent” vs. a “shortage of people“. Both present real challenges. Are you prepared?