7 Ways to Prepare for the Global Labor Shortage

7 Ways to Prepare for the Global Labor Shortage
From Recruiter - September 2, 2016

According to a report from Boston Consulting Group, most countries will face labor shortages by 2030. You can get ahead of the crowd by adopting these seven tactics to prepare your workforcefor the global labor shortage now:

1.Educate Yourself

Many leaders and managershavevery little understanding ofthe crisis ahead. In fact, some arent even aware of it at all. Do some reading on key concepts like the war for talent, the aging workforce, the skillsgap, and the inevitability of global competition.

Your reading should scare youthats a good thing. Use that fear to inspire youto become a talent expert before your competitors do.

2. Calculate Business Impacts

Work with your CFO to calculate the business impacts numerous position vacancies, low skill levels among new hires, and lowered productivity resulting fromthe aging workforce, the skills gap, and the global competition fortalent.

Some of the possible negative consequences of failing to have the right people inthe right jobs include goods not being shipped on time, low product quality, lower customerservice ratings, projects falling behind, loss of existing or future customers, and even animage of instability or the rumor of your organization going out of business.

3. Integrate Recruiting Into Your Business Processes

Its important for managers to realizeupfront that no one will be exempt from labor shortages. Furthermore,some industries will be hitespecially hard in the upcoming war for talent. Its critical that you integrate greatrecruiting and retention into every business, measurement, and reporting process.

4. Forecast Your Talent Needs

Develop a process for forecasting your talent needs. Work withbudgeting, sales forecasting, and strategic planning to get some idea of where yourbusiness is going and what your talent needs will be in the next 18 months.

5. Prepare for Increased Turnover


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