1: Getting better at getting better is what RiseWithDrew is all about.
Monday through Thursday, we explore ideas from authors, thought leaders, and exemplary organizations. On Friday, I share something about myself or what we are working on at PCI.
Question: What’s the big deal about being a great place to work?
Four words.
The. War. For. Talent.
The current unemployment rate is 3.4%. The unemployment rate for college graduates is 1.9%.
These numbers are amongst the lowest in 50 years.
Think about that for a moment.
Next question: Are the current high numbers for employment an anomaly? An exception? As in, before we know it, unemployment will be sky-high again.
Or, is something else going on?
While no one has a crystal ball, the demographic data suggests the latter.
Two more words.
Baby. Boomers.
The “baby boomers” are the generation born between 1945 and 1965.
The term “baby boomer” came about following the boom in births that occurred when the soldiers came home after WWII.
In the year 2010, 13% of Americans were above 65. 2010 was also the year the first baby boomer turned 65.
Beginning then, for the next 20 years, each day about 10,000 Americans will turn 65.
If that sounds like a lot, it’s because it is.
In 2030, when the last baby boomer turns 65, 21% of Americans will be 65.
Yes, in 20 short years, there will be an 8% increase in the percentage of Americans over 65.
That’s what we call a demographic tsunami. In fact, that’s what it’s called: The Silver Tsunami.
What’s the impact on the US workforce?
It’s not high-level math: As the baby boomers retire and leave the workforce, it creates a large number of open positions and opportunity.
Which drives lower unemployment rates.
Which creates…
The War. For. Talent.
Is this the new normal? The demographic data says so.
Which means having a great workplace culture will be strategically important for all organizations that want to survive and thrive.
More next week!
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Reflection: Is my organization in a good position to win the war for talent?
Action: Discuss with my team.
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