The competition for talent is a long-term trend, not a short-term blip. How will your company compete for workers through the next decade?
While much has been written lately about the Great Resignation and churn in the job market, labor force growth metrics show that worker shortages aren’t a short-term phenomenon but rather the new normal for employers.
According to data from the U.S. Department of Labor, the overall U.S. labor force is projected to grow just 0.4% annually through 2030. That’s less than half the rate of growth during the 2000s, and less that a third of the rate in the 1990s.
Employers will need to implement a number of changes in order to attract the best employees. But one key factor in attracting and retaining employees is workplace culture. How can an organization make sure its workers feel valued, supported, appreciated, and listened to?
That’s the challenge one entrepreneur set out to conquer when he transitioned from consulting to providing a technology solution to organizations struggling to get a handle on feedback, coaching, and performance management.