The Brain Drain
One of the major concerns of today's companies is the shortage of labor, especially in management. The baby boomers are nearing retirement age in the United States and the birth rate is dropping. These circumstances, coupled with the booming economy are the main causes of the labor shortage. There is a high demand for labor but the once seemingly bottomless pool of employees and managers that companies drew from has started to dry up. What are the factors that contributed to the problem and how are today's corporations going to handle this problem? The type of labor needed in today's society has been undergoing a constant change. There is an increase in demand for workers but there is a much greater demand for educated white-collar workers, especially management material. Projections state that the growth in managerial positions will increase 20% by the year 2010 yet the population aged 35-50 will decrease nearly 10%. What these figures say is the already diminishing supply of executives is going to dwindle even more over the next 10 years. There is a shortage of blue-collar workers now and there will also be an even greater shortage of them in the future. In order for employers to find people who are willing to
Some companies are offering what they refer to as "dream jobs" to their execs who are considering retirement. The projected change in the 25-34 year old bracket is -8. These things were not true twenty years ago. This is a factor contributing to the strong economy we are enjoying now. Japan is also going to be coping with similar problems. He taps into the resource of the retired executives by asking them to serve on the boards of the companies his firm takes over. Placing this category of employee in a position to guide and advise the management of tomorrow, forming a stronger base and filling in some of the gaps formed as people retire is very smart strategy. There are a wide variety of employment opportunities and today's workforce can afford to be selective when choosing a job. The rewards to the employee at Skill Team are working 58% of the time they worked before for 88% of the last salary received at IBM. The advancements our pharmaceutical companies research and development departments have made are staggering. What they did next was to set up another company called Skill Team and offered a job to any of the former IBM employees affected by the forced retirement. These people could be mentors to the future stars of the company but they can't do that if they are no longer employed in some capacity by their respective firm.
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