IF YOU’VE BEEN FOLLOWING the local business news, you may have heard that the Talent 2.0 Regional Workforce Strategy Report has now been released for northern Colorado.
If you have employees, or need employees, there’s some very sobering news.
CHALLENGE: Continued Tightening
Over next 5 years, employers will have at least 28,000 openings to fill. The labor force adds only about 2,000 to 3,000 workers each year. A continuation of this trend would leave an estimated shortfall of about 5,000 workers.
Here are the implications of this projection:
- The competition for talent will dramatically increase and even get critical in some industries.
- Talent retention will become a top issue.
- This will be a powerful force for bringing new people into the region.
Why is this discussed under Values-Based Business? Because the power of a mission is often the deciding factor for whether you can attract and keep great people.
Sure, you still have to pay them fairly and offer reasonable benefits. But that just makes you the same as everyone else.
The secret sauce is when employees see that they’re on a mission that’s going to make the world better. For themselves, for their children, for society in general.
But you can’t just do it as a cynical marketing effort. The labor market is much too transparent for you to trick people for long.
Nope. It has to be authentic. It has to be the DNA of your company.