Many mature economies are will face sluggish economic growth and tight labor markets in the next 15 years, according to the Conference Board’s recent report From Not Enough Jobs to Not Enough Workers.
- The imminent departure of Baby Boomers from the workforce will also impact corporate profit margins as labor costs and employee attrition increase.
- The growth rate of the U.S. population ages 18-64 is rapidly shrinking and is expected to be near zero growth by 2020.
- Labor shortages will be most pronounced in healthcare skilled labor, and STEM fields.
- Forward-thinking organizations are taking steps to address these trends. This may include:
- Providing incentives for older workers to stay employed
- Increasing recruitment intensity to get everyone thinking about career development
- Developing internal training to support skills gaps
- Creating mentor programs
View the webinar to learn how tuition assistance programs can be used to combat labor shortages. Most notably, businesses should:
- Offer higher tuition assistance caps for areas where skills shortages exist
- Partner with schools who can deliver in-demand skills
- Publicize the need internally for key skills
- Track how tuition assistance is impacting employee retention