Tough labor markets pose challenges for businesses, but skilled CEOs have the tools to sort through these times and get the most out of all employees. A recent article for Chief Executive examines the upcoming difficulties that could affect corporate leaders if labor becomes in short supply.
According to the article's author Dale Buss, workplace trends will lead to a decline in the number of available workers. A study conducted by The Conference Board predicted lower numbers for more than 460 types of jobs.
The Wall Street Journal also reported on the topic. The Conference Board data measures which industries will be most in need of new workers over the next 15 years. That study found that occupational and physical therapists will be the most sought after, as the category had an index number of 1.3. The higher the number, the greater the chance of loss of labor. By contrast, most of the other professions noted had a figure under 1.
In the conclusion to his piece, Buss looks on the bright side of this situation, saying that the shortage will drive CEOs to be more proactive in keeping employees as part of their CEO responsibilities.
"The upshot is that, if the U.S. economic recovery gains traction, business chiefs may be revisiting the labor-shortage issue in their own industries," he writes. "More will likely try to get a jump on it by expanding training and other job-retention initiatives."
Companies should use management recruitment firms to locate CEOs with a strong record of employee management. Executives with the right mindset will know what practices are best for negotiating tough times.
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