Brace yourself. This is scarier than any hairy spider, mean clown costume, or horror flick you could possibly see this Halloween. Last year, XYZ University sent out its Scary Stats debut, and it’s baaack and scarier than ever.
We’re counting the stats down, working our way to the scariest stat of them all. You can run, but you can’t hide!
Scary Stats 2014
10. Four million American Baby Boomers (1946-1964) retired this year. (Social Security Administration)
9. 55% of executives don’t have a process for conducting CEO succession planning (InterSearch Worldwide) 8. There are 4.8 million job openings in the United States right now; the highest level since January 2001. However, roughly half of the employers can’t find qualified workers. The skills gap between higher education and workforce training has been identified as a “critical problem” for the U.S. (Council on Jobs and Competitiveness) 7. For a company with 10,000 employees, the turnover costs for entry-level workers alone average $17.3 million. (Human Capital Institute) 6. 44% of Generation X (1965-1981) workers are reportedly actively disengaged, meaning they’re planning to look for another job within the next 12 months. (Gallup)5. 61% of high school students would rather be an entrepreneur than an employee when they graduate from college. (Internships.com)
4. 1 in 3 young professionals under age 30 prioritize social media freedom over salary when choosing to accept a job offer. (Cisco Connected World Report)
3. 91% of Gen Y (1982-1995) employees don’t expect to stay more than three years at any given job. (Future Workplace Survey)
2. Starting in 2015, Baby Boomers will no longer be the majority of the workforce. The majority of the workforce will be Generation Y, ages 20-33. (U.S. Bureau of Labor Statistics)1. High unemployment and the lack of skilled labor worldwide threatens a projected loss of $10 trillion between now and 2030. The loss is fueled by anemic economic growth and aging populations, thereby impeding business growth and competitiveness and introducing significant economic challenges. (Boston Consulting Group)
Feeling spooked? Indeed, the workforce is changing and we’re facing an uncertain future together. But you can do something about it.
Remember: Our economy and collective futures rely on a steady supply of human capital and talent. When we neglect that supply and fail to prepare for the future, there will be unfavorable outcomes; outcomes that could haunt us for a long time.
So invest in your talent. Identify and respond to the needs and values of the emerging talent. Succession plan.
The famous anthropologist Margaret Mead once said: ‘If the future is to remain open and free, we need people who can tolerate the unknown, who will not need the support of completely worked-out systems or traditional blueprints from the past.’
In other words, we need to be fearless. Perhaps now more than ever.
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