True Or False
Is a critical labor shortage lurking around
the corner? Is there an impending crisis we need to pay attention
"What employers will face in the next eight years
will make the tight labor market of the late 1990s look like a practice
session," said Roger Herman, Joyce Gioia, and Tom Olivo, co-authors
of "Impending Crisis, Too Many Jobs, Too Few People." (Oakhill Press,
"The labor shortage in this decade will be considerably
more severe than anything we have experienced in history," offered
Mr. Olivo. "According to the Bureau of Labor Statistics there will
be a shortage of 10,033,000 workers in 2010-just over seven years
away. This critical shortage is the result of having 167,524,000
jobs available and only 157,721,000 people to fill them."
Impending Crisis: Too Many Jobs, Too Few People
is a wake-up call for corporate leaders. The book presents the warning,
the evidence and advice for employers.
The authors anticipate that "An unprecedented churning
in the employment market may begin as early as the fourth quarter
of 2002 and become more intense during the first part of 2003. "The
economy is heating up and the growing is masked by the fluctuations
of the stock market which is more of a gambling operation than an
indicator of economic health," said Mr. Olivo. "As the economy improves,
more jobs will be created; people will move from one job to another
to grow their careers and to escape employers and supervisors who
just don't get it."
"To compete, to attract and retain top talent,
employers will have to focus much more intently on the criteria
used by desirable workers in making their choices," he continued.
"Marketability will become much more important
to workers. Demand for education and training will increase, with
learning opportunities provided by employers, unions, colleges and
universities. People will want to maintain and strengthen their
skills to stay competitive...and to be able to driver their own
careers. No more will workers place their careers in the hands of
employers," Mr. Olivo said.
As business strategists who advise on workforce
and workplace issues, particularly employee retention, report, that
some employers will heed the warning and follow the advice; others
will become extinct when they simply don't have enough employees
to get the work done.