This Week's Herman Trend Alert The Near-term Future of Global Travel

The Herman Trend Alert August 24, 2005 Young Entrepreneurs Drain Labor Pool Early indications suggest that the Millennial Generation, born after 1985, has a strong orientation toward entrepreneurship. They feel confident that they can achieve great results--at least earn a satisfactory living---by going into business for themselves. This population cohort is showing itself to be self-aware, astute, creative, and comfortable taking the risks involved with businesses. This scenario is a “good news---bad news” situations. While it is inspiring to see young people with a desire to create something, to try new business ventures while they are young, there is also a downside. These entrepreneurs, full of intellectual curiosity and energy, are often ideal employees for existing companies. However, if they are business for themselves, these unique human resources are usually not available to work for other employers. They are simply not interested. Employers enjoying the fruits of an expanding economy are looking for competent, creative, and motivated people to come work with them. Among the labor pools they are tapping are recent college graduates---new entrants into the workforce. Many are also looking for other young people who are not necessarily college graduates. People who graduated from college a few years ago and now have some experience are attractive to recruiters. As employers search for the more desirable self-starters, they aggressively pursue candidates who are internally driven to be high achievers. This trait is consistent with entrepreneurs, so many of the recruiters’ targets are off their radar screen. Faced with the difficulty of hiring a sufficient number of well-qualified employees, companies are outsourcing as many functions as they can. Often, the outsourcing process directs the work to small providers that have the expertise to perform the work. Entrepreneurial ventures, often led by partners that include recent graduates and others who are just slightly more seasoned, are well-positioned to catch serve the needs of companies anxious to outsource. So, in an interesting twist of irony, employers who can not seem to hire entrepreneurial younger workers are feeding the businesses that keep those desired candidates out of the labor pool. Relationships---between those who pay and those who do---are changing. © Copyright 1998- by The Herman Group, Inc. -- reproduction for publication is encouraged, with the following attribution: From "The Herman Trend Alert," by Roger Herman and Joyce Gioia, Strategic Business Futurists. (800) 227-3566 or http://www.hermangroup.com. The Herman Trend Alert is a trademark of The Herman Group, Inc." ARE YOU READY FOR THE RECOVERY? Most employers are unprepared. The recovery next year will bring a new set of challenges for employers that have been in prolonged contracted mode. They will need more skilled workers or will need now to begin to upskill their current staffs. But organizations can not engage in Strategic Workforce Planning, when they don't know how. That's where The Herman Group can help. We can help you with your "People Review"----large or small---so that you will know who you will need and when you will need them. . . and we can also guide you to the best sources for the people you will need. For more information, call Joyce at 336.210.3548 or e-mail joyce@hermangroup.com. GOOD SELECTION = BETTER RETENTION If you are not using pre-employment assessments, you are flying without radar---not very smart in today's highly competitive environment. Let us help you better understand your candidates and your employees. In less than 30 minutes, you will know if they can do the job (abilities); their work behaviors, even their personality and attitudes (like integrity & ethics), and those can't be trained. It's very cost effective, too! For more information, contact Joyce at 336-210-3548 or e-mail assessments@hermangroup.com. Validated for many countries and cultures. We offer in-depth help with job descriptions, too! http://www.hermangroup.com/assessments.html IS YOUR EMPLOYER AN EMPLOYER OF CHOICE®? Our effective, onsite seminars, workshops, and consulting can help you get there. We offer 1-, 2-, 3-hour, and full-day programs to help you communicate what it takes to become an Employer of Choice® and inspire your folks to get it done. In the future, being an Employer of Choice® will not be optional. Call Carol at 336-210-3547 to arrange a no-obligation conference call. Now announcing an opportunity in Africa (Ghana). E-mail info@EmployerOfChoice.com for more information. Herman Trend Alerts are produced by the Herman Group, strategic business futurists, Certified Management Consultants, authors, and professional speakers. New subscribers are welcome. There is no charge for this public service. 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