The Herman Trend Alert|
November 16, 1999
Turbulence to Continue
45 days until January 1, 2000
Turbulence in the labor market will continue. In fact, it will intensify and spread across the globe. The United States is experiencing serious challenges with a national unemployment rate of 4.2 percent. Other developed countries will face similar challenges as their unemployment rates drop and as their workers change jobs more frequently. There will be lags of months-or even years, based on regional, national, and local conditions, but the shortages and their attendant problems WILL come.
A report this past week from Australia illustrates this point. The chairman of Adelaide Bank noted his country's unemployment has dropped in recent months. While the jobless rate will continue to remain too high, potential problems loom. Enlightened employers in such conditions are well-advised to build the strength and stability of their workforce now.
Adelaide Bank has generated opportunities for young people over the past three years, employing around 50 young Australians each year under its youth training program. Today 65 percent of all new staff are recruited through the program. Importantly, the great majority stay with Adelaide Bank, building their careers in the finance sector. An additional 65 young South Australians will be offered the opportunity to gain employment with the Bank during 1999-2000 as part of an expanded youth employment program.
The chairman emphasized the company's leaders "are proud of the fact the Bank has become an employer of choice as a result of its policy of building a career for life for young people." Attracting and retaining top talent-- for now and for the future--has become a top priority issue internationally . . . and will remain so.
The Herman Group and the Workforce Stability Institute continue our dedication to helping employers retain top talent. We're pleased to announce availability of a diagnostic quiz at http://www.herman.net/quiz/. Subscribers are invited to answer the questions, then receive a valuable response by return e-mail. Respondents will receive a special series of advisories on how to keep employees.
We're also pleased to announce that our forthcoming book, "How to Become an Employer of Choice," is now available for pre-publication purchase at www.employerofchoice.net.
© Copyright 1998- by The Herman Group, Inc. -- reproduction for publication is encouraged, with the following attribution: From "The Herman Trend Alert," by Joyce Gioia, Strategic Business Futurist. 336-210-3548 or https://hermangroup.com. To sign up, visit https://HermanTrendAlert.com. The Herman Trend Alert is a trademark of The Herman Group, Inc."
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