This Week's Herman Trend Alert

Nail-Painting Robot Coming
to a Salon Near You

 

  The Herman Trend Alert

August 1, 2018

Impending Crisis
No Longer

For years now, we have been forecasting a significant uptick in employee turnover. With unemployment worldwide at some of the lowest levels in years, employees are jumping ship in record numbers---because they can find other positions without difficulty.

The "Perfect Labor Storm" is here
According to a recent article in The Wall Street Journal, workers in the United States are leaving at the fastest rate since the low unemployment in early 2001. The reasons are clear: a strong economy and record-low unemployment. The "perfect labor storm" (forecast by Ira Wolfe) expected 20 years ago is finally here. To help to understand the magnitude of this issue, the US Labor Department reports 3.4 million workers left their jobs voluntarily in April. That is double the 1.7 million who were laid off or fired.

Quitting is Hot
Job hopping seems to be affecting all industries. Whether we are looking at retail, food service, or construction, all are experiencing the impact on their workforces. Not surprisingly, according to the Federal Reserve Bank of Atlanta, people who changed jobs in May enjoyed about a 30 percent hike in annual pay boost over those who stayed in their jobs over the past year. The group doing the most job-hopping is the younger workers. The US Census Bureau says about 6.5 percent of workers under the age of 35 changed jobs in the first quarter of last year versus 3.1 percent of those ages 35 to 54.

Employers must take action right aways
Many employers are already in a critical position, needing to act immediately. They have already experienced problems recruiting the skilled workers they need; many positions stay open for months at a time.

What employers must do ASAP
Establish clear, consistent expectations so that people know where they stand and how to be successful in their jobs every day. Train supervisors and executives and coach them to be good leaders. (Remember, people join companies and leave bosses.) Make sure people know where they stand with their immediate supervisors on a daily basis, through performance feedback and/or software that facilitates these relationships.

Other intangible factors important to today's workers
Create an environment in which people feel free to share their ideas---and their feedback about what is working and what is not. Ensure that you have the right people in the right jobs to utilize their skills to the fullest. Consider what is fair for long-tenured employees, when you bring on new workers. Keep your people up-to-date by giving them frequent opportunities for education, training, and development. And finally, do not overlook the need to make sure that people understand their total rewards/value proposition---including salary, bonuses, perks, and benefits.

The War for Talent has once again resumed
With many countries discouraging the immigration of workers and the current skilled labor shortages, combined with the record numbers of retiring baby boomers, employers are in for more challenging times; they will do well to consider our advice in this Herman Trend Alert. To ignore this advice will be, at best, "unwise" and at worst, "suicidal". Without workers to make products or serve their customers, companies will not survive!

Special thanks to HR Exchange Network for bringing this important issue to our attention. To read the entire Wall Street Journal story, visit here.


© 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. 1.336.210.3548 or https://hermangroup.com. To sign up, visit https://HermanTrendAlert.com. The Herman Trend Alert is a trademark of The Herman Group, Inc."

HEAR JOYCE SPEAK TOMORROW AT 11:30 AM EDT
Tomorrow morning, Joyce will be a Fireside Chat Speakers at the Brightside Business Women Empowerment Virtual Conference where she will talk about how business women can use the insights from her new, groundbreaking book, EXPERIENCE RULES, to be successful. Register for FREE at https://brightsideglobaltrade.org/women.

GET COACHING FOR YOUR PEOPLE FOR LESS THAN $1/DAY!
Gain access to dozens of coaches for the same low price. Find out more by visiting https://ingomu.com/joyceg

JOYCE IS ON THE RADIO EVERYDAY NOW
To listen to Joyce's TV shows on the radio, simply visit RadioFutures.com. Joyce's show is streaming every day at 3:00PM Pacific Time.

To read this Herman Trend Alert on the web: https://hermangroup.com/alert/archive_3-29-2023.html.


Herman Trend Alerts are produced by the Herman Group, strategic business futurists, Certified Management Consultants, authors, and professional speakers.

New subscribers are always welcome. There is no charge for this public service. The Herman Trend Alert is read by over 30,000 people in 90 countries, including other websites and printed periodicals. Click here to sign up for the Herman Trend Alert.

Do you enjoy receiving this weekly e-mail update? Contact us about our co-branded Herman Trend Alert service.


Subscribe or Unsubscribe to weekly Herman Trend Alert
View this week's Herman Trend Alert
Archived Weekly Herman Trend Alerts

                                                                                                                                                                                                                                                                                                                                                                         


[ Home · About · Products · Resources · Media ]

 

7112 Viridian Lane
Austin, TX 78739
Voice: 336-210-3548
Toll Free in US & Canada: 800-227-3566
E-mail: info@hermangroup.com


  © The Herman Group. All rights reserved.

Web site design by WebEditor Design Services, Inc.