The second strategic point is farther off in the distance, but you need to plan for it now. The Dukakis Center at Northeastern University just released a report projecting a significant labor shortage by 2018. A couple of highlights from the report include:
- By 2018, with an expected return to healthy economic growth but no change in current labor force participation rates or immigration rates, there will likely be more jobs than people to fill them.
- If the baby boom generation retires from the labor force at the same rate and age as current older workers, the baby bust generation that follows will likely be too small to fill many of the projected new jobs.
- There could be at least 5 million potential job vacancies in the United States, nearly half of them (2.4 million) in social sector jobs in education, health care, government and nonprofit organizations.
- The loss in total output could limit the growth of needed services and cost the economy as much as $3 trillion over the five-year period beginning in 2018.
Obviously if you are in healthcare right now you need to pay heed to these numbers. 2018 is not that far away. But everyone needs to pay attention to this. Issues include:
- What jobs do we have that we may be unable to find workers for?
- How will changing technology alter the job picture for us?
- What is the composition of our current workforce? What is the expected loss to us?
- What possible training will we need to do and what will be the expense?
- How will we do this training?
- Who or where do we need to team with to insure a future supply of workers?
- What effect will this have on our recruitment structure and compensation structure?