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Current Economic Up-Tick

By Russ Riendeau, PhD.

The current economic up-tick, as well as a global demographic shift in our aging population, coupled with a lower birthrate over the past 15 years is causing a challenge for identifying and securing skilled professionals. Even with minor fluctuations in the unemployment rate of a measly 5.4%, give or take, the top sales and management professionals will be in high demand and more challenging to find.

On another note, business professionals seeking to change career and expand their business experience outside their field of expertise will be expected to provide stronger support and documentation of accomplishments and adaptability to demonstrate the ability to make an effective change into a new market. These same professionals must show a wide range of skills, global knowledge, personal wellness, and commitment to continued education-both in and out of the classroom.

Hiring managers, conversely, are challenged to consider and recognize talent and applicable skill sets in individuals from outside their respective industry. Setting the bar at hiring only from within one's industry will be limiting the talent pool, already shallow for reasons we've mentioned, as well as the challenges of hiring competitors with non-compete agreements, reference-checking limitations and competitive compensation programs. Hiring managers, more than ever before, challenged to hire the best person for the job based on potential and adaptability, not merely proven performance in their field. Effective interview training, psychometric instruments for assessment and background checks are everyday tools in 2005.

Apparent is the increased average age of Americans, as the baby boomers grow up and are replaced by less than one-third in the following generation.

The reality of this trend is already being felt in a workforce consisting of older working professionals and less younger workers entering the workforce. Companies are and will be hiring and attempting to retain experienced workers more assertively than ever before in our history. As the world economy continues to strengthen, as unemployment rates continue hover at a measly 5.4% (note that the average since 1920 is about 5.5%), competition for top sales and management talent, as well as manufacturing leaders will continue to be the #1 challenge for employers (as discussed at length in numerous business periodicals, Census Bureau research, The Wall Street Journal, etc.)

To continue to prosper and reduce the difficulties of finding replacement or additions to the payrolls of American businesses, business leaders and managers must become more adept at being able to identify qualified employees from a host of similar, not competing markets to spread the choices and reduce time-to-hire. Workers, conversely, must continue to hone their business skills to remain up-to-date with the demands a very technical business community. The worker of today, to insure consistent and lucrative employment, must be able to present one's skills and experience in a way that shows flexibility to change and adaptable skills into new markets. The "one job from cradle to grave" mentality is history. Workers today will reinvent themselves at least 6 times in various employers and markets in one's lifetime. The good news is when you turn 100, the chances of getting a job are much better for you than 50 years ago.

For more information see the Bureau of Labor and Statistics at www.bls.gov.

Articles and books by Russ Riendeau, PhD. at Amazon.com or eastwingsearchgroup.com/books.htm.