building tomorrow’s workforce in today’s massachusetts economy · 2018. 10. 30. · technology...
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© D.W. DeLong 2018
Building Tomorrow’s Workforcein Today’s Massachusetts Economy
by Dr. David DeLong
Smart Workforce Strategies
(978) 369-5083www.SmartWorkforceStrategies.com
Middlesex Savings Bank2018 Economic BreakfastNewton, MAOctober 25, 2018
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© D.W. DeLong 2018
In Today’s Challenging Talent Environment,Would You Like To:
§ Clarify the strategic impacts of changing workforce demographics for your business?
§ Understand why you – and your customers – have so much trouble hiring & retaining talent?
§ Work more effectively with a multigenerational workforce?
§ Know who the Sox should really start in Game #3?
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Agenda
• Why does changing workforce matter to you?The “Big Picture”
• Tactics for recognizing & copingwith a changing talent pool
• What will you do differently?
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• Mostly small businesses; selling to small businesses
• Geographic factors: more rural vs. more urban sites
• Variety of industries – high tech, finance, professional services, manufacturing, hospitality, construction, govt, education, utilities, real estate, supply chain, consultants
• Changing workforce impacts vary considerably
• Strictly local vs. regional, global operations & markets
• Some sophisticated talent management practices in place
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Macro Trends ShapingThe Massachusetts Workforce
© D.W. DeLong 2018
Unemployment in Framingham (MSA) August 2018
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High: 7.6% Jan 2010 August 2018: 3.1%
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© D.W. DeLong 2018
Massachusetts’ Aging Workforce:Age Distribution 2001-2014
§ Mass has 10th
oldest population
§ 46% of labor force is age 45+
§ Recession caused uncertainties about delayed retirements
§ Shortage of experienced workers constrains growth
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Source: Adapted from “Closing the Skills Gap” Report, Commonwealth Corp, 2016
© D.W. DeLong 2018
Millennials Now LargestShare of Workforce in U.S.
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© D.W. DeLong 2018
Mass Labor Force BetterEducated Today, 2000-2014
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Source: Adapted from “Closing the Skills Gap” Report, Commonwealth Corp, 2016
© D.W. DeLong 2018
Educational Attainment of Mass Workforceby Race/Ethnicity, 2014
• Most highly educated state has uneven attainment among ethnic & racial groups
• Black & Hispanic workers have lower percent BAs or more
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Source: “Closing the Skills Gap” Report, Commonwealth Corp, 2016
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© D.W. DeLong 2018
Mass Labor Force Participation by Gender1999-2001 to 2012-14
§ Mass WF participation rate declines since 2001
§ Women’s labor force participation rate leveled off
§ Male labor force participation rate declined
11Source: “Closing the Skills Gap” Report, Commonwealth Corp, 2016
© D.W. DeLong 2018
Changing Values in IncreasinglyDiverse Workforce
§Millennials, Gen-Zs have different expectations of work – promotions, pay, perks
§Location is ever more important (suburban vs. urban) My commute?
§Shorter tenure, less loyalty, more options for skilled workers
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© D.W. DeLong 2018
Technology Advances: Implications for Education & Talent Pool
• Big data, AI, cloud-based systems, IIOT, neural networks, augmented reality
• Now in a race between education & technology so worker skills can stay economically viable
• Anticipate skills needed for new jobs & evolving roles.
§ Are technology advances realistic solutions for skill shortages in your business?
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Source: “Race Against the Machine,” Brynjolfsson & McAfee, 2011
© D.W. DeLong 2018
Industries Struggling to Develop& Retain Qualified Workers
Different Sectors
§ Accounting
§ Health care
§ Commercial banking
§ Government
§ Mining
§ Rail transportation
§ Religious workers
Related Industries§ Water utilities
§ Construction
§ Manufacturing – all verticals!
§ Supply chain
§ Electric utilities
§ Aerospace
§ States – e.g. Maine, Nebraska
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© D.W. DeLong 2018
Tactics to Recruit & Retain Talent
§Larry Bird rule
§Make job design as attractive as possible, e.g. flexible, virtual
§Focus on skills to develop, not career paths, e.g. extending stay
§“Exit Interviews” are too late!
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© D.W. DeLong 2018
Conduct “Stay Interviews” ForIn-depth Career Conversations
§ Why wait until valuable employees are leaving?
§ Reveals what is important to emps & how goals can be satisfied
§ Attempts to identify & solve productivity obstacles
§ Enhances relationship with direct supervisor, drives retention
§ Focused on emps’ point of view!
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© D.W. DeLong 2018
How to Help Your Customers Cope WithTheir Changing Workforce
§ Can your services enhance their retention? E.g., improve benefits, workplace environment
§ Is your customer’s business (& yours!) at risk if they can’t address workforce challenges?
§ Watch your supply chain: what critical job openings & skill shortages clients/suppliers face in key leadership, technical & customer facing roles? Risks for both of you?
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© D.W. DeLong 2018
Your Challenge: Continually Test AssumptionsAbout The Changing Workforce
§ We’ve identified & prioritized specific capabilities & skills at risk.
§ Our existing culture will naturally attract & retain Millennials & Gen-Zs.
§ Our current recruiting & retention tactics are sufficient.
§ We don’t have to develop our future workforce innew, creative ways.
§ Our talent management strategies are NOT just built on “hope”!
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Framing the Future
“When it comes to the changing workforce,
your organization faces breathtaking opportunities
brilliantly disguised as insoluble problems.”
…to paraphrase John Gardner:
© D.W. DeLong 2018
Your Challenge: BuildingThe Future Workforce
§Prioritize specific knowledge & skills at risk
§Continually experiment with & improve recruiting & retention tactics
§Create a Millennial-friendly culture to speed development & increase employee retention
§Maximize the value of older workers
§Explore regional partnerships & multi-employercollaboratives
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© D.W. DeLong 2018
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For More Resources See:www.SmartWorkforceStrategies.com
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