Friday, July 27, 2007

What the Labor Shortage Could Mean for Flexible Benefits

By the year 2012 there will be 3.3 million fewer workers than jobs according to the Society of Human Resources Management. The impending labor shortage left by baby boomers exiting the workforce will leave employers scrambling for top talent. What does this all mean for employees seeking greater flexibility – an opportunity to instill in the workplace increased value placed on flexibility.

Employers will experience:

  1. A Shortage of Qualified Candidates: Organizations will have increased difficulty finding qualified candidates for available positions, consequently, placing an increased focus on recruitment and retention of qualified employees.
  2. More Expensive Recruitment and Retention Campaigns: The rising costs of recruitment and retention of employees will leave employers looking for ways to cut costs. Costly benefits packages could fall victim to corporate cost-cutting plans.
  3. An Increased Need for Productivity: With fewer experienced employees, organizations will look for ways to increase productivity of current employees. Additional money will be spent on training and technology for the workforce.
  4. A Greater Acceptance of New Motivators: As corporations look to boost, recruitment, retention, and productivity, new motivators will become more acceptable. Flexible working options offer a great benefit to employees' work life balance while remaining low cost to employers.

If flexible work options are not offered to you as a new employee, ask about their availability to employees. With the entrance of the millennials into the workforce, a new set of values will also be ushered in. Make sure you are able to take advantage of all the benefits coming in the wake.

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State College, PA