Home / HR Director’s Hub / VIDEO SERIES: What does the coming labor shortage from retiring baby boomers mean for your company? |CBE

VIDEO SERIES: What does the coming labor shortage from retiring baby boomers mean for your company? |CBE

For years, you have been hearing about the looming labor shortages that will occur when the baby boomers retire. The baby boomers are retiring, unemployment rates are rapidly declining, and labor markets are tightening.

While the overall trend for mature economies is to experience growing tightness in their labor markets, labor shortages will vary by occupation, industry, and country.

Is your company at risk of labor shortages?

Leslie Woodruff explained in this Conference Board Insight where and when labor markets will become tight, what implications that has for businesses, and what every function can do to mitigate the effects of labor shortages.

How should CHROs prepare for labor shortages?

KBI Labor Shortages

The retirement of baby boomers will create a shortage of skilled workers in mature economies worldwide, leading to higher wages and lower profits for the next 15 years. Is your company at risk of labor shortages? It depends on occupations, geographies, automation, and immigration, among other factors.

The retirement of the baby boomers will create a shortage of skilled workers in mature economies over 15 years, leading to higher wages and lower corporate profits. CHROs will be front and center as companies rethink their approaches to all phases of human capital management. This CHRO Implications outlines actions they can take to mitigate shortages and protect profits.

Leslie Woodruff explains in this Conference Board Insight

Why should CFOs worry about labor shortages?

CFOs have the crucial task of finding solutions.

Leslie Woodruff explains in this Conference Board Insight

 

What can Chief Talent and Learning Officers do about labor shortages?

Is your company ready for the coming “war for talent?”

Baby boomer retirements will create a shortage of skilled workers in mature economies, leading to higher wages and lower profits. This shortage will likely last for the next 15 years, and chief talent/learning officers will be on the front lines. To prepare, you must treat talent as an asset rather than a cost, and must work hard to identify their own future skills gaps, then polish their recruitment and retention practices to fill them with the best talent.

Leslie Woodruff explains in this Conference Board Insight


Is your occupation and/or industry at risk?

The Conference Board Future Occupational Labor Shortage Index, a tool for determining labor shortage risk for 464 occupations and 266 industries in the United States, helps CHROs and others in their organization predict where and when shortages will require action

Use these data tables to determine your labor shortage risk

Search by industry and occupation or search for occupations within industries:
Construction | Finance & Insurance | Health | MiningProfessional, Science & Technical ServiceTransportation | Utilities

Connect with Conference Board experts on this topic
Attend an in-person briefing, presented by the researcher
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Join the conversation on Twitter #LaborShortage
The Conference Board, founded in 1916, is a global, independent business membership and research association that provides the world's leading organizations with the practical knowledge they need to improve their performance and better serve society.

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