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Preparing Leaders for the Workforce of the Future

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There are big changes coming to the American workforce. In order to survive and thrive in the very different workplace of tomorrow, organizations need to know, plan and stay in front of these changes. Here's a sneak peek to my keynote, "Preparing Leaders for the Workforce of the Future."

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Preparing Leaders for the Workforce of the Future

  1. 1. Preparing Leaders for the Workforce of the Future
  2. 2. The future of work will look very different than it does today.
  3. 3. Four Major Trends: 1. Minorities Become the Majority 2. Millennials Take the Place of Retiring Baby Boomers 3. Women Start Their Own Businesses 4. The Contract and Freelance Workforce is Growing
  4. 4. Trend One: Generational Shift
  5. 5. A Baby Boomer Turns 50 Every 8.5 Seconds
  6. 6. Aging Population • 75 M Baby Boomers will retire within the next 10- 15 years 10,000 people turn 65 each day That’s about 416 an hour…
  7. 7. By 2029, 20% of the total U.S. population will be over the age of 65
  8. 8. Will Baby Boomers Retire on Time?
  9. 9. • 7 in 10 retirees indicate they will retire after 65, or not at all • Gallup study results do not support this hypothesis
  10. 10. 11 Boomers Hit 65 • If they don’t retire, skyrocketing costs –Healthcare –Pension • Personnel issues –Will their skills keep up? –Can they adjust to a new culture? –What’s their role re: young workers? 11
  11. 11. Millennials Take the Place of Retiring Baby Boomers
  12. 12. Millennials (born 1981 to 2001) are the majority of the U.S. workforce as of 2015
  13. 13. • 53% hiring managers say they have a difficult time finding and retaining Millennials YET • 39% Millennials have difficulty finding a traditional job What’s the Disconnect?
  14. 14. The Global Reality of Our New Workplace Majority 58% of Millennials expect to leave their jobs in three years or less 79% Millennials would consider quitting regular job & working for themselves in the future 52% think corporate is totally outdated, and pros are successful if they carve their own path
  15. 15. Trend Two: Women Start Their Own Businesses
  16. 16. A recent Gallup study showed women were 33% engaged at work, 50% not engaged, and 17% actively disengaged. Men were 28% engaged, 53% not engaged, and 19% actively disengaged.
  17. 17. Women hold as many college degrees as men and earn 50% more graduate degrees as men
  18. 18. At Current Rates of Increase, It Will be 475 Years (the Year 2466) Before Women Reach Equality in Executive Suites • Women hold 53% of entry level jobs, but only 26% of senior management roles • Higher in the ranks, women make up only 3.1% of senior executives at Fortune 500 companies
  19. 19. What Do Women Want?
  20. 20. 1. Work flexibility (83%) ranked most important job factor when evaluating job prospects 2. Work-life balance ranked second at 75% 3. Salary is third most important factor to women (74%)
  21. 21. Between 1997 and 2014, the total number of businesses in the United States increased by 47%, but the number of women-owned firms increased by 68% — a rate 1 ½ times the national average.
  22. 22. Women-Owned Businesses: • More than 9.4 million firms are owned by women • They employ 7.9 million people • They generate $1.5 trillion in sales as of 2015. • 1,288 net new women-owned firms launched each and every day.
  23. 23. Minority Women • Asian women-owned businesses increased by 44.3% • Black women-owned businesses have grown by 67.5% • Hispanic women-owned operations increased by 87.5% • These firms employ 699,200 and generate an estimated $115 billion in revenue.
  24. 24. Millennial Women • 54% want to start businesses or have already started one • Millennial women said “being independent” is an important life goal • This generation may hold most entrepreneurial women yet • Kauffman Foundation has dubbed the next decade as, “The Decade of the Woman Entrepreneur”
  25. 25. Trend Three: Diversity is Here
  26. 26. 95% of U.S. Population Growth is Attributed to Ethnic Groups
  27. 27. By 2020, “minorities” will make up 40% of the civilian labor force
  28. 28. Hawaii, California, New Mexico, Texas and Washington, D.C., are now majority-minority
  29. 29. Demographers predict that U.S. will be completely majority- minority by 2040
  30. 30. The New Majority • Who has Bachelors Degrees? – 15.5% Hispanic – 53.9% Asian – 22.5% Black – 32.8% White
  31. 31. Trend Four: The Growth of the Contract and Freelance Workforce
  32. 32. Currently 53 Million Americans (34% of the Workforce) are Considered Contingent, Temporary, Diversified, or Freelance Workers
  33. 33. 40% by 2020
  34. 34. • Employers are reluctant to hire • Health care expenses • Millennials (Gen Y) Value • Mobility • Flexibility • Work/life balance Growth of the Contract Workforce
  35. 35. How to Survive and Thrive
  36. 36. Survive and Thrive: HR Solution
  37. 37. Survive and Thrive: Sales Solution
  38. 38. Survive and Thrive: Strategic Planning Solution
  39. 39. Preparing for Baby Boomers Retiring: Best Practices
  40. 40. • Invest in education and training programs for younger employees. • Start an intergenerational mentoring program. • To bridge the knowledge gap, institute flexible work options for Baby Boomers. Best Practices for Business Leaders
  41. 41. Preparing for Women Leaving the Workplace: Best Practices
  42. 42. • Start a formal mentoring program. • Institute flexible work arrangements that don’t have barriers. • Function as a results-only work environment, and create formal compensation policies with clear criteria. Best Practices for Business Leaders
  43. 43. • Prepare to update parental leave, flexible work, and gender discrimination policies. • Stay up to date on EEOC regulations. Best Practices for Business Leaders
  44. 44. Preparing for the New Majority: Best Practices
  45. 45. • Focus on retaining your current minority employees and developing them into your leaders of the future. • Start a paid internship education program for high school students from ethnically diverse areas. Best Practices for Business Leaders
  46. 46. Best Practices for Business Leaders • Invest in a predictive analytics program to collect detailed data about whether discrimination plays a role in your daily workplace interactions, job placement, rate of pay, bonus structures, or advancement.
  47. 47. Rise of the Temporary Workforce: Best Practices
  48. 48. • Organizational culture starts with you. • Keep organizational vision and values in mind during the hiring process, no matter how short- term the project may be. • Make sure your freelance employee feels part of your team. Best Practices for Business Leaders
  49. 49. • Be aware of misclassification and make others aware to avoid legal action. • Take time to onboard and integrate freelance employees into your organization. • Prepare for new tax regulations. Best Practices for Business Leaders
  50. 50. 52 Will You Be Ready?
  51. 51. Email: anneloehr@anneloehr.com Twitter: @AnneLoehr

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