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“Knowledge –
and the capacity to put knowledge to good use – is now the only dependable
source of wealth all over the
world.”
— National Center
on Education and the Economy
The shift to a
knowledge based economy is creating a scarcity of talented, skilled
workers the world over. There are several ways that
businesses can increase
their
supply of intellectual capital:
Build the skills of the young people in their region through education.
Build the skills of their current employees through training and development.
Stop unwanted and unnecessary turnover of talent.
Increase the number of legal immigrants coming into their employee ranks.
A human capital development strategy for any business begins by answering a few questions such as:
What does our company’s future workforce look like five years and ten years down the road?
How does our
company’s future workforce requirements compare to labor supply projections
in the US?
Where is our company having unwanted turnover and what is the true cost?
How will our company invest in human capital development to ensure our future staffing needs?
The nature of work itself is changing rapidly!
Knowledge based
jobs often require the skilled use of information technologies and
teamwork. These competencies are not often taught
in schools. At the same time,
a
majority of the new jobs that are being created are in the service economy.
They involve
moving concepts
and information more than making things. Knowledge and
entrepreneurship
are the new building blocks of competition. Globalization is
contributing to
this trend by
encouraging business specialization in areas where one country out-performs the
rest of the
world. In the US
this is high-tech products and high-end services. Knowledge
workers want
to balance economic opportunities (i.e. job openings) and lifestyle
in selecting
a place to live
and work.
Companies will
need to invest in human capital development to maximize their workforce
competitive advantages. There was a time when
the local workforce was mostly
from the
local area. But for many companies today, the workforce is not similar to that
of a generation
ago.
Globalization and the Internet are producing a global marketplace for many
labor services.
This has the same impact as worldwide labor mobility.
Therefore, in addition to
native-born
Americans the workforce increasingly consists of:
1. Immigrants and In-migrants.
2. Foreign residents.
3. Commuters and telecommuters working across borders.
The profile of the American workforce is changing rapidly!
The table below shows the percentage of the US Population by race from 2000 to 2050.
|
PERCENT OF TOTAL POPULATION |
2000 |
2010 |
2020 |
2030 |
2040 |
2050 |
|
.TOTAL |
100.0 |
100.0 |
100.0 |
100.0 |
100.0 |
100.0 |
|
|
|
|
|
|
|
|
|
.White alone |
81.0 |
79.3 |
77.6 |
75.8 |
73.9 |
72.1 |
|
.Black alone |
12.7 |
13.1 |
13.5 |
13.9 |
14.3 |
14.6 |
|
.Asian Alone |
3.8 |
4.6 |
5.4 |
6.2 |
7.1 |
8.0 |
|
.All other races 1/ |
2.5 |
3.0 |
3.5 |
4.1 |
4.7 |
5.3 |
|
|
|
|
|
|
|
|
|
.Hispanic (of any race) |
12.6 |
15.5 |
17.8 |
20.1 |
22.3 |
24.4 |
|
|
|
|
|
|
|
|
|
.White alone, not Hispanic |
69.4 |
65.1 |
61.3 |
57.5 |
53.7 |
50.1 |
|
Footnotes: |
|
|
|
|
|
|
The increasing
percentage of Hispanics means that employers may need to be prepared
to conduct at least some level of business in Spanish.
Spanish training for
construction and
other managers may be helpful in reducing workplace accidents and conflicts.
Global businesses
will increasingly
need to move personnel from country to country for purposes of
training, product
development and management. Their business success depends on
federal
regulations governing
cross-border movement, which currently involves extensive bureaucratic paperwork
and delay.
Removing barriers to
global telecommunications and distance learning also become
human capital
development issues for many businesses. A growing number of firms
are grappling
with workforce
issues at home and abroad that involve people other than American residents. The
bottom line is
there is a growing
disconnect between a state’s education and training systems
and the people
who work for the firms in that state.
Organize a human capital development strategy for your company
Identify and
understand employment and staffing trends. Gather information on immigrant
demographics in your state. Spotting trends
early is critical.
Create a human
capital development vision statement. Understanding future workforce
and population dynamics, and then setting goals
can provide the clarity of
purpose
and action needed to develop effective initiatives for workforce recruitment,
retention
and development.
A comprehensive strategy could help you attract the right
workforce
mix.
Identify best practices in recruiting, hiring and training. Create a position in your company for Director of Workforce Development.
Identify the future educational and income levels of in-migrants and immigrants in your area.
Understand the trends for retirees leaving and re-entering the workforce in your area.
Dr. Neil Clark is the Executive Director of HireSmart,
a human capital management firm in Mesa, Arizona.
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