Training May Be The Key To Future Business Growth

The world of business is about to change--dramatically.
It all comes down to demographics.  The baby boomers are about to leave the workforce in droves.  (Think about the many business leaders between the ages of 55-65...many will be retired in 10 years.)  On top of that, consider that the birth rate the last 5 years was lower than any time in this country's history since the 1920s.
Bottom line:  There will be a huge shortage of workers.  This will happen as soon as eight years in the U.S.
What does all of this mean to businesses?  Finding the right experienced employees will be difficult, but the companies that can successfully train employees in the proper skills will have the advantage.
Training is something many companies have ignored recently.  The costs were high and cramped reduced budgets and employees don't stay at one place very long (why would you invest in training when an employee will leave for your competitor?).
All of that might be changing in the future.  Instead of looking for an employee with the right amount of experience, who can come in and perform the job on Day 1, employers are going to need to train employees.  That will take a process.  That will take time.  Many will do it very poorly.  The ones that perfect recruiting and training, will hold the edge.
--Ron Ameln, SBM