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The ripple effect? Gen Xers and millennials, who were once grumbling about slow-moving career ladders, suddenly found themselves staring at a gaping hole in leadership and experience. The dam broke, but the flood left a gap in training and development for stepping into more senior roles. We can also see indications of this in the BLS data sets. From 2018 to 2020 we saw relative stability in seasonally adjusted open positions at about 1.2 million. Again, this is everything from architects to supply chain managers to claims adjusters. Data from 2021 through 2023 has seen that volume climb to an average of 1.9 million, another 50 percent growth in three years! In fairness, those numbers seem to have moderated back to about 1.7 million over 2023, a likely impact from the aggressive tightening of monetary policy over that timeframe. So, where does this leave us? Facing a labor gap that’s more like a chasm, businesses need to get creative. This shift isn’t just a temporary fix; it’s a blueprint for the future of work. What’s the business world to do? Innovate, of course. We’ve seen businesses pivot during COVID, embracing hybrid and remote work models. Turns out, you don’t always need a large investment in office space to get things done. It’s not just about filling seats; it’s about reimagining how we work, where we work, and who we work with. The next part of our story will dive into the creative solutions businesses are cooking up to tackle this talent puzzle. Stay tuned for a look into the world of fractional employment, AI’s role in the workplace, and why your next CFO might just be working beachside in Costa Rica. Stuart McLendon is COO at Zweig Group. Contact him at smclendon@zweiggroup.com.
STUART MCLENDON , from page 3
complex, and financial markets have generally rewarded that complexity as seen with the explosion of financial securitization and derivatives over the past 50 years. The business owners who have invested in a strong professional support organization and the associated high-quality compliance and reporting have been rewarded with premium valuations as they exit. “In boardrooms and virtual happy hours alike, sentiments are the same: good people are hard to find. And it’s not just water cooler talk. The stats tell a tale that’s hard to ignore. We’re not just reminiscing about a bygone era; data for the last decade and forecasts for the next point to a very real talent crisis.” Let’s not overlook the baby boomer exodus. Those born in the post-WWII baby boom have been a dominant influence in the workforce. But as they trade briefcases for golf clubs, we’re left with a talent void. SHRM, the go-to folks for HR wisdom, highlighted a skill gap with the boomers’ departure. Between 2019 and 2020 alone about 3.2 million of them hung up their hats. That’s about 4.5 percent of their workforce, gone in a puff!
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THE ZWEIG LETTER MARCH 11, 2024, ISSUE 1528
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