Despite the addition of over 216,000 jobs in December 2023, our country’s workforce participation rate was only at 62.5% at the year’s end, according to a report released by the U.S. Bureau of Labor Statistics.
“Because the size of the United States workforce is relatively small versus our economy’s needs, declining participation is an even more serious problem,” says Danny Markstein, Markstein’s chairman and founder.
He notes the only age demographics with increasing workforce participation are over the age of 55, which is not sustainable: “The retirement cliff for that generation truly is upon us, and when Boomers leave the workforce, their knowledge will go with them.”
How can companies navigate these workforce challenges and thrive in an increasingly complex job market? First, they need to reexamine current methods to see what might no longer be working.
“To remain competitive, industry organizations and the employers they represent are reevaluating traditional recruitment and retention strategies,” says Markstein. “It’s absolutely necessary to innovate and implement smarter and more effective solutions.”
Human resources professionals, in particular, will need to collaborate with marketers to implement fresh strategies and tactics to reach the right candidates.
“Navigating a wide range of demographic preferences, perpetual skills gaps and a shrinking workforce, human resource professionals will have to be increasingly creative in how they attract, acquire and retain top talent,” says Keelie Segars, Markstein’s chief executive officer.
In a recent article for the Institute for Supply Management, Danny Markstein shared potential workforce solutions for the trucking industry, which has a driver shortage expected to surpass 160,000 by 2030. These solutions, which include reeducating the public and forming community partnerships, can be deployed across other industries as well.
Markstein crafts authentic stories that empower candidates to pursue fulfilling careers in various industries including tank trucking, construction, aviation, law enforcement, clinical research and forestry. Our unique approach speaks to each prospect’s core motivators and delivers customized messages inspiring action.
Ready to build a sustainable workforce in 2024? Partner with Markstein to experience our proven workforce solutions.