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The Labor Shortage Is Only Going To Get Worse

DoubleStar Managing Director Tony Trasatti recently shared some insights on the labor shortage:

We all realize the pandemic has significantly affected the competition for talent, but a new study suggests the problem is getting worse. There are multiple factors accelerating the current labor shortage: the mass exodus of baby boomers from the workforce, record low participation rates among the working-age population, and the lowest birth rates in U.S. history. To attract and retain talent, businesses have begun offering higher wages, aggressive sign-on and retention bonuses, and remote work options. Our clients have found it helpful to begin by resetting their expectations regarding both recruiting and retention. This insightful article can help begin the critical conversations needed to prepare accordingly.