What are the most pressing challenges facing your trade or professional association or professional society? Attracting talent is likely at or near the top of the list.
In 2000, the labor force participation rate for all workers (age 16 and over) peaked at 67.1%, according to the Bureau of Labor Statistics. By 2026, the labor force participation rate is projected to drop to 61%, due largely to the aging population.
As these statistics show, a shrinking workforce is indeed inevitable. Most sectors in the economy already face hiring challenges, and the competition for employees is likely to get even more intense. Your industry can’t reverse the trend of an aging workforce, but it can beat the competition to the most capable employees by making its case to the next generation of professionals and skilled workers.