Gone are the days of do what I say. Today’s workforce has changed and managers that hold on to autocratic leadership styles will find low tolerance even in the CEO seat. There are three 3 skills leaders need to propel business growth and productivity if they want to see their businesses succeed through another generation.
New research projects that the U.S. standard of living is in danger of declining by 9 percent by 2030. The estimate is that it will revert back to the level it was in 2000. It is time now to make changes.
There are three major economic threats that are sparking this need for leadership change:
- An aging workforce
- Lower workforce participation
- A flat or declining productivity growth rate
The leadership skills needed to stem the tide are coaching, facilitation and building a successful team.
Aging workforce: As Baby Boomers retire, the working age population (15- to 64-years-old) is shrinking as a share of the total population. By 2030, the working age population could shrink by 9 percent, declining to a 1970 level.
This means that it is vitally important now to train and develop Millennials who will come into the workforce untrained. Although many larger organizations deploy training, smaller employers will find that simply telling an employee what to do will not fill the bill. Coaching employees is part of the development process as it helps transfer skills learned through training to actual performance. Coaching provides both skill transference and sparks the employee’s desire to achieve high levels of ongoing success.
Lower workforce participation: According to the U.S. Bureau of Labor Statistics, current workforce participation rates are at their lowest since 1977. There are not enough people of working-age actually working today, driven in part by youth unemployment (16- to 24-years-old).
“For the first time in our nation’s history, the next generation may not be better off than their parents,” said Peter Hutchinson. Hutchinson leads a public service strategy for North America state, provincial and local business for Accenture. Accenture is responsible for the economic study. “For decades people have come to expect our economy and way of life to continue to improve, not decline. Our standard of living hinges on harnessing a skilled workforce to power our economies.”
So if organizations need to do more with less now, what is the solution? High performance teams need fewer employees to achieve difficult work. This is because team based organizations empower their employees to resolve effective group process. This means that employees become experts in solving problems, making decisions that benefit their organization, resolve conflict and plan and implement strategies. And this isn’t achieved by chance.
There are effective systems in place now with training available to help leaders build the type of work climate to make this happen. An example is The 6 Principles That Build High Performance Teams workshop that trains leaders to facilitate effective group norms and team charters so that team efforts result in success each and every time a new team is formed. This workshop also helps low performing existing teams correct problems that are affecting their success.
Proper facilitation methods that engage the full intelligence that teams offer to solve company problems now are in dire need.
A flat or declining productivity growth rate: States are facing an unreliable growth rate in workforce productivity, which has fallen below 1 percent for five of the past 10 years and is now at one of its lowest points since 1960. According to the study findings, Only 18 percent of employers surveyed said they had sufficient access to the skills they require, and only 12 percent of job seekers say it is easy to find the right job.
The study exposed several factors that are affecting this. First skills needed for job openings now can’t be filled because there are not enough people trained to fill these positions. Second, high school and college graduation rates will decrease. Third, more than half of recent college graduates report that they are under-employed or working in positions that do not require a college education. Finally Union internship and apprentice programs slacked off with the advent of manufacturing leaving the U.S. as companies exported their operations overseas.
This means that in order to attract and retain top talent, mangers will need to provide workforce development road-maps for new employees that show pathways to career development that do not point everyone toward management. New employees need a personalized road map that shows him or her how to put unique talents to work to gain the skills and competencies needed for career growth and future desired jobs.
For most of our history, we could take talent for granted. It was plentiful. But in the future, it will be a scarcer resource. Strategies that worked in the past are not going to work in the future. Leaders who act now and act decisively will have a competitive advantage in winning the battle for talent.
Join us at the September 10-12 6 Principles That Build High Performance Teams Workshop and receive your networking meals at no additional cost. Enroll in the 6 Principles workshop and forward the email you receive as your receipt to firstname.lastname@example.org. We will send you an email requesting information about any food sensitivities and sign you up for the meal plan. It is as easy as that!