While not well known, it is no secret; the American workforce is at a unique point in its history. No other time in history have so many different generations comprised the same work-centered cohort. From the Mature/WWII Generation to the Baby-boomers to Millennial’s there are four distinct generations at work producing a remarkable amount of wealth. In looking at the figures, the US workforce clearly reflects these demographics:
While this workforce dynamic offers many reasons to be encouraged it also brings with it a story of transition, a story that is taking place in almost every sector of the American economy. In short, that story goes something like this. Entrepreneurial business owners of small and medium sized businesses, some who started as long as 40 years ago are now looking for an exit. Their businesses, which provide great value in terms of wealth creation, service to clients and communities and most importantly jobs, are in need of new leaders.
It would be one thing if this story involved fairytale characters that could magically “make it so”, changing and transitioning seamlessly from one leader to the next; but this isn’t the case. Transition of leaders and owners is difficult and costly in terms of money, time and emotional wellbeing.
Adding to this challenge is the struggle for a competent workforce that is passionate, capable and willing to carry on the good work of the business. As the American workforce landscape shifts, the job market will become much more competitive. Trending analysis from the Department of Labor and private organizations such as Gallup reflect a growing shortage of a skilled workforce, which will limit the ability of small, and medium sized businesses to compete and ultimately flourish in the years to come.
At IMP, we’re experts in facilitating these challenges starting with the leadership transition. We understand the needs of owners who want to leave both a legacy as well as continue to offer the valuable products and services to their clients and communities. We help organizations identify and develop effective leaders and workforces to address this transition. Going well beyond the leadership challenge we help organizations focus on healthy behaviors, coalesce as a community, rallied around company values, a shared vision and common language that offers a strong foundation for the organization. In essence we help owners and leaders make great places to work which are highly competitive, efficient and attract the types of talented employees that fuel strong businesses for years to come.
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