The New Age of Our Workforce
|
|
It's a new era in workforce development and workforce management. The pandemic has taught many lessons that some companies will learn and some companies sadly won’t.
The first factor is that of demographics. Lightcast tells us that by 2030, the Boomers will have retired, leaving a huge gap in the numbers of working-age adults. In their report, Bridging the Gap in our Labor Force, they make the observation that, “…fifty years of birth rates below replacement levels, combined with a recent precipitous drop in immigration, has left us with fewer and fewer young, working-age people.” To me, this says if you’re waiting out the changes in the behavior of job seekers, you might have a long wait. Quite possibly longer than your business can survive. Do you have a plan? >
|
|
LOOKING AHEAD TO 2026
There is a gap between employees' current capabilities and what will be needed in the future to meet the changing demands of work. Key skills employers should be investing in to future proof their workforce include:
|
|
COLLABORATION
most needed in manufacturing
|
|
CUSTOMER FOCUS
most needed in retail
|
|
PERSONAL LEARNING
& MASTERY
most needed in construction,
engineering and financial services
|
|
CULTURAL & SOCIAL INTELLIGENCE
most needed in healthcare
|
|
UNDERSTANDING OUR WORKFORCE
Successful change in any endeavor requires three steps.
1. Understand the current environment
2. Determine areas for improvement
3. Bring those improvements to fruition
It is exactly this approach underling the actions of the Delaware Workforce Development Board as it works to grow the state’s workforce, ensure that workforce possesses today’s relevant skills, and enhance avenues to connect employees with employers. Read more >
|
|
|
|
CARNEY'S RECOMMENDED BUDGET
FISCAL YEAR 2024
Governor Carney presented his proposed budget for FY24 on Thursday this week. The financial plan:
- Fully funds the Rainy Day Fund, which has yet to be touched since it was started
- Appropriates less than 98% of the State's revenue
- Targets budget growth to DEFAC's projections
- Fully funds the Budget Stabilization Fund, setting aside $18.9 million
- Allocates $664.7 million in cash to the Bond and Capital Improvements Act
|
|
A SKILLS-BASED APPROACH TO
BUILDING THE FUTURE WORKFORCE
HELPING BOTH EMPLOYERS AND EMPLOYEES
By McKinsey & Company
More employers are starting to embrace skills-based hiring practices. Large companies, such as Boeing, Walmart, and IBM have signed on to the Rework America Alliance, the Business Roundtable’s Multiple Pathways program, and the campaign to Tear the Paper Ceiling, pledging to implement skills-based practices. So far, they’ve removed degree requirements from certain job postings and have worked with other organizations to help workers progress from lower- to higher-wage jobs.
The interest in skills-based practices isn’t limited to the private sector. In May 2022, the state of Maryland announced it would no longer require degrees for almost 50% of its positions, opening thousands of jobs in healthcare, corrections, policing, skilled trades, and engineering to a bigger pool of applicants. Read more >
|
|
Workers without
degrees tend to stay
in their jobs
34%
longer than workers
with a degree
|
|
77%
of employees who left
their jobs could have
been retained, with many citing lack of career development opportunities as a “difference maker”
|
|
80%
of workers’ moves to new roles are from one employer to another, suggesting they have the skills to advance but don't the opportunity
to do so internally
|
|
Key data points help our members plan and adjust their business strategy as issues emerge and the pace of change quickens. That is why we are working with academic leaders around our state to develop important, measurable, and meaningful data insights that can help all of us better understand consumer markets, workforce needs, growth and development opportunities, and more. Please fill out this one-question survey and let us know what Delaware data points would be of interest of help to you. Read more >
|
|
|
Cannabis Wire
Delaware Business Now
Delaware Business Times
Delaware LIVE
Delaware Public Media
Delaware State News
WDEL
|
|
ADVERTISE WITH THE STATE CHAMBER
|
|
Promote your events, news & initiatives to Delaware's business community through us!
|
|
|
Evening Mixer at
the Chase Fieldhouse
Wednesday, February 22
6:00 pm - 8:00 pm
401 Garasches Ln., Wilmington
|
|
State of the
Guard Address
Friday, February 24
8:00 am - 9:30 am
Delaware National Guard
33 Corporate Cr., New Castle
|
|
Networking Breakfast
at Buff City Soap
Wednesday, March 1
7:30 am - 9:00 am
4764 Limestone Rd.,
Wilmington
|
|
|
|
|
|
|