Facing acute labor shortages, businesses worldwide are adopting unorthodox strategies to fill open roles. In Germany, more companies are shifting to four-day workweeks to attract talent. Florida just joined efforts to relax child labor laws so minors can work more hours. Though the US has higher immigration, talent gaps loom as populations age.
Europe and Japan provide a glimpse at the demographic deficits ahead. With chronically low birth rates, their labor pools are shrinking. Firms have no choice but to adapt, whether by reducing hours, tapping younger workers or welcoming migrants. The demographic math is inexorable.
While often treated as an economic debate, demography is destiny for business operations. Slackening population growth will force employers globally to try new approaches to find workers. The future promises intensifying competition for talent across borders. Companies that get creative first will have a key advantage. But easy solutions won't come as masses retire and barriers persist for migrants.
Comments