Building our Future Workforce - during RECOVERY!
Michael McMahon - President/CEO, Hill & Partners and EDPA Future Workforce Chair
Just a few short years ago, the EDPA established our Future Workforce initiative, with the intent to gain insights about the growing demand to fill both existing, and entirely new, positions within the experiential space.
During that time, most member companies were facing significant projected retirement activity across some very specific positions within their organizations. Skilled Labor, Tradespeople, Carpenters, Detailers, Project Managers, and Estimators were populating the top of the list. Even demand for Design talent was outpacing a long-running successful mentoring and placement initiative between the EDPA University Affiliation Program and the amazing contributions made by curriculum programs at BSU and FIT.
The baby boomer exodus, coupled with a very low replacement rate, fueled the challenge for member companies from small to large. In 2019, member consensus suggested that a lack of industry recognition played a significant role in the shortage of incoming talent who might otherwise seek a career within our industry. Demand was up, while trained and experienced human capital was beginning to thin at an accelerated rate. All in all, it appeared to be the single most significant challenge facing our growing and prosperous cycle of activity at that time.
Money was cheap, demand was high, and the only obstacle to growth seemed to be acquiring assets and access to a predictable and dependable talent pool.
Today, many of our member company leaders, all of which have shared a pre COVID period of high performance, are experiencing challenges across all phases of business. Recovery from our recent industry shutdown has required many professionals to return to a more “hands-on” general practice in their day-to-day activities. Of course, the skill to fight fires and make things happen is a logical necessity. However, with evidence of growing demand, it is now time to invest in our teams. Unfortunately, the present-day workforce challenge is across all industries, all states, and on most continents. The race that we are all facing, is to find answers to a unique new challenge. How do we attract, and or create, talented and skilled professionals from an unprecedented shortage of working people?
Here's a quick list of some of the tools EDPA member companies are utilizing to build back, retain existing talent and begin to actively attract their teams going forward.
Adjust compensation structures
Expand the usage of online job posting services
Robust benefit packages
Flexible work schedules
Cross-training and position advancement programs
WFH positions
Enhance position training
Build Local vocational school relationships and intern programs
Invest in third party leadership training
Expand partnerships and vendor relationships
Access State-Funded Small Business Training Programs and Support Services
Grant Funding & Small Business Loans
Continued Disaster Loan Expansion Opportunities
Over the coming months in 2022, we hope to explore some success stories shared by member business owners who are taking on these present-day talent challenges. We at the EDPA believe that our member companies will continue to lead the way through shared learning, advocacy, and insight that will ultimately support a rising tide for all.
Please reach out to the EDPA directly (info@edpa.com) if you would like to offer a fresh perspective toward our future workforce challenge, or better yet, become a member of the Future Workforce Committee by contacting mmcmahon@hillpartners.com.