Chairman's Address - George De Marco
Feeling the Skills Shortage?
By: Chairman, George De Marco
Ten years after the Great Recession, many industries are still struggling to rebuild the workforce. Unfortunately, the electronic security and life safety industry is also dealing with the aftermath of this disruption. Companies face the harsh reality that what took mere months to wipe out, will take years to replenish. Our industry's key challenge continues to be finding qualified, skilled employees at all levels.
The rate of Baby Boomers entering retirement is accelerating. Consequently, we are faced with a dismal report that says finding and retaining qualified workers will become even more difficult.
This is good news for employees – companies will need to boost wages and incentives as they compete in a smaller labor pool. However, for many employers, the labor shortage is also causing them to adjust their growth expectations, even though the economy is gearing up for expansion. In addition, it will have a profound impact on the delivery of customer service and profitability, if not addressed in the near term.
Ultimately, owners, executives and managers need to step up their game in how they attract, retain and educate their staff. This can be accomplished with unique approaches to talent acquisition, employee onboarding programs, compensation models, and training opportunities, as well as delivering a quality work-life balance, meaningful cultural experience, and compelling vision.
Fortunately for those who are ready to rethink the future, ESX provides a vibrant ecosystem that focuses on education for industry professionals to uncover best practices and actionable ideas, including what it takes to attract and keep new talent.
For your existing staff, this is a great opportunity to expand their industry knowledge and perspective, giving them an opportunity to grow personally and professionally.
ESX Education…it does a team good! I look forward to seeing you in Nashville!