Hold On Tight
Better work on keeping your top-notch talent now--while it's still an employers' job market.
By Chris Penttila •
Opinions expressed by Entrepreneur contributors are their own.
At the moment, employers control the job market, able to hireand fire employees as they see fit. But employer-friendly labormarkets don't last forever, and the next labor crunch could beeven worse than the one seen in 1999. In fact, the Bureau of LaborStatistics is projecting a shortage of 4 million workers by 2006and 10 million workers by 2010, numbers influenced both bydemographics and a shrinking pool of skilled labor. Someindustries, including nursing and engineering, are alreadysuffering from a shortage of talent.
With well-trained workers in limited supply, it may be time foryou to create some old-fashioned loyalty, where employees stickaround for years, if not for the gold watch. "Everyoneavailable to work for the next 25 years has already beenborn," says Marc Drizin, employee- loyalty specialist withWalkerInformation, a survey research company in Indianapolis."It's going to be incumbent on [entrepreneurs] to engenderloyalty for as long as they possibly can."
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