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Weekly Insights

Want to win the competition on talent? Follow these 3 rules

Numbers don’t lie, but they don’t always tell the truth you think they are telling.

We saw GDP growth at an unprecedented 4.4% in third quarter – double what it was in April 2018. At the same time, unemployment is at an all-time low – 3.9% nationwide in the month of July. Unemployment has dropped a full percentage point since 2012. Job growth continues to increase at a steady pace.

But don’t let your rose-colored glasses fool you. If the GDP is up and unemployment is down, we might want to look twice. Hang with me and I’ll try and walk the dog on this… it took me more than a minute to see this perspective.

First – why was 2012 important? Among other things, Baby Boomers started to turn 65 in 2011. It’s not a coincidence that with 10,000 baby boomers leaving the workforce daily that unemployment has steadily decreased. Fewer workers (supply) + job growth (demand) = more vacant jobs. Herein lies the problem: there’s not enough workforce availability in the right skill sets to fully pick up the slack of all those who are leaving.

Second – this decrease in unemployment causes wage inflation as fewer people compete for more jobs. It’s the law of supply and demand. If you want quality people, you’ll need to pay more for them. In a recent article by Kurt Knutson, he says, “diminishing ‘labor market slack’ leads to higher wages and higher demand, which leads to higher inflation.” Higher inflation, continuing interest rate increases, lower unemployment combine to make it challenging for companies to maintain access to capital they need for continued growth.

What does all of this mean? 

Continue Reading at Solutions21.com

Muscle Memory Challenge 

Consider this: How often do you respond to a colleague with the phrase "i'm busy?" Saying, "i'm busy" makes it seem as if your life is hectic and you struggle to manage your time. For this week's MMC, try replacing "i'm busy" with "i'm focused." Rather than saying "I can't help with that i'm busy," consider saying, "I can't help with that i'm focused on finishing this project at the moment." 

We want to hear from you! Give it a try this week and shoot us an email (newsletter@solutions21.com) to let us know about your experience with the MMC. Your stories will be published in next week's newsletter!

Great Reads from Around the Web

6 Powerful Skills Successful Leaders Possess
Why you should read it: Because many leaders wonder if you "can you have high standards and push for results while building a fun and engaged work culture." The answer is yes, and "imagine how productive and loyal a workforce would prove if leadership could do both." Check out these six powerful skills that successful leaders have that helps them achieve both of these things. 

What We are Listening to...

The Silver Tsunami
TechVibe Radio by The Pittsburgh Technology Council 

Why you should listen: Listen to our very own, Tyler Palko, talk about the changing landscape in today's workforce. The Silver Tsunami that is approaching is an unprecedented demographical shift that business leaders must prepare for. Check out this interview to hear Tyler talk about the Silver Tsunami and what we are up to at Solutions 21. 

Quote of the Week 

“Growing people and helping them to perform at high levels is a key strategy for long-term success. When employees grow, their productive capacity increases. When their productive capacity increases, the capacity of the organization increases–it can do things better, or it can do things it was not able to do before.”

—Kent Keith 

What People are Saying...

Writing my goals for the next day before I leave the office was something I never considered. Doing this for a few days has already made my mornings more productive. 
-Tim Hinkle on 9/3's MMC
Using the Pomodoro Technique has been tough! Twenty-five minutes with no distractions feels like an eternity. Although, I have seen bumps in productivity!
-Jon Mattis on 9/10's MMC
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