Cool Uniforms and Flying Cars: The Evolving Workforce and the Challenge to US Businesses

1. Cool Uniforms and Flying Cars: The Evolving Workforce and the Challenge to US Businesses Bill M Wooten, PhD FBLA Area V District Conference Cypress Ridge High School February 5, 2011

4. One Page Summary on the future of knowledge workers 1.There won’t be enough of them. 2.Their expectations will be different. 3.Technologies will transform when, where and how work is done.

5. Converging key trends are dramatically changing the US talent marketplace 1 Shrinking Pool of Skilled Labor 5 Evolving Expectations of Gen X and Gen Y 2 Changing Family Structures 3 Increasing Number of Women 6 Increasing Impact of Technology 4 Changing Expectations of Men By 2012, there will be a 6 million person gap between the supply and demand of knowledge workers in the U.S. Only 17% of households now have a husband in the workforce and a wife who is not, down from 63% in past generations. Nearly 60% of bachelor’s and master’s degrees in the U.S. are awarded to women. 84% of male executives agree they would like to realize professional aspirations while having more personal time. Baby boomers are almost twice as likely as Gen X/Y to be work-centric, with only 13% of Gen X/Y being work-centric. The remaining 87% of Gen X/Y are family-centric or dual-centric. 76% of households now have broadband connectivity while mobile phones, messaging and email has become pervasive .

6. And these trends are global, not just US 1 Shrinking Pool of Skilled Labor 5 Evolving Expectations of Gen X and Gen Y 2 Changing Family Structures 3 Increasing Number of Women 6 Increasing Impact of Technology 4 Changing Expectations of Men In 2006, 40% of companies worldwide reported difficulty filling jobs. 60% of households in Australia and Hong Kong have female heads of households. Since the 1980s, China and the UK have had double-digit increases in the percentage of women in the finance, legal, and medical professions. Men in Western Europe are more likely than women (20% vs.. 8%) to feel limited by the need to sacrifice everything for work. In Latin America and SE Asia, many employers have implemented programs to enhance work-life balance and encourage social responsibility. In the EU27, 54% of households had access to the internet during the first quarter of 2007 and 42% had a broadband connection.

8. Increasing gap between number of jobs and number of workers Numeric Change in Labor Force by Age, Projected 2004 - 2014 (in Thousands) Source: U.S. Bureau of Labor Statistics, Labor Force, Occupational Outlook Quarterly 49, no. 4 (Washington, DC: GPO, Winter 2005/2006). By 2012, there will be a 6 million person gap between the supply and demand of knowledge workers in the U.S. 65+ 55-64 45-54 35-44 25-34 15-24 Copyright © 2008 Deloitte Development LLC. All rights reserved. Used with permission. From Deloitte research into workforce trends related to the Mass Career Customization initiative. 1

9. Changing family structures affecting roles Source: 1. Catalyst, Two Careers, One Marriage: Making it Work in the Workplace (New York: Catalyst, 1998) With updated data for 2005 from U.S. Bureau of Labor Statistics, Annual Social and Economic Supplement, Current Population Survey Washington, DC: GPO, 2005). Changing Family Structure 1950-2005 Only 17% of households now have a husband in the workforce and a wife who is not, down from 63% in 1950. 2 17.4% 63.4% 40.6% 20.4% 24.2% 10.8% 12.8% 3.5% 5.0% 1.8% 1950 2005 Male Single Parents Female Single Parents Other Families Dual-worker Families Traditional Families

11. Changing expectations of men towards work Male Executives Who Want to Realize Professional Aspirations While Having More Personal Time . . . . . Men today are less likely to sacrifice family and personal time for work. 4 Source: Jody Miller, “Get a Life!” Fortune, 28 November, 2005; Catalyst, Women and Men in US Corporate Leadership: Same Workplace, Different Realities, (New York: Catalyst 2004) Strongly Agree Somewhat Agree Somewhat Disagree Strongly Disagree 36% 12% 48% 4%

12. Evolving expectations Generations X and Y around work / life Baby Boomers (38-57) 41% 22% 37% Members of Generation Y are more family-centric than Baby Boomers “ We recognize that changes in work structures come with an economic cost, and we are willing to be paid less in exchange for a better working life.” Stanford Law students Andrew Canter and Craig Segall 50% 13% 37% Generation Y (under 23) 5 Work-Centric Family-Centric Dual-Centric

13. Four Generations at Work

19. Personal and Lifestyle Characteristics by Generation Veterans (1922 – 1945) Baby Boomers (1946-1964) Generation X (1965 – 1980) Millennials (1981 – 2006) Core Values Respect for authority Conformers Discipline Optimism Involvement Skepticism Fun Informality Realism Confidence Extreme fun Social Family Traditional Nuclear Disintegrating Latch-key kids Merged families Education A dream A birthright A way to get there An incredible expense Communication Media Rotary phones One-on-one Write a memo Touch-tone phones Call me anytime Cell phones Call me only at work Internet Picture phones E-mail Dealing with Money Put it away Pay cash Buy now, pay later Cautious Conservative Save, save, save Earn to spend

28. These six trends are converging -- causing an increasing disconnect with traditional work patterns Changing family structures Changing expectations of men Shrinking pool of skilled labor Increasing number of women in paid work Evolving expectations of Gen X and Gen Y Increasing impact of technology

30. … but it won’t happen overnight. “ Never mistake a clear view for a short distance.” Folk saying, in current times attributed to Paul Saffo

31. Questions??

32. Cool Uniforms and Flying Cars: The Evolving Workforce and the Challenge to US Businesses Bill M Wooten, PhD FBLA Area V District Conference Cypress Ridge High School February 5, 2011 Thank you!