Forecasting Future Workforce Needs (and Being Ready): Cary Sparrow's Data-Driven Analysis

The Compassionate Capitalist Show™ with Karen Rands

In today's conversation, Karen Rands will unpack the pivotal role statistics and wage data play in employment, the impact of the pandemic on labor markets, and the ongoing "Great Resignation." Her guest, Cary Sparrow will share insights from his fascinating journey from nuclear submarine officer to technology entrepreneur. Cary is the CEO of one of the leading Labor Market Data analytics company that enables Corporate Executives and Business Owners see real-time global pay trends and labor market intelligence to budget and plan resource requirements to be ready far into the future. The WageScape data platform is the largest and fastest source of real-time labor market data.

We'll explore the current labor shortage, wage pressures, and shifting dynamics in workforce management. Cary’s expertise on pay equity, transparency, and the evolving skill requirements shaped by AI and automation will shed light on critical shifts affecting CEOs, CFOs, CMOs, and HR execs alike.

In this podcast you will learn:

**The Changing Expectations of Workers**
The pandemic sparked a shift in worker priorities, leading to the "Great Resignation," where employees re-evaluated their career paths and life choices. Today, workers expect more than just a paycheck—they're looking for comprehensive benefits packages that include flexibility, mental health support, and career growth opportunities. In fact, job ads mentioning benefits or bonuses jumped from 4% to 40%, reflecting this trend.
Key Take Aways:
1. How these trends impact and influence a company's performance and strategic planning for the future.
2. Wage pressure, work condition requirements, rising demand for pay equity and transparency and the impact they have on the bottom line.

**The Shift in Workforce Skills for Future Jobs**
With the rise of AI, automation, and remote work, companies are recognizing the need for new skill sets. As industries evolve, skills like data science, AI, and cybersecurity are in high demand, while traditional qualifications are taking a backseat to adaptable and innovative thinking. Additionally, the concept of fractional executives—experienced professionals offering flexibility at lower costs—is gaining popularity, especially in mid-market companies.
Key Take Aways:
1. Challenges due to an aging workforce and younger workers not having appropriate skills.
2. Value of gaining experience of senior executive and the flexibility of hiring them as interim/parttime management
3. Challenges for growing companies anticipating and matching talent to company's development phases and corporate culture.

**The Value of Data for Budgeting and Future Planning**
As wages fluctuate and skill requirements change, it’s vital for companies to stay ahead by using detailed labor statistics. Tools like Wagescape provide critical insights into wage inflation trends and hiring health, helping businesses budget effectively and predict market shifts. For example, wage inflation is stabilizing but still presents localized challenges, making it essential for organizations to use data to plan compensation strategies and ensure pay equity.

Key Take Aways
1. Concerns and Impact of the push on wages at the entry level or for low skilled employees.
2. When does the economy of scale of the new tech of automation and AI replace the 'minimum wage' worker.
3. Importance of having data to predict future pay trends to be able to plan budgets and growth requirements.

To learn more about Cary and Wagescape, visit WageScape.com

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