Where Are the Workers? Asked and...Answered.

Let's visit about the Labor Shortage.  A couple of weeks ago I was at an event organized by the Greater Des Moines Partnership. It is one of the largest business groups in the nation. The breakfast was designed to outline their legislative wish list for 2022.

During the Q & A session one business person asked this: “Everywhere you look there are businesses looking for workers but they are not there.  Where have these workers…gone?”

Well, the answer is complex but let’s take a shot but I can tell you it all starts with...money.

An MIT and CNBC analysis earlier this year found that even a $15 minimum wage wouldn't be a living wage for many families. Anecdotally, businesses paying higher wages haven't struggled as much with labor shortages and understaffing.

Show me the money…is what we’re hearing.

The love, hate your job issue is real. According to an Indeed survey of about 1,000 people who "voluntarily resigned from at least two jobs since March 2020," most of them (92%) said "the pandemic made them feel life is too short to stay in a job they weren't passionate about."

Flexibility is important:  One of the industries feeling the most pain is leisure and hospitality. Even if employers in that sector increase wages, they may have trouble finding workers because those jobs have to be done in person…and there isn’t much flexibility in scheduling.

According to one survey of 10,000 knowledge workers from Future Forum, workers want flexibility in both location and schedule.

Child care is an issue. First will the children be safe and secondly child care is so expensive that many parents have done the math and it makes more sense to stay home than  pay child care costs that may be more than their mortgage payment.

Fear of illness: As the pandemic stretches on…many workers just don’t want to chance getting sick. The Bureau of Labor Statistics said that, in November, 1.2 million people didn't look for work because of the pandemic. In addition, some workers may be quitting or staying out of work because they're hesitant to get the vaccine, as more businesses put requirements in place.

Early Retirement: More workers have…also…retired early…we covered that moments ago…and now some may want to come back into the workforce…time will tell.

Immigration is also a root cause of the shortage: There are about 1.2 million adult foreign workers or work-eligible immigrants who are just not here because of the restrictions that have been imposed during the pandemic.

Job Disconnect: There is also a job disconnect between available workers and the jobs that are open. 48% of jobseekers surveyed by FlexJob said that they're frustrated with the job search, because they weren't finding the right positions — and the ones that are open pay too low.  Back to pay again.

Job burnout is another factor: Some workers are resigning because of burnout, putting added stress on employers and the remaining employees. Workers are taking on extra duties as companies struggle to fill positions, leading these workers to also feel burned out.

Technology is also to blame:  Qualified workers might be applying for roles that fit them, but hiring managers don't even know. Some are getting filtered out by hiring software. As the Wall Street Journal first reported, a Harvard Business School study found that over 10 million workers are filtered out by hiring software.

Employers also filter out workers because of preexisting biases and inequities.

Roughly 70 million workers don't have a college degree, but are known as "STARS" — Skilled Through Alternative Routes. They account for two-thirds of American workers, but many may be filtered through educational requirements…that often really don’t match the real world job requirements.

Often felons are filtered out:  And there continues to be a big divide when it comes to white workers vs. black workers…with black unemployment still high.

Entrepreneurship:  Finally…people are done working for others and want to become their own boss.   According to Bloomberg's reporting on business applications from the Census Bureau, there have been a record number of applicants in the first nine months of 2021 compared to the first nine months in previous years.

The US reached its highest number of unincorporated self-employed workers during the pandemic so far in July 2021 — also the highest number since the last big crisis to hit our country in 2008.

So, where have all the workers gone…?  Lots of possibilities.

About Insight on Business the News Hour:

The award winning Insight on Business the News Hour with Michael Libbie is the only weekday business news podcast in the Midwest. The national, regional and some local business news along with long-form business interviews can be heard Monday - Friday. You can subscribe on PlayerFM, Podbean, iTunes, Spotify, Stitcher or TuneIn Radio. And you can catch The Business News Hour Week in Review each Sunday Noon on News/Talk 1540 KXEL. The Business News Hour is a production of Insight Advertising, Marketing & Communications. You can follow us on Twitter @IoB_NewsHour.

Getting Stuff is Getting Harder

There are two signs Americans are seeing almost everywhere. The first are the "Help Wanted" signs or the "We're Hiring" flags posted in the hope that somebody...anybody will show up. The second most common sign is "Out of Order". Here it is on an ice machine at a very nice property at Lake Okoboji in Iowa. The staff told me it's been out of order for a couple of weeks. "We just can't get parts", she said before she took my ice bucket into the closed restaurant (COVID Hours) for a fill up.

Getting stuff is getting harder and it's no wonder. As I write this there are 125 cargo ships at anchor off the ports of Los Angeles and Long Beach in California. Two weeks ago there were 75. Some have been there for weeks waiting to dock. But there are fewer dock workers, fewer trucks, fewer drivers.

The trucking industry says it is anywhere from 50,000 to 75,000 truck drivers short. I spoke to one industry executive who told me they are no longer able to guarantee delivery on a specific date. His company recently had to settle with a customer who shipped a trade show booth by truck only to have it show up days late. 

Retail experts are saying that if you are planning on giving gifts this holiday season you might want to purchase them now because inventory is low and there isn't a light at the end of the supply chain tunnel. It's becoming more likely that what sits under the tree this year might be a picture of the gift...rather than the real thing.

All of this has a serious impact on price. If you remember your old Econ 101 class on supply and demand you get it. High demand and low supply means higher prices for consumers.

Maybe we're starting to get it. Retail sales numbers for August were up by .8%. Economists had predicted a drop of .7%. That is a major miss on the guess and should be a bright spot for the economy but what about the future?

I'm a journalist and a marketing/advertising professional. I don't have much of an answer other than to suggest that you shouldn't over promise, or perhaps even promise, delivery of your stuff by a date certain. Be honest with your customer. Let them know upfront that supplies are tight and that you'll do your best. 

Consumers have become conditioned to "one day shipping" so it's going to be tough for them to wait but, waiting is becoming the new reality.

One other point that makes a big difference is how you and your staff handle the supply chain crisis. The cheery woman at this property with the "Out of Order" sign told me there was another ice machine at the far side of the facility but then said, "Let me have your ice bucket, I'll fill it from our restaurant machine. It will only take me a minute."  Sure, I could have walked the hall but she made the effort, was honest and it was truly appreciated. And that little gesture boosted their brand and in the end that is what I'll remember.

Riffing on Hyper-Local Events

Every Friday, for years, we change up our business newscast and riff with Jeff Pitts the managing editor of Cityview Magazine about "Stuff the DO" in the Greater Des Moines Metro. Six days a week we do the serious business news and long-form interviews but on Friday it's all fun.  We were asked the other day why we don't do more local business news stories and the answer is because our podcast is...well...global. The other day I posted up a business interview and within thirty seconds it had been opened in Germany and in Finland. Sure the United States and Canada are our biggest areas but it is interesting how connected we all are, on a global level. (Yep, that's Jeff...in 2017 yet!)

Years ago, when we were on local radio, our focus had to be on local business news. I remember reaching out to the Des Moines Register and the Business Record and asking them if they wanted to join up and do a daily business news hour. We would use some of their stories and their talent to report. Both newspapers turned us down. I guess they didn't see the value or, perhaps, thought it would be some sort of competition. So we did it ourselves...still do.  Anyway, and just for fun, here's Jeff and I riffing on those "Hyper-Local" things. Enjoy we'll get back to the serious stuff on Sunday.

Thanks for listening!

The award winning Insight on Business the News Hour with Michael Libbie is the only weekday business news podcast in the Midwest. The national, regional and some local business news along with long-form business interviews can be heard Monday - Friday. You can subscribe on Google Play, PlayerFM, Podbean, iTunes, Spotify, Stitcher or TuneIn Radio. And you can catch The Business News Hour Week in Review each Sunday Noon on News/Talk 1540 KXEL. The Business News Hour is a production of Insight Advertising, Marketing & Communications. You can follow us on Twitter @IoB_NewsHour.

 

Area Diesel Service and ISO Certification

OK, we have to admit, we're not really up on what ISO Certification means for the company that goes through the effort or, more importantly, what it means for consumers. That gets fixed today.  Recently the family owned company Area Diesel Service was awarded an ISO 9001:2015 Certification. What does that mean for the company and its clients? How does it impact their brand and their marketing?  You can bet we asked. Here Von Leefers and his wife Linda explain what this is, the impact on their business and, more importantly, what it means to the people who, internationally, are buying from them. 

This from our daily business news program and thanks for listening!

The award winning Insight on Business the News Hour with Michael Libbie is the only weekday business podcast in the Midwest. The national, regional and local business news along with long-form business interviews can be heard Monday - Friday. You can subscribe on Google Play, PlayerFM, Podbean, iTunes, Spotify, Stitcher or TuneIn Radio. And you can catch The Business News Hour Week in Review each Sunday Noon on News/Talk 1540 KXEL. The Business News Hour is a production of Insight Advertising, Marketing & Communications. You can follow us on Twitter @IoB_NewsHour.

Business News & More 2 September 2020

We've been busy grinding it out today...so much going on that this is the "Late Edition" of the business news...we usually try to get this out before 5PM Central.  Here's what's on tap for today:

• Google and their new planned community;
• More airline job cuts;
• Remember when politicians were afraid of the deficit;
• More companies embrace "working from home";
• Eviction due to COVID19? Not so fast...
• The Wall Street Report
• Is smaller...bigger?  Ask Macy's.

Those stories plus a really neat conversation with Rachel Trainum of Tero International. Not long ago Rachel was a summer intern at the company. Today she not only oversees the corporate marketing and communications but this year was in charge of the new crop of interns who, according to Rachel, did some amazing things. 

Thanks for listening! 

The Business News Headlines 16 March 2020

Hi...and thanks for clicking through.  We're trying something different as we expand Insight on Business the News Hour now on seven outlets for the podcast and each week on News/Talk 1540 KXEL in Eastern Iowa. This is a quick test of loading the news here, right on the blog for you to click and hear.  On tap today:

• The Fed action on rates did nothing to calm the markets and why;
• Toilet Paper, Water, Guns and Ammo: "We've got to be ready.";
• New directives from the White House on crowds;
• Lenders and re-finance troubles;
• Oil and Gold take a beating;
• Airlines seek billions in assistance;
• Restaurant workers are on their own;
• The Wall Street Report;
• The NFL deal is in.

To hear these stories just click on the audio link below.

IOB 16 March 2020 News

Thanks for coming by! And:

You can subscribe and get this each day on Google Play, PlayerFM, Podbean, iTunes, Spotify, Stitcher or TuneIn Radio. And you can catch The Business News Hour Week in Review each Sunday at 2pm on News/Talk 1540 KXEL. The Business News Hour is a production of Insight Advertising, Marketing & Communications. You can follow us on Twitter @IoB_NewsHour. 

The Business News Headlines 13 March 2020

Those of you who know us know that we've been the engine behind Insight on Business the News Hour for the past ten years. Born out of a lack of anybody else doing it we created this platform to report on the major business news stories of the day and share it with thousands of people worldwide.

Today, we're trying something different and posting the newscast here as well as our Radio Blog. Just to see if you're interested.  Here is what you can expect today:

• While the markets rebounded there is that "testing" thing;
• Businesses are starting to trim staff;
• Movie theaters are getting creative;
• Bidet (What??) sales are shooting up;
• Fiat Chrysler shutters a plant;
• Small businesses are being impacted;
• The Wall Street Report
• Soccer and wages;
• Plus we usually have Jeff Pitts from Cityview with "Stuff to DO". Today that changed.

Thanks for listening!

Random Marketing/Advertising Thoughts

Every so often stuff happens that business people need to better understand when it comes to marketing and advertising. Here are just two items that should get you to think about your approach to consumers.

Pepsi Wins

Even in light of downward pressure on Wall Street Pepsi this week posted some impressive gains as the company posted third-quarter gains that beat expectations. Analysts had expected revenue of $16.93 billion however Pepsi turned in revenue of $17.19 billion. What does the company say contributed to the unexpected increase in revenue? Advertising. Pepsi CFO Hugh Johnson said, “The increased advertising that we have is causing consumers to shop us more aggressively, and our customers are rewarding us with that [grocery] space because they know that we can help them grow."

Yeah....advertising.

Podcasting

Remember when people said social media was a fad? Sure you do. I remember traveling around the country giving presentations about the power of social media and many times attendees came up to me and told me, in no uncertain terms, "Social Media is going to go away. It's a fad and we'll get over it."  And, to be honest there are still some folks out there who believe that...even though social media platforms continue to grow.

Now it is podcasting that some say is a fad. However, consider this piece of news: "The Interactive Advertising Bureau/PwC forecast predicts $678.7 million will be spent by advertisers on podcasts this year. And revenue will top $1 billion in the next two years." And that, my friends, comes to us from the publication Inside Radio.  So if radio is paying attention to podcasting...shouldn't your business?

Marketing and Advertising thoughts...it's what we do...every day.  And, if you want to check out our Insight on Business the News Hour podcast you can find us on your favorite podcast platforms:  Google Play, PlayerFM, Podbean, iTunes, Spotify, Stitcher or TuneIn Radio. And you can catch The Business News Hour Week in Review each Sunday at 2pm on News/Talk 1540 KXEL.

Thanks for reading...now go sell something!

 

LeadN15 - Leadership Lessons in Fifteen Minutes

Given our short attention span...now estimated to be roughly 6 seconds...LeadN15 ("Lead in Fifteen") where presenters are given fifteen minutes to bring their "A Game" to an audience might be...a little too long. But, given the line up that Tom Henrickson has put together this event may just hold the attendees attention.

On stage this week to present include:

• Dr. Tony Paustian on "The Word that Changed My View of Everything
• Sonya Heitshusen and Matt Zepeda: "It's the Process"
• Kimberly Baeth: "Tips on Growing a Successful Business"
• Liz Nead: "Active Leadership - The Climb of My Life";
• Sarah Noll Wilson: "Deception of Distrust";
• Desmund Adams: "Socially Responsible Senior Leadership";
• Michael Libbie: (How did HE get in?) "You Don't Know What You Don't Know";
• Adam Carroll: "Building a Community".

The event takes place on Thursday the 19th of April starting at 8:00 am at the Windsor Heights Community Center, 6900 School Street in Windsor Heights, Iowa.

There are still tickets available and here is the place to go to register. 

Considering the quality of the speakers (well, with the exception of one glaring problem) this promises to be an exceptional event. Looking forward to seeing you at LeadN15!

 

 

 

 

Is It The Content or Something Else?

We're now in our fourth year of reporting the business news of the nation, region and the Greater Des Moines Metro during Insight on Business the News Hour. Each weekday starting at 5:05pm we take to the air on AM-940, FM-104.5 and in HD at 103.3 HD2 and report the business news of the day, what the market did and why and then conduct two long-form business interviews with startups to established corporations. To date we've conducted over 1,500 of those interviews with nearly 147,000 downloads on just one of our podcast pages, Podbean. You can see that here.

That's the history.

And we've noticed something that should be of interest to those of you attempting to extend your voice with social media.  

Social media experts tell us that "content is king". If you produce good and valuable content people will notice and engage. We think that's true as long as the content is about cats or food. Business? Not so much. The vast consumer population could care less about how to grow, maintain, start and stay in business.

Or wait...might it be something else?

We watch, very carefully, the download and listening numbers as they appear on iTunes and Podbean. We also follow the data on Bitly and we've noticed that those business people and businesses who join us for an interview and then share their story along several social media channels gain a big advantage. In other words they are not keeping their story...secret or to themselves they are telling the world and it matters.

And, if those businesses or business people carry their message forward for several days/weeks their download numbers explode. Sure we're there carrying the water as well but when the organic tweets and Facebook posts and LinkedIn posts happen more than once...it extends their voice so much further.

There is a valuable lesson here: Social Media is not a "one-and-done" effort. Think of it this way, if you got a new job or you're about to get married or you've just closed a huge deal... would you tell just one person?  No. You would repeat that story several times over the life of the news.

It's the same thing here. The very same thing. Content does matter but so too does properly sharing that content.

Your turn!