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The Next Big Challenge for Business

It was estimated that there would be a shortfall of 195,000 people within the workforce over the next 3 years. In January 2008, the unemployment rate reached a 31 year low. These factors have placed an unprecedented pressure on the business market.

With an oversupply of businesses and an undersupply of potential employees, it is inevitable that some businesses will not survive.

A 5 year research project commenced in 2006 by the HR Coach Research Institute is identifying critical pressures on the business sector which employees between 2 and 200 employees. Specific sectors within this business market are most at risk. The research has identified an overconfident business market in relation to market and profit growth with a growing concern regarding productivity and performance improvement and employee retention. The research clearly indicates a trend that staffing issues are worsening. The July 2007 result identified 16% of businesses stating that staffing issues had in fact worsened since the previous quarter.

Managing the labour shortage and implementing effective employee retention strategies is a real business issue, with real consequences to the survival of the business sector.

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