Perceptual Robotics Laboratory, University of Michigan; Port of Rotterdam;
The devastating storm was created by the confluence of three extreme meteorological forces: It was a colossal winter-summer collision of an Arctic storm and a tropical hurricane. When the low pressure system met the high pressure system, they formed a non-tropical Atlantic storm that later absorbed Hurricane Grace.
Such events are rare, but when they happen, they bring forth enormous amounts of destructive energy. As anyone who has read the book or seen the movie knows, the ship and crew succumbed to the power of the wind and waves.
The Leaders Forum brought together more than 70 top supply chain and human resource professionals from a variety of companies and industries to address the challenges stemming from supply chain talent.
Based on our review, we have observed a number of key emerging trends that individually create tension and potential disruptions in the supply chain talent pool. Either of those on their own can create challenges for a supply chain organization similar to a hurricane or a severe winter gale.
In the following, we describe key emerging trends in supply chain talent that individually create tension in the supply chain talent pools, along with strategic recommendations to weather and survive any coming storms.
A Tetralogy of Supply Chain Trends At least four trends—a tetralogy—are forces of increasing magnitude that create strains in the supply chain talent pool Exhibit 1.
Supply Chain Talent Gaps 3. Supply Chain Profession Dynamics 4. Potential Business Faculty Shortages Each of these four has an impact on the others. Industry Demand for New Supply Chain Talent The demand for supply chain talent has been on the rise across industries and types of logistics and supply chain positions.
According to the U. Bureau of Labor Statisticsjobs in logistics are estimated to grow by 26 percent between andan average growth rate that is nearly twice as fast as 14 percent of all occupations.
The supply chain job growth has been affirmed by a variety of industry associations. Similarly, surveys conducted by the Institute for Supply Management ISM indicated steady and strong climbs in hiring in both manufacturing and nonmanufacturing sectors in Already, demand for supply chain professionals is estimated to exceed supply by a ratio of six to one, according to R.
Supply Chain Talent Gaps The gap between the demand and availability of supply chain professionals is only going to get wider.
Consider that there are an estimated 76 million Baby Boomers in the United States who are turning 65 at the rate of one every eight seconds, according to a report by Steve Minter in Industry Week. Given that there are fewer GenXers than Baby Boomers, only 40 million new bodies will enter the workforce.
For evidence, consider that jobs requiring highly skilled professionals continued to grow even during the recent recession. However, the ongoing transition to a knowledge-based, globalized economy carries with it changing supply chain profession dynamics.
In fact, it is projected that three out of four jobs in supply chain will change byand that 60 percent of all new jobs in the 21st century will require skills that only 20 percent of the workforce possesses.The effect of business transformation, page 5 process-oriented measures, and (6) newness of innovation, new to the firm, new to the industry, sales derived from innovation, number of patents, and profits.
According to the International Business School Data Trends, published by the Association to Advance Collegiate Schools of Business (AACSB), the number of full-time business faculty in supply chain management, transportation, and logistics has been consistently below percent of all-field business faculty both in the United States and worldwide.
The overall talent shortage has also led to challenges in leadership development, according to a global Taleo Research. 4. survey, which found that more than 80 percent of the companies surveyed stated that talent shortages were hindering their leadership development efforts.
Figure 4. Global talent shortages hinder leadership development. Managing with agility incorporates the notion of being flexible and open to adopting new business processes, while adapting an organization's mindset and culture to constant change.
The Human Capital Framework (HCF) incorporates insights from strategic human capital management, organizational development and complexity science to . The SWOT analysis is a strategic planning tool for identifying and understanding the strengths, weaknesses, opportunities, and threats affecting a business, project or situation.
In fact, this tool is extremely flexible ― when used right ― and can help decision making in all sorts of circumstances. - Leadership: The Human Vessel to the New Business Frontier As our workforces grow more diverse every day, and customers are demanding better, faster, and less expensive service, companies are faced with the challenges to create and meet the changes necessary to remain in business.