How Business Leaders Can Fight Rising Inflation

Hi everyone,

Welcome to the first edition of “The Big Idea.” I’m glad you’re here.

There is so much happening in the economy, in staffing, and in the workplace in general that I wanted to connect with my community here on LinkedIn to share ideas on how we can move forward with some of the most pressing issues we’re experiencing in the work world. Please share your ideas too in the comments, and let me know if you have any topics you’d like to see covered in future newsletters.

But first, let’s talk about a topic from my latest Substack article that’s getting a lot of attention, especially given the upcoming election: inflation. Here is a snapshot of what I wrote.

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If the goal is to get down to 2% inflation, we either have to increase immigration, offshore jobs, or figure out ways to mobilize our existing population in the workforce. Focusing on the latter, here are four strategies for our labor force that will help cut inflation.

1. Get More Mothers Get Back Into The Workforce

The employment rate for mothers is about 20% less than it is for fathers, according to the U.S. Department of Labor. There are a myriad of reasons why there are less mothers than fathers in the workforce, such as the “motherhood penalty” (where mothers are paid less for each child they have while fathers are paid more), a lack of affordable childcare, and a lack of paid leave.

When more mothers are participating in the workforce, the overall labor supply increases. More workers mean more production and services, which can help relieve some of the pressure to increase prices due to a better balanced supply and demand. Plus, more mothers in the workforce means a boost in consumer spending, which can help drive economic growth and contribute to lowering inflation. For example, if the U.S. were able to get 5 million more mothers into the workforce by improving the childcare infrastructure and offering more family-friendly policies, it could generate over $775 billion in economic activity a year.

2. Upskill Retirees and Those Taking Career Breaks

There is a big opportunity to train some people who have left the workforce, including retirees and those who have taken a career break. Doing so could help the U.S. tap into key talent pools to boost our overall workforce numbers. Case in point: The older workforce has quadrupled in size since the 1980s, and nearly 70% of workers will take at least one career break over the course of their careers.

With rapid advances in technology such as AI, offering upskilling programs across various business needs will help these talent pools be more marketable after time spent away from the workforce. This will help create a bigger pipeline for filling vacant jobs while increasing productivity, all while fostering a culture of lifelong learning.

Continue reading the full story on Substack here.

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3 Things Not to Miss This Month

1. Our website got a new look. I’m excited to announce that we’ve redesigned HireTalent.com to make it even easier for companies looking for top talent and for job seekers to find the solutions they need. Stay tuned for Consciously Unbiased’s website update next.
2. Tune in to our live broadcasts. We regularly host Conscious Conversations on important topics, and today, Thursday, July 18th at 12pm ET, our Consciously Unbiased LinkedIn Live is called “A Book Talk: IMMIGRIT: How Immigrant Leadership Drives Organizational Success.” RSVP here to get an alert when we’re live.

The next HireTalent LinkedIn Live happened on Wednesday, July 24th - “The Future Of The Contingent Workforce”. In case you missed it ... here is the link: https://www.dhirubhai.net/events/thefutureofthecontingentworkfor7219354192392380416/theater/

1. Come visit us at the CWS Summit. We’ll be heading to back to #CWS in Dallas this September, so be on the lookout for the dinner invite for our annual event at Bob’s Steakhouse later this month.

Let me know your thoughts in the comments section, and I’ll be back with another update in August.