It’s Five O’clock Somewhere

A few labor-related topics on Labor Day. Enjoy...#JimmyBuffet and his work, #AI, #LaborDay, #EmploymentDemographics and more. This issue of MAD helps you Make A Difference in yourself, your team and your organization.

In this Issue:

1.???? It’s Five O’clock Somewhere

2.???? Pulling Up the Ladder?on Gen Z

3.???? Tattoos, Eyeglasses and AI

4.???? A Labor Tutorial

5.???? The 2/3 Dilemma

6.???? Three Invites for You

7.???? Econ Recon?

It’s Five O’clock Somewhere

A sad note to the weekend?is the passing of musician Jimmy Buffet at the age of 76 whose 1977 hit “Wasting away in Margaritaville” celebrated kicking back, not working too hard and even the joys of slacking off (a least a little bit).

But Jimmy Buffett’s talent was not limited to music, and he was hardly a slacker. “A savvy marketer, Buffett later parlayed the “Margaritaville” mythos to power his career through decades of lucrative concert tours – and branding of restaurants, casinos, retirement communities, best-selling books and even a musical. His worth was estimated at $1 billion, according to Forbes.” He employed over 5,000 people in his various endeavors. He worked hard, created a lot of value, and had a lot of fun!

This short article and video share an overview of his life and celebrates a man who gave us great music, memories, built a great business and taught us to remember to kick back, but also work hard!

Hope this Labor Day brings you some of the joy that Buffett sang because It’s Five O’clock Somewhere and enjoy that Cheeseburger in Paradise!? Rest in peace, Jimmy.

??

Pulling up the Career Ladder on Gen Z

Employer and parents, take note.

Many Boomers are looking for the exits; Gen Z (and those that follow) may have trouble trying to find the entry.

Much has been written about the potential disruption to the economy, for good or ill, due to Artificial Intelligence. According to “The Evil HR Lady” (aka Suzanne Lucas ), the children (and grandchildren) of Boomers may find that AI gets hired before them.

She suggests that AI will severely restrict the number of entry level jobs that provided the experience for the mid-level and leadership positions that ultimately follow.

She questions, “How do you hire for mid-level roles without candidates who’ve done entry-level work?”

Have we pulled up the career ladder on Gen Z and those that will follow? Take a few moments for Lucas’ sobering missive that, despite a currently hot job market, we may be facing The Disappearance of Entry-Level Jobs .

Tattoos, Eyeglasses and AI

?As noted above, AI may impact a wide variety of jobs as any new technology often does. But as a recent article from Knowledge at Wharton asserts, “Automation is beneficial to the bottom line, but it can’t replace the unique qualities that consumers crave in some products and services.”

The article asks “What Jobs Will AI Replace?? Not those requiring a Human Touch.”??? ?And summarizes?recent studies of how the value proposition of?eyeglasses and tattoos?have elements that won’t be replaced by AI.?

What elements of your value proposition are immune from AI?

??

A Labor Tutorial (Will you need it?)

The history of business in incomplete without an understanding of the history of organized labor. For many of us during our careers, unions have been in decline. But in recent years, there have been attempts by employees of Starbucks and Amazon to unionize. Recently, many were fearful of a strike by UPS that was settled with significant concessions. The United Auto Workers have also warned that they will have significant demands when their contract expires in the not-too-distant future. The SAG-AFTRA strike is still ongoing.?

Will the seller’s market for labor force you to face enhanced demands from your current union or the prospect of being unionized for the first time? One way to be ready is to understand the history of labor. Most companies that were unionized deserved it and could have avoided it. This quick chronological tour of labor strife in the US is a good introduction. Will history repeat itself?

And if you’d like some facts about?where the overall labor market it today, check out these “7 Stats About American Workers.”

??

The 2/3 Dilemma

?“Continuous capacity constraint”…that’s how Taylor St. Germain of ITR Economics characterizes the new business reality due to the war for talent and demographics that will force continued constraints in the supply of labor for the foreseeable future.

He states that the ratio unemployed workers per job opening is 684…there is only 2/3 of a worker for everyone we need. Check out his??executive summary of what’s happening with robotics and automation ?and why, when interest rates come down, even more automation will occur.

??

Three Invites

3 Invitations for You:

On September 8 (this Friday) at 12 Noon CST:??“De-weaponized Accountability”? with USAF Colonel and F-15/F-22 fighter pilot Robert “Cujo” Teschner. In the War for Talent, accountability becomes an even more important and more nuanced skill than ever before in recruiting and retaining people. ?Colonel Teschner brings the skills learned in a distinguished military career to you and your team.?

?On September 22?get ready for another weapon in the war for talent.? Learn how to ?Future-Proof Talent: What Matters to Tomorrow’s Workforce Matters Today | Vistage ??with performance expert from Insperity.

?On September 29?Artificial Intelligence Roundtable: Best Practices from Small Businesses? will recap the experience of three Vistage members who are?early adopters of AI in the middle market space.

Econ Recon

Where’s that Recession:? This short video from the WSJ offers an answer to the question:? “Where’s the Recession:??“The? Four Economic Factors Keeping it Off.”

“One More time”?:? In this edition of?ITR Economics’ Fed Watch , economist Brian Beaulieu looks at Chairman Powell’s remarks on interest rates at Jackson Hole. Beaulieu shares his bet on more interest rate hikes.

Please share the?MAD?newsletter with your friends, other leaders, or colleagues who might be interested. I encourage forwarding or reposting the newsletter.

Wishing you a productive and short week!

Sue Tinnish, PhD,?Vistage Chair, Facilitator, & Executive Coach

Find me easily at: 847.404.7325,?[email protected] , Twitter:?@STinnish, LinkedIn:??www.dhirubhai.net/in/suetinnish , Website:??https://vistage.com/chairs/sue.tinnish ??