“Talent Poverty” to remain big issue for employers next year: LVB’s Outlook 2020 forecasts changes for business

The nation’s low unemployment rates will contribute to a continued skilled labor shortage for employers, according to panelists at Lehigh Valley Business’ Outlook 2020.

Outlook 2020, held Dec. 11 at Blue Grillhouse in Bethlehem Township, brought together leaders from multiple industries to speak on the forecast for business for the upcoming year.

Ira S. Wolfe, president of Success Performance Solutions, a human resources consulting firm based in Wind Gap, referred to the struggles many employers are having as, “talent poverty.”

Employers are finding that in today’s tight labor market, prospective employees are being choosier, he said, leaving many businesses unable to fill much-needed positions.

“It’s going to be another tough year ahead,” he said, adding that human resources professionals should rethink their application process if they want to attract top talent.

“90 percent of applicants quit the process before completing their application,” Wolfe said, attributing this to outdated application forms and processes.

The presidential election ahead is also contributing to an uncertain economic future, according to LVB’s Outlook 2020 experts.

“There is a tremendous amount of insecurity,” said Colin J. Keefe, shareholder and chair of mergers and acquisitions group for Fitzpatrick, Lentz and Bubba, a legal services firm based in Center Valley.

“Will there be more taxes? Or less? What will happen with Brexit?” he continued. “It’s tough to tell.”

Coming election results will affect health care as well, according to Dr. Mark Wendling, executive director of Valley Preferred with the Lehigh Valley Physician Hospital Organization.

“Democrats tend to be hospital friendly, while Republicans tend to be doctor friendly,” he said.

Wendling remained positive about health care’s future, whatever the election’s outcome, however.

“We are building the plane as we are flying,” he said. “And care is different than it was, but the care is better.”

Despite the uncertainties, Keith P. Aleardi, chief investment officer of Fulton Financial Advisors and president and CIO of Clermont Wealth Strategies, does not see a recession in the near future.

“With an unemployment rate of 3 ½ percent, and average debt to income ratio at an all-time low, it’s hard to believe there will be a recession in the next 12 months,” he said.