BY DAVID GEE

One thing I have noticed is how little the answers have changed over the years . Also , how similar the replies are regardless of the industry or business vertical the person I ask works in .

The list typically includes cost of goods , interest rates , customer demand , and certainly more recently supply chain issues and inflation .

But I ’ ll give you one guess as to the one singular thing that always tops the list , regardless of when I ask the question , or who I ask it of . Human capital . People . That ’ s it . And I ’ m sure your guess was correct .

You have probably been hearing about a shortage of qualified workers since your first day on the job in the boating business .

In a 700-word column , I ’ m not going to have a single new solution to your pain . Hopefully though I will offer some new information and insights . And if you keep reading to the end , I can also provide a place where you might find some more answers .

The survey says

In the latest Conference Board survey of U . S . CEOs , they ranked “ labor shortages ” as the single biggest external threat to their businesses .

And there ’ s an interesting phenomenon lurking in the federal employment numbers , of particular interest to the outdoor recreation industry .

In February of this year , the labor-force participation rate for Americans ages 25 to 54 hit 83.1 percent , surpassing its pre-pandemic , pre-recession peak . That broad age group is considered the core of the labor force .

But employment rates for ages 20 to 24 are still well short of where they were in February 2020 . And those in their late 20s are seeing even bigger declines in participation and employment . Put another way , more than 400,000 Americans in their 20s are missing from the labor force , people who are prime age as boating customers – and potential employees .

So where the heck is Generation Z ? Labor experts have posited several theories , and maybe you have a few of your own . But let ’ s move on to another salient survey .

Voice of the American Workforce is the nation ’ s largest annual survey of America ’ s hourly workforce . Their stated is to shed light on the unique factors that attract , motivate , and retain the hourly workforce .

Pay rate is the top factor U . S . wage earners look for when seeking a job , according to the nearly 19,500 respondents who took part in the latest survey .

“ Competitive wages will continue to be a vital factor for employers looking to succeed in a job market in which openings still outnumber the total number of unemployed workers ,” said Cathi Canfield , EmployBridge ’ s vice president of brand solutions and marketing .

Other key findings include : In addition to pay rates , workers care about total compensation factors such as retirement and healthcare benefits .

While shift and schedule flexibility have been important in the past , they now rank in the top three factors in workers ’ decisions about which job they choose – and whether to stay at a job .

Company culture

Other recent surveys also show that a strong company culture that supports their employees ‚ includes work / life balance , and accounts for employee well-being and professional growth is also a huge competitive differentiator .

A dealership culture where employees feel like they have a voice , where they feel understood and valued and respected , can be a powerful tool to boost the results of your recruiting , hiring and retention efforts .

And if you don ’ t feel like you have a good handle on the current state of your company culture , ask .

Only 52 percent of the companies included in a recent Workforce study had surveyed employees about what they liked or wanted to see improved . And , according to the study , many employees don ’ t feel heard when they do provide feedback to managers .

So if you do ask , and you should , also remember to act on the feedback !

Elevate for more answers

Finally , as promised , we are going to provide a place where you can share best practices and lessons learned on this subject , not only with the boating industry , but also with others from the powersports and outdoor power equipment space .

So make your plans to attend the Boating Industry ELEVATE SUM- MIT , November 5-7 , in Dallas . Recruiting and retaining will definitely be a topic of discussion . Learn more at www . boatingindustryelevatesummit . com , and register today !

David Gee is a keynote speaker and sales and marketing strategist , and the former editor-in-chief of Boating Industry .

6 june 2023 www . boatingindustry . com