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MRA recently hosted Alan Beaulieu, an internationally known economist, who talked about our changing economy. Here are a few nuggets of information from his talk for you to ponder.
- The five factors that drive economic depression are demographics, health-care costs, entitlements, inflation, and US national debt.
- Take a look inside your company to identify the products or services that you shouldn’t be offering - and get rid of them. If it isn’t making a profit, it needs to go.
- As an employer, you need to ask yourself how you are attracting people from other states, or even other countries. In many states the population isn’t being maintained, and more people will be needed to sustain an adequate workforce.
- Once you attract that workforce, you must pay them above average to make them want to stay and to keep them happy. Unhappy workers cost employers money with an unengaged work ethic and negative attitude.
- Spend the time and effort to attract and retain Millennials - they are the economic powerhouses of the future.