HOW WILL THE TALENT SHORTAGE AFFECT YOUR BUSINESS? I wrote this article a few years ago and was recently reminded of it by a colleague with the suggestion that it still had relevance today and I should post it. In reading the article it was a reminder that the more things change, in some ways the more they stay the same. The information for this article was gathered through interviews with CEOs and C-level executives as they reflected on talent management challenges in their organizations.
In the past months, I’ve interviewed CEOs and other C-level executives to hear their thoughts on the talent shortage dilemma, and it’s clear that the talent strategy agenda is top of mind for executive leaders. It’s no surprise that leaders are increasingly disturbed as they calculate the business impact of talent shortage on stockholder and stakeholder interests. As the saying goes, we’re living in a VUCA world. A world that is volatile, uncertain, complex, and ambiguous. This is especially true when it comes to the fast-changing workforce. More than 10,000 baby boomers retire every day and Gen Xers and millennials may or may not be ready to pick up where boomer leaders leave off. These younger leaders want many of the things we all do – flexibility, career development, and a sense of belonging to something that matters to them. And they’re not afraid to ask for these things, are they? Beyond that, they perceive that they have choices and move more frequently to get what they want. As reported by Jobvite, “42% of millennials expect to change jobs at least every 1-3 years.” How will these anticipated trends impact your business? In my interviews, I heard from C-suite leaders that they are projecting significant challenges to their growth strategy. Why? Everyone agrees that people are an organization’s growth engine, and their discretionary commitment and energy make it possible to outperform the competition, innovate in a global economy, and ultimately grow the business. Yet C-suite leaders acknowledge the competitive nature of the marketplace and the limits it places on their access to the best people. These leaders are clear: “The competitive advantage today is people!” How do you attract, develop, engage, and retain your people? Whatever your talent management strategy, be sure your efforts match your vision, mission, values, and culture. Make decisions that reflect the best of who you are and be proud to tell the story through your actions, activities, and achievements. Here are some ideas to consider. Develop an Employer and Leadership Brand and promote it. Use this brand in your selection process, and get leaders involved in welcoming new employees and telling the compelling story of your business. Select people who align with your beliefs. Many organizations are conducting separate culture interviews. If the culture fit isn’t a match, it won’t work for the business or for the employee. Don’t tolerate current employees who are out of alignment with what you aim to accomplish.