Recently I read an article where a major insurance company was suing a competitor insurance company for a list of real or perceived issues. The one count that caught my eye quickly was the plaintiff claimed the defendant was stealing their employees. There was little detail about it, but it brought to mind the very real talent war we are beginning to experience.
Most companies and most company leaders are not aware of the potential devastation that is happening to companies with their critical positions. These are positions where without the right person contributing their skills, experience, and accomplishments to help accomplish the goals and objectives of the organization, it may fail.
You may ask, what’s the big deal? There are a lot of unemployed individuals, why should it be a concern? Most people like quantified facts, so let’s look at a few.
· There were 76 million Baby Boomers born between 1946 and 1964.
· They are retiring at a rate of approximately 10,000 per month, it may be greater.
· There were only 38 million Gen Xers born as the next generation.
· The Department of Labor estimates that within the next two to three years, there will be over 6 million open positions in this country without enough people to fill them. We are not talking about all levels of positions, but of professional positions, the critical ones that may mean winning or losing.
· The unemployment rate for those possessing a four-year degree or higher is 4.6%. That is low and it will continue to go lower as the already small pool of talent continues to dry up.
Some people want to ignore the facts by saying that many of the Boomers will stay on at their current employment. True, some may, but the majority are retiring or going to work in a position that is outside their chosen profession, which in effect is the same as leaving the employment of the industry.
How are you responding to the talent war that is upon us and only going to increase in scope and intensity? If you do not feel you are experiencing any effects, what are you doing to prepare for it when it does start to affect your organization? How will you cope with the impact the lack of the talent you need to accomplish the goals and objectives you have set for the company?
