Barely over two years ago I posted an article here about the approaching talent war called, The Approaching Talent War. I explained what we saw from the reports from the Bureau of Labor Statistics, the Department of Labor and from the daily conversations we have with company leaders and their hiring managers as well as other information.
It has been two years since and I thought it would be interesting to see where all of this has gone and if there have been any other influences to what we first stated.
So, where are we today? It appears that the war has advanced even in this shaky economy. There are companies that are doing well and cannot find the right talent for their critical positions. There are companies that are not doing so well that are in the same situation when they have to hire someone.
• Companies are still telling us they receive 400-500 resumes for a single job posting and at the same time do not find a qualified person within them.
• Companies are hiring marginal people because those they find through their standard practices are just that, marginal and they feel that is the best they can do.
• Some companies are rationalizing that they will do without until they think more people they want are available.
• Some companies are simply not acknowledging there is a problem. It may not have affected them yet or they are in denial. It appears there are some of both.
• There are some companies, although they are in a minority, who recognize they cannot find the individuals they need and immediately seek help, find who they need and continue forward.
• Finally, there are even fewer companies that recognize what has happened and have changed how they attract talent and retain them, transforming their company.
By the end or 2013 it is estimated 50 million Baby Boomers will have retired. That is more than were born in the entire GenX generation (38 million).
Unemployment for those that are 25 years old and older with a four-year degree or greater was only 4.1 percent at the end of June, 2012. It will continue to go lower. Keep in mind that the majority of the 4.1 percent is not looking for a job for some reason.
The hiring environment that is with us now will be with us until the end of the decade at least. So, for the next 8 years companies will have to take a different approach if they expect to maintain their current position or if they want to move forward with initiatives, projects, opportunities, etc.
To learn what the possibilities are to address this successfully, please contact us at 919-435-6873 or kvn.sutton@gmail.com.
