Yes, though it may not be as fast or as robust as we would like, the economy continues to improve in 2015. What is one of the major issues now facing US companies? A talent shortage! One of the major contributing factors is that the record number of Baby Boomers (people born between 1946 – 1965) retiring exceeds the supply of new qualified talent entering the market place.
Part 1 of this two part series will look at 3 top sources of bringing in new talent. Part 2 will explore the importance of retaining your existing talent through better engagement and career development.
Let’s examine three great sources for bringing in new talent: Veterans, Older Workers and Millenials.
1) Veterans! Most indications are that the USA as a country will be deploying less troops overseas, resulting in additional veterans ending their tours of duty and entering the domestic job market. Yes, hiring veterans is a good thing to do to thank those who have served our country, but more importantly, the men and women of our Armed Services have received excellent training and have gained valuable skills required by most businesses. Do look for programs in your state promoting and providing connection tools for Veteran hiring. In North Carolina, we have an excellent effort being coordinated by the Governor’s Working Group on Veterans, Service Members and their Families in conjunction with our NC state SHRM (Society of Human Resource Mgt) group and major businesses. Veterans looking for work in NC and companies with job openings should check out the NC Military Pipeline website. And do read my blog about hiring veterans from last November.
2) Older workers! Even has record number of people in their late 50s and 60s are now retiring, many older workers want to keep working or perhaps re-enter the workforce because of continued good health, the desire to keep intellectually stimulated and for financial reasons. This excellent pool of talent can offer deep expertise in their fields or your industry, and can even include former employees who may want to return to work part time or on a contract basis. But a strong value proposition needs to be offered; these valuable workers are seeking flexibility in hours and having responsibilities that leverage their strengths and in which they feel valued. Check out the blog I published in 2013 on considerations for best engaging older workers.
3) The New Millenials! These are people born after 1982, and thus includes all the 20-something recent college graduates. Companies must really work hard to recruit enough of this emerging young talent to fill many positions left by a high retirement rate, realizing that the same things don’t drive this generation as past ones. These younger workers seek more work-life balance, to have their opinions and contributions valued, and companies that embrace diversity and more altruistic global world view. Also companies need to do more recruiting in “virtual space” instead of the old methods. (see my blog “Are your recruiting methodologies up-to-date?”)
Go out and hire some Veterans, older workers and new millennials! In Part 2, I will focus on how to develop and retain this important talent once you have recruited them onto your team.