Develop the Next Generation of Leaders
The human capital management lifecycle begins with recruiting and hiring talent. As more organizations make the connection between hiring the right people and achieving success, HR leaders are increasingly approaching recruitment and hiring as a crucial competitive differentiator. Facing a more competitive global business landscape, with available talent spread across multiple generations, the challenge to recruit and hire the best team for the job has never been higher.
With employers looking for the talent of tomorrow in a global, multigenerational workforce, they must think about recruiting in new ways and work to leverage technology and sourcing strategies that improve recruitment and hiring. Human behavior may be unpredictable, but analytics can help companies make better hiring decisions to begin with. By identifying the right skills, competencies, behaviors, and tendencies you can ensure the best candidates are hired. And by streamlining the hiring process you can ﬁnd that “needle in a haystack,” allowing you to compete more effectively in a tight talent pool.
Preparing for a Five-Generation Workforce
Never before has the workforce had such a complex, diverse demographic makeup. As people live and work longer, more generations are working side by side. With everyone from recent college graduates to those long past the traditional retirement age of 65 working, companies are being challenged to build and maintain a productive, effective workforce.
One of the biggest shifts that’s occurring in the workforce is the gradual retirement of the Baby Boom generation and the emergence of the Millennial, or Generation Y, demographic as the new majority. By 2025, Millennials will account for 75 percent of the global workforce. While Generation X workers represent a key area of talent and leadership, they simply don’t have the numbers to ﬁll the skills gap that will be created by the retiring Baby Boomer generation.Further complicating the picture is the reality that Millennials don’t stay at jobs as long as Baby Boomers. For example, the median tenure of workers ages 55 to 64 (10.4 years) was more than three times that of workers ages 25 to 34 years (3 years).
Transferring Knowledge and Skills is Emerging as a Challenge
Some organizations are ahead of the curve and already investing in creative strategies to offset these challenges. These include hiring retired employees as consultants or temporary workers, offering ﬂexible work arrangements, and creating part-time positions to attract older workers. However, most companies are not prepared for the talent, leadership, and skills gaps that will result from Boomer retirements. A SHRM survey on the aging workforce revealed that while more than half the respondents have identiﬁed future workforce needs (58 percent) and potential skills gaps (52 percent) in the next one to two years, only 35 percent have turned their attention to the impact of workers aged 55+ leaving the organization over the same time period.