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Many organizations are addressing multiple workforce challenges including, talent availability, generational differences, an aging workforce, potential retirement increases, and health care reform impacts. Each of these challenges creates concern among CEOs and Human Resource professionals regarding talent management to ensure that the organization can address the pending changes driven by external and internal forces.
A study conducted by Manpower Group illustrated the pending talent shortage. According to the study, there are 75 million Baby Boomers nearing retirement compared with 30 million Generation Xers to fill the roles when the Boomers exit the workforce. In addition, the study cited that 58% of multinational companies lack talent for critical leadership roles. The study further concluded that half of U.S. employers are having trouble filling job openings due to a lack of qualified workers. These factors worsen when examining Americas ability to grow technical skills through its educational system. A study was completed in 2011 by the Department of Education that suggests that the number of students who complete a STEM (Science, Technical, Engineering, and Math) studies program decreases beginning in the 9th grade. For example, in 2001, four million students were engaged in STEM education at the 9th grade level; nine years later in 2011, only 167 thousand students graduated from universities with STEM degrees.
Finally, the Patient Protection and Affordable Care Act (PPAC) may present a challenge for some organizations. Changes in healthcare may motivate some Boomers to retire or exit from the organization sooner than they would have if benefit products are no longer an attraction and retention strategy; especially if the organization cannot maintain cost-neutral benefit options.
Define Success Coaching & Facilitation Services can work with you to create a customized talent management solution to identify, retain, and develop high-potential talents to meet the current and future needs of your organization boosting your business strategy through:
Contact us today to discuss customized solutions to your Talent needs.