Dr. John Articles
| Talent shortage returns as hiring concern |
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| Written by Dr. John McFerran |
| Saturday, 15 May 2010 00:00 |
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The business world has been so preoccupied with recovering from the recession that we seem to have forgotten how the talent shortage was once the labour market's largest looming crisis. When the economy stalled, many of the boomers who had been preparing to leave the workforce suddenly put their retirement plans on temporary hold while the market recouped some of its losses. At the same time, the unemployment rate (the Conference Board of Canada estimates that 400,000 Canadians lost their jobs in 2008-09), unpredictably created a surplus instead of a shortage of workers. This lulled some companies into falsely believing the war for talent was over or had been mostly hype. Although the attention was temporarily diverted, there have been recent reminders that the skilled talent shortage problems that existed before the economic crisis will quickly resurface after the recession tension recedes and recovery is well on its way. The Canadian Chamber of Commerce recently released a report plainly cautioning that the country's demographic trends, including an aging population and lower birthrate, are going to create significant challenges to sustain our workforce and remain competitive. With too few workers available to meet the needs of Canada's expanding labour force, it will be difficult for the economy to continue growing. In addition to the mass departure of boomers, globalization and technological advances are quickly changing the nature of our work and the growing need for highly skilled workers. The companies that now recognize the need to prepare for the turning of the tide and subsequent tightening of skilled resources are the ones that will have the significant advantage in the years ahead. This preparation can best be summarized with these four Rs: Rehire: Businesses of all sizes need to develop rehiring strategies that tap into our country's pool of underutilized talent. This includes mature workers, new immigrants, people with disabilities and the aboriginal population. Retool: Hiring processes must be retooled to stay in step with the market. Instead of assuming that your current recruiting, interviewing and training practices will continue to be sufficient, consider how you can more effectively attract and competitively hire the talented people who will fuel your growth. Review: It is advised that organizations take the time to review their talent inventory, including what their future needs are and how they are developing the skills of future leaders who will eventually succeed their present executive and management teams. Revitalize: Companies now have a responsibility to help revitalize the talent pool by fostering high-quality talent to fill their future needs. This includes taking an active interest in post-secondary education, supporting skills development programs and sponsoring accessible and affordable activities that will nurture today's students into tomorrow's skilled and knowledgeable employees. Canada can no longer afford to bury its head in the sand; the time is now to get ready for the imminent retirement of the boomers and the subsequent shortage of talent. Organizations that do not make it a priority to plan for this tightening of the labour market will inevitably find themselves losing out on valuable employees, falling short of required skill requirements, and missing out on opportunities to stimulate their future growth. -- With reporting by Barbara Chabai
http://www.benefitscanada.com/news/top_stories/article.jsp?content=20100205_150048_4624 http://www.newswire.ca/en/releases/archive/February2010/22/c3474.html http://www.ottawacitizen.com/business/Labour+shortage+factors+unaddressed/2482686/story.html
Top 3 myths about recruiting during a recession While it may appear that things come to a standstill during a recession, the opposite is true when it comes to recruiting and retaining talent. According to Jobfox.com, there are three main recessionary fallacies: Fallacy: Weak economic activity equals weak recruiting. Fact: While layoffs and downsizing are evident, so is restructuring, reallocation of responsibilities and the creation of new positions for skilled workers, all requiring talent. Fallacy: Employers only hire when their companies are growing. Fact: There appears to be little connection between economic growth and hiring. Even during a recession, there is constant movement as employees quit, get fired, are laid off, find new jobs or go back to school. Fallacy: People tend to put career moves on hold during a recession. Fact: Just as they do during any economic period, top performers will freely choose to stay in fulfilling jobs or walk away from troubled companies not meeting their needs. In good times and in bad, top talent will always be in demand.
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