Since the early 90’s, newspaper articles and books have trumpeted the pending “war for talent”, and conference sponsors have made a very lucrative return on running workshops on the supposed shortage of talent in the workplace.
When Heads of HR and CEOs are surveyed, all too often, at the top of the list of things that keep them awake at night is the issue of the supposed shortage of talent.
Yet, despite all the media coverage, the predictions of impending doom, and the survey results, something at odds with the predictions continues to take shape in the marketplace…the economy (albeit not necessarily during the past several ABCP/sub-prime mortgage -challenged months) globally is continuing to expand.
Companies that are growing are seemingly finding the talent they need and are neither finding there to be a shortage of talent, nor facing a real war for talent.
I would argue that for these companies and for many others in the marketplace, there is no war for talent (although there may be a few minor skirmishes now and then).
Why not, since we hear of increased demand for human capital in fast-growing Asia? Why not then, since we hear of Boomers leaving the workforce? Why not then, when we hear of younger workers seeking greater balance between work and non-work, and having an unwillingness to put in the hours worked by their predecessors?
I think that there are several factors at work, still in their infancy that many organizations are just beginning to understand. These include:
* the rise of the older worker (increasing numbers of boomers and pre-boomers are choosing to work past age 65)
*a borderless talent pool (more on-campus and senior level recruiting is taking place off-shore)
*elimination of the downside of hierarchy (more firms are hiring leaders based on talent; not age)
*the evolution of work (more and more employees are self-managing work schedules/hours in the office).
Organizations that understand and are creative and open to rethinking their approach to the above factors are reaping above market returns on their investment in people.
These organizations are re-thinking lifecycle HR management to provide employment terms for older skilled workers that fit their needs while helping organizations to effectively manage $ invested in benefits and retirement programmes. These organizations are recognizing that degrees from Europe and Asia, and work experience gained in places far from Canada are of tremendous value and are rushing to hire talent whose first language is not English or French as Canadian companies expand abroad. These organizations are choosing to give greater responsibility, role, and reward to talented people at an earlier age and are advancing them sooner, career-wise. These organizations are increasingly focused on results achieved vs. time invested and are tremendously at ease with flex-time and working from home (or somewhere else other than the office).
For these organizations, the talent pool just keeps expanding as: people live longer and are engaged and productive at ever older ages; the world’s educated population grows; and people acquire experience, skills and knowledge at every increasing speeds (in terms of years in the workforce).
So if the talent pool is expanding, why then is there still this headline dominatng topic of “the war for talent”?
I think that where the fear of this exists, organizations really need to take a long hard look at one thing other than how they define and engage with the global talent pool.
I think that organizations need to spend time and invest in their “EVP” (Employment Value Proposition).
I’ll comment more on “EVP” in next week’s blog.