If you haven't noticed, things have changed. Your business made it through the economical downturn, but now as conditions are improving, you may be experiencing great difficulty in adding or replacing talent. The once loyal lifetimers are exiting the workforce in large numbers, leaving companies with fewer individuals to select from and more complications arising from market expectations.
Is this evolution of the workforce is taking your company by surprise?
The days when your dedicated staff would be all consumed by your "brand x" ambitions for 25+ years is nearly gone. That is, unless you are able to provide an all encompassing strategy to recruit and maintain talent in the new world. With the crash in 2008, individuals that remained employed often had the work of two or three others piled on their shoulders. This was the new LEAN practice companies were taking just to stay alive. Employees were doing the work of three people before, during, and after normal business hours for the sake of the company. Thanks to technology, this 24/7 work approach was made simpler.
After many years of hanging in there, combined with the influence of the millenial generation entering the workforce, and more jobs, employees are rethinking their work/life priorities and balance.
Trust amongst people and their employers (and companies in general) has greatly decreased. It more evident now than ever before the insignificant value companies place on growing and providing opportunities for employees - especially for employees nearing burn out from performing the responsibilities of three jobs morning,day, and night, year over year. Employees know they are easily replaceable by companies that do not value their workforce. This is why the workforce is evolving and taking their destinies into their own hands.
So, how do you win this war for talent?
Companies must learn to merge their branding efforts and strategies with their recruiting, hiring, and employee engagement. Laser focus in on building up your core components of culture, engagement, and perception. An independent survey conducted by Ranstad (2014), including more than 200,000 participants concludes that employees are looking for these things (given in order of importance):
#1 Competitive salary & Benefits package
#2 Long-term job security
#3 Pleasant working environment
#4 Work/Life balance and flexibility
The reasons people choose to leave a job:
#2 Work environment & Work/Life balance
#3 Lack of resources and support
What does the FUTURE look like? According the the department of labor, these nine items affect the future outlook:
1. Exiting babyboomers make up 47% (half) of the current workforce. Gen-X and Millenial generations do not make up for this gap.
2. Women are enrolling in college (70%) at a much higher rate than men (64%).
3. Employed mothers with children under the age of 13, miss an average of 6.4 workdays a year for family related reasons.
4. In the last 30 years, families have lost an average of 14% (22 hours) per week of time with family due to work.
5. Small businesses employ half the nation's workforce.
6. E-commerce has surpassed the US auto industry in revenue (over $300 billion per year).
7. Within five years, nearly half of the workforce will be employed by industries that are intensive users of information technology.
8. The number of corporate training universities surpass the number of conventional universities.
9. American workers get less than 7 hours of sleep each night. One of three employees report feeling drowsy at work.
These factors give clarity to the direction of the workforce and why you may be experiencing problems finding talent. To be a Business Rockstar you need to take on your branding strategy and pave the way for financial and emotional stability, an awesome work environment (including "cool" co-workers), a trusting atmosphere, competitive compensation packages with benefits, and most importantly flexibility and work/life balance.
April Salsbury, MBA is a strategist, an analyst, an operational guru, a recognized leader and C-suite global healthcare executive with drive and focus for competitive markets. Co-host of The Business Forum Show and regular contributor to various business journals, she possess multi-functional and multi-national competencies with more than 15 years experience in business and healthcare. Her expertise is in invigorating revenue growth and infusing value of lean practices in growing companies through improvements to cash flow and operations management.
Fueling revenue, growth and profit, Salsbury & Co. is a consultancy firm focused on helping businesses and healthcare organizations achieve excellency. Our specialists have executive experience combined with deep functional expertise to provide our clients with services that drive real impact and results.
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