Millions of jobs across the US are waiting to be filled as our country is still amid a national labor shortage. With 75 million Baby Boomers set to retire by 2030, The Great Retirement may supersede The Great Resignation as the most significant hiring trend for 2022. These retirees are taking their years of experience with them, leaving a sizeable knowledge gap. Companies will find themselves at a great disadvantage without a proper plan for how their successors will pick up the slack.
Mercer partner Ted Patchet claims, “This isn’t a talent shortage. This is a talent shift.” Companies must change their approach to employee recruiting, retention, and management. Here’s how you can audit your talent and ensure your team stays prepared as the composition of the workforce begins to change.
ASSESS THE TALENT YOU HAVE Start by conducting a baseline assessment of your current resources. Evaluate skills based on whether your current workforce is equipped to help your organization execute your business goals and optimize performance. When conducted within the context of your broader organizational strategy, these employee skills assessments allow you to assemble an inventory of the skills represented among your employees and identify any gaps.
IDENTIFY THE TALENT YOU NEED
Your talent audit will give you a realistic idea of the capabilities of your existing employees and who is prepared to fill available leadership positions in your organization if someone leaves. Establish a link between your strategic priorities and talent needs by identifying your business goals and who you need to achieve them. Then you can determine how to align your efforts to recruit, develop, and retain talent with your company objectives.
TRAIN AND OUTSOURCE TO OBTAIN THE TALENT YOU WANT
Your younger, less seasoned workers may not have the decades of experience that retiring Baby Boomers have, but they are highly adaptable and eager to learn. Instead of brushing-off young talent due to a lack of skills, take the time to invest in reskilling and upskilling. These efforts can range from a formal training program to on-demand online courses. Also, make sure knowledge from senior employees is trickling down to the rest of your staff. Utilizing mentorship initiatives to pair your seasoned veterans with your up-and-comers is a great way to facilitate information exchange within your company.
You might decide to look externally to fill knowledge gaps – This is where RJ Reliance steps in. Our staff augmentation services allow you to “shop” for specific skill sets without the commitment or cost of hiring full-time employees. With years of in-house HR expertise, RJ Reliance employees can jump in and help you with anything from onboarding and retention to payroll operations. They can also retrain your team to bridge any specific skills gaps. Our HR professionals are ready to help you with the heavy lifting so you can focus on growing your business. Reach out today to connect with our experts!