New Series: Employment Mega-Trends….What Could Happen and How to Prepare
We are ever watchful of employment trends, and we believe preparing for what’s to come is of particular importance in these frazzled economic times. Therefore we’re launching a series on employment mega trends — what could happen and what you should be thinking about. This post is a snapshot. In subsequent posts we’ll dive deeper into each trend and provide actions to take to support your company.
The lingering recession has created many employee fears and frustrations, among them doing more work for less money. Pent up frustration could reach a boiling point and many employees could be looking to move on at the first opportunity. According to recent surveys, “one in two U.S. employees [are] looking to leave or [have] checked out on the job.”(Surveys conducted by Mercer and by Right Management) As a result, there could be a significant exodus of workers from all kinds of businesses as the economy improves. Turnover could be multiplied by many baby boomers retiring. They may not be as wealthy as they thought they would be and they may defer retirement for a year or two, but they will retire.
Surprisingly, the high unemployment rate has not created a surplus of talent. The unemployment rate is less than 5% for those with college degrees and employers are beginning to report shortages of talent. We’re already seeing it with certain engineering, technical and IT positions. And the trend could accelerate.
Gen Y Moves Up
There’s a new generation of leaders on the rise… and they seek a new corporate culture with progressive values. According to a survey conducted by Deloitte, nearly one out of three Millennials (32%) plans to seek a new career opportunity in the next 12 months. (Talent Edge 2010) So whether your goal is retain Gen Y workers or recruit them, it’s time to consider how well your “employer brand” appeals to them. Here’s a hint: Gen Y ranks an employer’s “commitment to sustainability” and “commitment to creating a fun work environment” as their top 2 most important traits.
Thoughts on how to respond to these trends
- Always be looking for top talent and be prepared to hire
- Step up your retention efforts
- Evaluate your succession plan
- Refresh your employer brand
- Consider more workplace flexibility
- Provide better career paths and opportunities for upward mobility
We think Employment Mega-trends is a timely series, and we hope this post has gotten your strategic juices flowing. In the coming weeks, we’ll dive deeper into how to respond to these trends and provide actionable steps you can take to survive and thrive in the new employment marketplace.