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How you manage talent spells the difference between success and failure. To gain a competitive edge, leaders must be prepared to address shifting economic, social and demographic trends that impact workforce performance. Stay informed with research, insights and advice from our leading industry experts. The world of work is changing. Is your company ready?

Wednesday, July 21, 2010

In Pursuit of the Young and the Old

As the global economy continues to improve, today’s talent mismatch will become more pronounced. That means employers need to think differently about how they fill their talent needs now and in the future.

For most of the twentieth century, the assumption that the working-age population would continue to grow formed the basis for future workforce planning. It is well-documented by the Deloitte and others that that assumption simply no longer holds true. Since 1990, the global labor market has doubled. By 2050, the world population will reach nine billion – yet, many employers still can’t find the right people to fill essential positions. Birthrates are declining and populations are aging.

To meet this challenge, we recommend that organizations redefine the parameters of their search for talent and focus on expanding the pool of talent. Consider:

Engaging an aging workforce.
Develop specific strategies to attract and recruit older workers. Develop plans to motivate older workers to stay on with your organization longer. According to Manpower research, only 14% of employers have specific strategies in place to recruit older workers. While only 21% of employers have strategies in place to retain their older workers. Fortune magazine and Ken Dychtwald report that many boomers are “un-retiring” and are prepared to reenter the workforce. Dychtwald advises unretirees to change their mindset, consider this a new beginning and target industries with older clients (such as banking).

Investing in younger workers.
Customize work experiences that leverage the unique attributes of Generation Y to increase their contribution and engagement. The underemployed and under-skilled are another potential pool, especially as local governmental agencies and others move to help them with training and other programs to enable their transition into the workforce.

Expand your talent pool: hire for fit and train for skills.

Check back tomorrow for final part in Owen's four-part blog series on Teachable Fit and learn more strategies to expand the search for talent.

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