Talent Supply and Demand – Is It Time To Reassess?

Last week, I met with two HR professionals from two different industries. When I asked each one what the #1 HR issue was in their company – both gave me the same answer- attraction and retention of talent.  Here are just a few sound bites from my conversations:

• “I have openings right now that I can’t fill.  We have set high standards and there just aren’t a lot of qualified candidates out there.”
• “We need people who can effectively interact with customers.  It’s not easy finding people with these professional skills right now.”
• “I’m hearing and seeing young talent say, ‘I don’t like the way the company treated its employees during the last downsizing/restructuring.  I won’t be treated that way, I’ll leave first.’ ”

One of the HR professionals shared she had just been approached by a head hunter and that she was going to interview with a new potential employer.  The other HR professional also shared he had just interviewed outside his company.

I was reflecting on some interesting stats I read recently, including:

• The nation’s economic participation rate is at a 35-year low.  Only 59% of Americans over 16 are working.
• Involuntary part-time employment is up 70%, to 7.5 million people, since 2007. (Labor Dept. data)
• “Lower pay, diminished benefits, and little job security are becoming the new normal”, according to the editor of U.S. News & World Report.  

So, how can companies attract and retain talent if their current workforce is discouraged, disappointed, and disengaged?  What kind of ‘advocates’ do disengaged individuals make for their respective company, its’ products, services and brand?  

Here’s a quick checklist I use with my clients to gage their actions versus intentions with talent management.  How would you access your organization’s current state right now?  Does your organization have a:

• Documented, dynamic People Strategy
• Annual talent objectives
• Robust depth chart for key positions
• Forecast of key competencies needed
• High potential employee retention plan
• An Engagement Strategy
• Innovative recruiting solutions
• Inclusive versus exclusive training and development programs
• Monitored attrition and hours worked dashboard (micro not macro)
• Set of formal and informal measurements to keep your finger on the “people pulse”

Supply and demand is a fundamental concept in economics.  It also applies to human capital and talent.  Is your organization allocating the appropriate resources to create and sustain a robust talent pool and pipeline?  Don’t let accident, chance, or coincidence happen.  Maybe it’s time to reassess your talent investments and risks.