The Department of Labor reports that the U.S. labor force declined in 2013 by almost 550,000 workers, 76% of which belong to the Baby Boomer generation.
2014 will be the year when demographics tip the scales and the supply of high-performing talent will begin to steadily decrease. Companies who cannot attract and engage Millennial and Generation X workers will suffer losses. Talent acquisition and management will become CEO level initiatives and significant investments will be made to five key categories:
- Attracting & onboarding top talent at all levels
- Engaging & managing Millennial workers
- Revolutionizing performance management & career development practices
- Building 21st century leaders
- Planning for the succession of executive & mission critical roles
In the coming years, organizations will rise and fall accordingly to how well they execute on these core initiatives. 2014 marks a sea change in human capital management. Are you prepared?
Amy Hirsh Robinson, Principal, Interchange Group
Workforce Strategies for the New Economy