“Changes in the talent landscape are rendering the dominant management practices of the day ineffective, calling companies to replace the current one-size-fits all employment agreement with more customized and fluid approaches to managing employee relationships.” (Hewitt Associates 2007)
Would you be surprised to hear that three-fourths of your employees are disengaged and looking for new jobs at this very moment?
That’s exactly what a study by Hewitt Associates found to be happening – right now. Of course, this is the workforce in general and not just the hospitality industry, but it is a problem that will need to be addressed sooner than later. The question is what are you doing to prevent your employees from leaving your workforce?
The challenge is hiring the best talent and then assuring that your programs and rewards are in keeping with the competition in order to retain the talent that you already have in place.
Proactive Planning Will Be Key
With the future looking optimistic and new growth ahead you have reason to feel positive. But before you become too complacent think “competition.” As you experience good times and growth so will your competitors. There will be new opportunities to lure the best talent away from you by other competitors who will be vying for the same talent.
This coupled with one other factor – the fact that we are about to experience a shortage of talent due to demographic changes, begins to make for a perfect storm headed your way.
Three years from now, as early as 2010, the Bureau of Labor Statistics estimates that there will be 10 million more positions available than available workers. The reality of this fact will be caused by several factors, with a major contribution coming from the aging and retirement of the Baby Boomers. The fact that is important to you is not why so much as there will be a shortage.
Given the combination of the growing competition and the shortage of qualified candidates, would indicate a need to start your hiring planning now. Planning will be key to hiring and retaining the best talent.
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