A large global client recently shared with me that over 3,000 of their employees will retire in the first quarter of this year alone. This number is significant enough that the company may be able to avoid a pending layoff. However, the rapid loss of the collective experience, knowledge, and wisdom represented by these retirees is creating a drastic talent drain that cannot quickly or easily be replaced through traditional recruiting practices. Without the right blend of highly experienced, mid-career, entry-level, and transactional resources, the company is justifiably concerned that achievement of their business objectives is at serious risk. Not only does finding immediately effective, senior-level talent have a long lead time, but simply backfilling positions vacated by retirees with full time, permanent employees also reduces the company’s agility and flexibility to quickly respond to changes and opportunities in their market. The company is actively searching for new approaches to human capital resource planning and recruitment that positions them for both short and long term success.
This client is not alone. I hear these stories all the time. Companies are struggling with the loss of valuable knowledge due to retirement, M&A activity, or massive transformation initiatives. Recently, I wrote about the need to think differently about talent planning and sourcing. The challenge is that the demographic make-up of the workforce and the changing needs of businesses are happening so fast that HR and Procurement cannot keep up. Based on our work with hundreds of Fortune 500, start-up, and private equity Consumer Goods and Life Science companies, I offer six “talent hacks” to accelerate your workforce optimization. Here are the first three.