Preparing for a Talent Shortage in Economically Confusing Times

Research and surveys are pointing to a workforce talent shortage that concerns many employers. We in the HR business understand that this talent shortage is also related to the number of baby boomers who are expected to retire soon.  These baby boomers will be taking valuable experience, talents and skills with them. Preparing for the talent shortage is also connected to “succession planning.” 

I believe other confusing challenges a small business faces today have to do with how our economy is perceived.  For one, it can be distracting to constantly hear the media refer to the “R” word or “recession.” 

As everyone knows, this is an election year with all the distractions that come along with the process. Based on what I hear from small business owners, though, there is optimism and a positive outlook. These business owners are excited about the opportunities and the direction in which their businesses are heading. I hear comments like, “Well, I hear all this bad news, but my business seems to be thriving. So I’m doing fine, but it seems as though everyone else is really struggling.” 

In spite of all the media attention focusing on various negative economic terms (slowdown, downturn, recession, inflation, etc.), a predicted talent shortage also remains a major challenge to many employers. 

I think that every small business goes through these challenges---no one is alone when political and economic issues influence  business decisions. There are times where it is an employees’ market, and there are times when it is an employers’ market. Whatever the times, employers want to successfully sift through the pool of talent to recruit the best individuals they possibly can. 

In addition to what HR outsourcing brings to a small business owner in terms of big company benefits and resources, there are other tactics that small business owners can use to level the recruiting-for-employees playing field: 

• Employee referral programs
• Employee-development programs
• Cross training and knowledge-sharing programs
• Internship programs
• Long-term succession programs
• Online recruiting tools
• Flexible work programs
• Pre-screen candidates with telephone interviews 

Meanwhile, keep talking about your company and why it is a great place for both customers and employees alike!

We in the HR business understand that a predicted talent shortage is also related to the number of baby boomers who are expected to retire soon.