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Info-Tech's Predictions
1. Companies will look to outsource talent. According to Deloitte's report, "Bill Gates explain[s] that the shortage of information technology graduates from Western universities is prompting companies to call on developing countries to meet research demand. As a prime example, Microsoft is setting up an R&D center in China to take advantage of the relatively flexible working environment and large pool of engineering talent." Dell also has similar intentions. It is recruiting engineers in India as there is "fantastic opportunity to attract talent [there] since 20,000 engineers graduated in 2005 in India." However, outsourcing talent to global talent pools can create new benefits and drawbacks.
2. Wake up and start making changes. If companies don't make changes to internal talent management processes and strategies, they risk missing the opportunity to capture and retain top talent. While immediate implications may not be obvious, long-term issues around talent shortages, lack of corporate growth, and ability to remain competitive will likely arise.
3. Employees will continue to demand work-life balance and dramatic career/culture changes. Gone are the days of 80-100 hour work weeks. Today's up and coming workforce demands work-life balance more than ever before. Young and keen workers no longer accept paying their dues in a company in exchange for the opportunity to climb the corporate ladder. Loyalty can no longer be bought. Job satisfaction and retention demands interesting work, characterized by new challenges and opportunities. As long as companies need to grow, changes will have to be made to satisfy workers (i.e. the laws of supply and demand).
4. Things aren't going to change in the next year. The existing struggle for talented workers is only the beginning of a long-term trend. As the Baby Boom generation continues to retire at exponential rates, and as the Western world continues to see decreasing enrollment in professional certification programs, highly skilled and talented employees will continue to be scarce. Companies that recognize this shift in demographics and take mitigating steps will be the ones to reap the benefits (i.e. those first to make the changes are the ones that will retain their talented employees and will enjoy the attention of new and keen individuals).
Next: Key Takeaways
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