LaDonna Lewis, product manager at Sage Payroll HCM shares how to prepare for the changing workforce of the future.
By 2020, there will be a huge shift in the workforce. Research analysts estimate that there will be a shortage of approximately 40-45 million skilled workers. As Baby Boomers are retiring, there aren’t enough people to take on the leadership roles of tomorrow. By 2020, 40% of the top leadership will have reached retirement age.
This shift will demand a massive need for hiring top talent across all industries. Generation X and Generation Y will need to take the torch and be prepared to lead.
What can you do today to prepare the workforce of 2020?
Here are five steps you can put in place today to make sure your organization is ready for the future through succession planning and talent management.
- Find top talent from within—Building leaders from within your organization is a great way to retain top talent and prepare for a changing workforce. Creating a mentorship program is a great way to develop your existing employee base to take on a leadership position in the future.
- Adapt to change fast—By 2020, the workplace environment as we know it will change due to the evolution of technology. Companies will need to start thinking socially to adapt to the industry they work in at a faster pace. If you haven’t already, it is important that you create a strategic plan for the next ten years for your company.
- Create an environment that promotes education—According to the Department of Labor, 65 percent of all jobs will require some form of postsecondary education. It’s important that your company culture values continuing education or additional training that will enhance your employee skill sets. Create an opt-in program that offers internal training courses for your employees or a tuition reimbursement plan if they chose to pursue a degree or certification from a university program.
- Reinvent your recruitment style—As your company adapts to new cloud-based people management and payroll platforms, it’s time for you to also rethink your talent acquisition strategy. Recruiting the right talent that matches your company culture of today and tomorrow is key. So we challenge you to think outside of the box and look for new avenues to find the right employee base. Visit our guide to learn new tips and tricks on how to reinvent your recruitment style.
- Understand your employees’ working styles based on personality types—Finding and building the right the team goes beyond the interviewing process. It’s important that the team you are hiring for mixes well with the company culture and the managerial style of leadership. According to CEB, 62% of human resources professionals use personality tests to vet candidates in the hiring process. Tests like our HR payroll hero quiz can help you discover your strengths, compare your work style with peers, and enhance your current skills sets related to the human resources and payroll industry.