Believe it or not, ten years have passed since the phrase that went into HR and Recruitment immortality - The War for Talent - was born. It was actually Mckinsey that created it in their report of the same name. But many years after this initial offering, it could be that 'war' might be the right word!!
European demographics are changing and according to CIPD statistics, by 2010 47% of the European working population will be aged 55years and older!!
There is a very simple outcome of this - there will simply not be enough people at a working age to sustain the economy here in the UK! This massive shortfall is being widely overlooked by the business community. The Generation Y'ers, with their 'different' approach to work, at the same time are demanding more from their jobs and their working environments. They are really looking for a sense of purpose and worth in their jobs, and because of this, the 'job for life' mentality has gone well and truly out of the window!
So a combination of these two factors will soon start to make companies very nervous indeed. Of course the forward thinking companies are already planning ahead, but industries like digital design are now really starting to get hit on their bottom line because of their shortsighted attitude. So what does this mean then? Simple really, companies will have to be really focused on their existing staff, and start to address the needs and wants of the Gen Y'ers, as well as getting better at recruiting new employees. So all those companies out there that just think that the well flaunted 'buzzwords' - war for talent, and generation Y - are just marketing spin, think again. Take your corporate blinkers off and open your eyes - if you regularly recruit staff, you have no option but to consider the consequences!
So let the war begin.......
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