A recent survey by Manpower Group found that 41% of organizations cannot find the talent they need for their organization. Large organizations (250+ employees) struggle the most; More than half (58%) of large organizations said they could not find the talent they needed in 2018. And it is only going to get worse. For instance, Canada has a growing number of retiring population whilst there is an increase in labour demands which has played a part in the talent shortage problem.
To overcome talent shortages, in the future companies are employing a new model for talent planning – Build, Buy, and Borrow.
Build is where the employer hires and invests in learning and development to grow their talent pipeline. Typically, these hires are done using a job board to recruit the new generation of employers. New or recent grads is a good example.
Buy is where an employer goes to external markets to find the best talent that cannot be built in-house in the timeframe required.
Borrow is where organizations cultivate communities of talent outside the organization, which includes part-time, freelance, contract and temporary workers to complement existing skills. This is where BoomersPlus.com is used to find C-level positions or specialized skill sets and experience.
HR has traditionally been focused on attracting and retaining permanent employees; however, when you need talent to complement the existing skills of your team, or are compelled to fill gaps for short term projects with expertise you do not have, it’s time to borrow talent, including project work, part-time work and sometimes longer term employment contracts. Organizations need to explore all talent management solutions and be willing to tap into available talent, regardless of its form.
BoomersPlus’ hidden talent pool of seasoned professionals is one of the fastest growing communities of talent in Canada that organizations can tap into for their talent needs.
An interesting note in the ManPower Group research is that Fifty-six percent of the organizations in the study are looking for talent from different age ranges or geographies. And organizations are tapping into the skills of boomerang retirees or returning parents and part-timers.
For employers to solve their talent shortage problems they need to utilize all the parts of the build, buy and borrow talent planning model.