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July 25, 2006
Many Employers See No Sign of Talent Shortage
BOSTON, July 26, 2006 — Employers are divided
on whether a long-anticipated shortage of talent will soon
emerge, according to a survey of 3,100 senior human
resources executives by Novations Group, a consulting
organization based in Boston.
While most companies have seen some signs of a talent
shortage, 39% reported no such indications. At the same
time, one-third of organizations have already taken steps
to update selection and recruitment criteria. Nevertheless,
10% of employers expects no shortage of talent in the next
decade.
With respect to a long-anticipated shortage of talent,
how would you characterize your current approach to
selection and hiring?
- We have already seen some signs of a talent shortage
and have taken steps to update selection criteria: 32.1%
- We have seen signs of a talent shortage, but we will
continue to hire at a normal pace in the year ahead: 29.1%
- While we have seen no signs of a talent shortage, our
organization will remain cautious on new hiring in the year
ahead: 19.4%
- While we have seen no signs of a talent shortage, we
are convinced one will emerge before the end of the decade,
and we will take appropriate steps: 9.7%
- We do not anticipate a talent shortage in the next
decade: 9.5%
The talent shortage continues to capture the imagination of
employers worldwide, said Novations Group Vice President Tim
Vigue. "But our survey shows there’s also
widespread uncertainty on what’s going to happen and
when. Some organizations are in a passive mode, while the
smart ones are taking a hard look at their recruitment and
selection procedures."
Uncertainty about an approaching talent shortage may also
be reflected in a Novations’ finding about retiring
baby boomers, Vigue said. "Again, organizations are
divided, with as many taking steps to mitigate the loss of
talent as there are others that expect no great talent
drain as boomers retire."
With respect to retiring baby boomers, how would you
describe the situation at your organization?
- We anticipate a serious loss of talent and
institutional know-how, but currently do not have any steps
in place to mitigate this loss: 17.9%
- We’re taking steps to mitigate our loss of
talent, for example, by creating ways for baby boomers to
gradually reduce their hours: 29.6%
- We don’t expect an unusually large loss of
talent with baby boomer retirements: 39.3%
- Not sure: 14.1%
The Novations Group Internet survey of 3,100 senior HR and
development executives was conducted by Equation Research.
Founded in 1977 and based in Boston, Novations Group is one
of the country’s largest performance improvement
organizations and serves clients on four continents. For
information visit www.Novations.com.
Contact: Pat FitzGerald, Novations, 617-787-2163, pfitzgerald@novations.com,
or Phil Ryan, Ryan Public Relations, 845-339-7858.
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