Most of the recent economic news has focused on the downturn – or recession, if you prefer. Employment indicators have turned down since January. The national unemployment rate stands at 5.1 percent and the rate in Los Angeles County is 6% in 2008, up from 5.2% in December 2007, and up from 4.9% one year ago in January 2007. But….don’t let the news of company layoffs confuse you. As long as you really want to work there is a job for you! You are talent for hire!
The U.S. economy is driven by consumer demand and these workforce downturn indicators are only temporary. For the next 10 years most companies will continue having a very difficult time attracting qualified people. This is because we have built the current U.S. economy around the needs of a large group of people, (baby boomers) behind them are a lot fewer people in the workforce (baby busters) so, there are currently more jobs than people to fill them. As boomers start to retire from their jobs – there simply won’t be enough people to take their place.
Knowing how to retain top employees in this challenging environment can be a real competitive advantage. Progressive companies are beginning to foster a sense of community and family, so people feel that they’re working for a cause as well as a company. Good companies trust their employees to balance the demands of work and life; and give them the opportunity and the flexibility to do so. They are allowing all employees, no matter how junior, decision-making authority.
Forward thinking companies are identifying the best people in the organization, and then invest heavily in training and mentoring them. They realize how important it is to get it right from the start, by investing more in the hiring process, and hiring key level positions very selectively. Successful executive search firms are partnering with highly successful companies who want a competitive recruiting edge to enable them to attract equally successful professionals in order to stay on top.
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