Drowning in the Talent Pool
I talk to at least 50 people a day, and here is the most interesting thing I’ve learned recently.
1. Many people have been laid off in recent weeks and months.
2. One of the top challenges my executive clients have is the small talent pool to choose from.
Something doesn’t measure up. There has to be lots of great talent to choose from, in the giant pool of people recently laid off. And I know there are many jobs available right now, because I have clients who are tearing their hair out trying to fill a particular position.
I do understand that the types of positions open may not match the available talent, and we may have an oversupply of certain kinds of workers and an oversupply of certain kinds of positions open. That seems to be more the case than the blanket statement in either direction: “There are no jobs available” or “There’s no good talent out there”. So I suggest both those statements be eliminated. they are both negative and will likely result in a self-fulfilling prophesy.
Here are some facts you might find interesting. Target Training International, Ltd. recently surveyed 19,000 job seekers to see what they are looking for in their future employer and what a job search feels like in the current economy. Here’s what their survey showed:
58% of job seekers have had their resume on line for 5 months or more.
30% of them have a pplied for over 50 jobs during their current job search.
87% say that finding the right job is more important than finding any job.
40% of the job seekers are willing to wait as long as it takes to find the right job.
55% of the job seekers are currently employed.
75% have a four-year degree or higher.
The number one reason for leaving was NOT money.
And you might find this article interesting about who’s hiring: http://money.cnn.com/galleries/2009/fortune/0901/gallery.bestcos_mosthiring.fortune/index.html
So here’s a comforting thought for executives: many of your employees are looking for work elsewhere. A conundrum: many who are job-hunting are doing so because they are afraid they are going to lose their existing job. I titled this entry “drowning in the talent pool”, as a metaphor, simply because I see a lot of floundering, panicking, and arm-waving in companies; from the top down. Fear and panic increase your chances of drowning.
The cost of hiring someone who later leaves you, whether by your choice or the employee’s, is too big to absorb in today’s economy. If 55% of job seekers are currently employed, how many of your employees will be leaving? And how many hours a day on your payroll are they looking? If any of this hits home for you, just call me. There are low-cost, sensible solutions to having the right number of employees in the right positions the right employees, passionately engaged and loyal. And don’t you dare say it can’t be done. You just have to have the right tools in your toolbox.
Always committed to your success,
Julia
Tags: business consultant, Executive Coach, executive coaching, job benchmarking, job openings, layoffs, talent pool, talent shortage, unemployment
