The Strategic Employer

There was a recent discussion on Fox Business about raising the retirement age and the impact it might have on business.  (Here’s the link – http://tinyurl.com/yetvhqr) What wasn’t included in the discussion was the impact on Corporate Knowledge. Corporate knowledge means profitability and beating the competition. But with so many Boomers retiring over the next 10 years,  companies run the risk of a significant drain on this valuable resource.    One solution – CONTRACTING!

When Boomers retire it creates a huge talent vacuum in the workforce.  And although Boomers will retire, they don’t want to stop working entirely.  In actuality, according to many studies, only a small percentage of Boomers (less than 20%) hope to never work again and a certain percentage even envisions the need to work full-time.  So that opens the doors for part-time work and/or cycles of work and leisure.  Companies can still access their corporate knowledge and skills through consulting relationships and contract projects.

This is also attractive to Boomers in that many are limited in their ability to relocate and are pressured to provide for their children or elderly parents.  Some other important factors include the following:

1. Money—The ability to financially supplement a retirement plan or Social Security income is an important factor.  Contractors are paid for every hour they work, and they are often paid at a very acceptable rate because of their experience and knowledge.

2. Flexibility—Flexibility is critical to these Baby Boomers, and contract staffing offers that option.  They can set their own schedules, work as many or as few hours as they like, take the summer off or time at Christmas, arrange for job sharing, etc.  The decision can be made based upon their own unique situations at home.

3. Health Care—Another consideration is health insurance.  Although Boomers are healthier than they used to be, certain chronic conditions become more common and usually grow worse with age.  And we all know that Americans are living longer than they used to.

What do companies say?
Studies show that older employees tend to be more loyal, detail-oriented, and reliable than younger people.  In many cases, Baby Boomers provide a competitive edge because they already have a required skill or knowledge base to handle a specific task or project.  Many companies actually try to recruit Boomers and retirees back into the workforce.  They have the experience and expertise the client needs, plus if he/she is a retiree, they’re familiar with the company’s operation guidelines, internal procedures, etc.

Contract staffing is an excellent alternative for both the Boomers and companies.

The current economy has driven many job seekers to desperation.  They are applying to almost anything and everything.  Employers are inundated with resumes, many from unqualified people.  Wading through all the applicants can be costly and time consuming for any company.  The downside to this activity  is expending precious time and energy on unproductive efforts.  The upside to this, however, is finding a jewel that a company can’t afford to through out!  Since human capital is a company’s most important resource, Strategic Employers are compelled to do everything possible to surface, attract, hire and retain top talent.  So what, and how,  do you look for a needle in a resume haystack?

Here are five strategic tips to guide any team as they consider which resume to keep and which to discard:

1) First benchmark the key positions in the company that  drive profits and give the company a competitive edge.  These are the positions in which you MUST have the top talent.  Then build a unique list of keywords for these positions and search the resume flood for only those that contain these keywords.

2)  Look for a  unique combination of skills/experience (for example, the actuary who has proven business development skills).  Zero in on someone with  a skill/experience background that is not normally found in the “typical” candidate.

3) People who have assumed progressive levels of responsibility at the SAME COMPANY should be moved to the top.

4)  Discard any resumes that only list job tasks and responsibilities.  Focus on the person who bullet-points  tangible, quantifiable results achieved in difficult situations.

5)  Outsource this entire resume sorting process to a firm who knows the top talent in your industry and who can quickly weed out resumes that don’t match.  They can then deliver only the best for a company to work with.

Screening resumes for top talent is not the core skill of many companies or most HR departments.  Every company needs top talent and top talent will be much harder to find in the coming year.  Unemployment isn’t going to turn around overnight.   Strategic Employers are putting plans in place today to be sure they find, attract, hire, and retain only the best in their industry.  Use these five tips to start moving the best to the top of the list.

With the coming of the new year HR professionals and strategic business leaders need to be ready for these changes:

1) Employers will be more careful about who they hire.  They will be looking to add people who can clearly demonstrate one or a combination of the following:
- A unique combination of skill and experience not otherwise found in the typical candidate.
- People who can demonstrate tangible, quantifiable accomplishments in difficult situations.
- People who have achieved progressive levels of responsibility AT THEIR CURRENT COMPANY, not changing companies for promotions.

2) Employers won’t be taking chances on unknown candidate variables.  They will spend more time and effort profiling their jobs. They won’t rely on old job descriptions.  They will be benchmarking candidates against the known performers now at their company.  Structured and consistent interview processes will also be used.

3) Finally, employers will need to embrace the multi-generational dynamics of the current workforce.  This will require vastly different approaches to recruiting, selecting, developing and retaining their employees.

Start taking the steps today to implement these changes.  Your profitability and competitive edge will depend on it!