You May Go Out of Business in the Next Five Years....

There is no lack of chatter in business and human resource journal's these days regarding the imminent brain drain as the Baby Boomers retire at a rate of 6,000 to 10,000 per day, depending on the source of your information.  By 2030 all of the Baby Boomers will be over age 65.  This means that the next generation(s) need to be ready willing and able and to fill critical roles.  The problem is-they are not ready. 

Your lack of a skilled workforce may cause you to go out of business in the next 5 to 10 years.  What are your options?

Plan A - Hire skilled workers

While the younger generation cohort (those born in the 1980s and 1990s) is actually the largest cohort in history, they've had a tough time securing employment while the Baby Boomers have been in place.  Therefore, while there are a lot of them, they often lack skills.

Plan B - Promote from within

Many employee satisfaction surveys over the years have revealed that the most frequent cause of an employee leaving his current employer is because they see a lack of career advancement.  This is often coupled with a lack of training which would enable that career advancement.  Therefore, without a concerted plan to develop incumbent workers (see plan D), this is not a realistic option for most organizations.

Plan C - Hire from the competition

While this a somewhat logical short-term solution, the reality is you're simply exchanging the current talent pool.  At some point in their tenure with you, an employee will leave for your competition because they don't see career advancement with you.

Plan D - Grow your own

College graduates may demonstrate an ability to learn but have few-to-zero skills.  While this might seem like a challenge, it is actually a wonderful opportunity for you to be the first employer to shape the way in which they work.  Since they will not have preconceived notions about how work is done or their roles and responsibilities, you can " design" the ideal employee with the future in mind.  If you have a well thought out career / curriculum path, you not only will "build" the perfect employee but they will stay with you for many years to come as well.