Talent shortage goes critical

One of the top 5 concerns noted in Vistage's recent report Decision Factors H2 2018, is talent shortages. The unemployment rate at 3.9% is near an 18 year low. Last week, the DOL announced the number of Americans applying for unemployment fell to a near 49 year low. By measure of most economists, we are at full employment; some say we are past that. Additionally, there is a growing mismatch between skills desired and skills available. In short, demand exceeds supply on several levels. Joe Gavin, Vistage chief research officer, offers these suggestions gleaned from experts he interviewed: Change how you retain talent - Quoting Fabiola Brumley, Southeast regional executive at Bank of America Merrill Lynch, "To hold on to your best people, try supplementing employee benefits with non-traditional benefits, such as financial counseling or a reward system that recognizes high performers. Additionally, Joseph Quinlan stresses that companies should be “much more flexible — not just for millennials, but for the aging cohort as well. There are a...
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