Manufacturing News

Threats to talent pools may create perfect storm

March 3, 2005
/ Print / Reprints /
ShareMore
/ Text Size+
Baby boomer retirements, a widening skills gap, and ineffective approaches to talent management are combining forces to produce a "perfect storm" that threatens the global business economy.

Impending baby boomer retirements, a widening skills gap driven by declining educational standards, and outdated and ineffective approaches to talent management are combining forces to produce a "perfect storm" that threatens the global business economy, according to new research conducted by Deloitte Consulting.

More than 70 percent of the 123 human resources executives polled say incoming workers with inadequate skills pose the greatest threat to business performance over the next three years, followed by baby boomer retirement (61 percent) and the inability to retain key talent (55 percent).



"The overwhelming accumulation of data...points to an inescapable conclusion: the widening skills gap, particularly among the categories of workers who disproportionately drive companies' growth and performance, is a global phenomenon that will create unprecedented challenges for businesses," said Ainar Aijala, vice-chairman, Deloitte Consulting.

In only three years, the first wave of baby boomers will turn 62, the average retirement age in North America, Europe and Asia. According to the study, one-third of US companies expect to lose 11 percent or more of their current workforce to retirements by 2008.

Unfortunately, few organizations have talent management processes in place to address the impending workforce shifts that will negatively impact critical talent segments. Even more troubling, according to Deloitte, is that more than a quarter of respondents say defining critical skills as a workforce tool is "unimportant."

Talent-savvy organizations build strategies around what matters most to their critical talent-their personal growth or development, their need to be deployed in positions and assignments that engage their interests and curiosities, and their connection to others in ways that drive performance for the company as a whole, says the study.

For more information visit www.deloitte.com/us/talentpov.

Did you enjoy this article? Click here to subscribe to Food Engineering Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

Fabulous Food Plant: Paramount Citrus

Learn more about this fabulous food plant in Food Engineering's article, found here.

Podcasts

Burns & McDonnell project manager RJ Hope and senior project engineer Justin Hamilton discuss the distinctions between Food Safety and Food Defense as well as the implications for food manufacturers of the Food Safety Modernization Act.
More Podcasts

THE MAGAZINE

Food Engineering Magazine

Food engineering magazine 2014 april cover

2014 April

Catch a preview of the Powder and Bulk Show in this April 2014 edition of Food Engineering. Also, be sure to check out a coffee stick making a real stir and a major advancement in the the pet food industry.
Table Of Contents Subscribe

THE FOOD ENGINEERING STORE

Food-Authentication-Flyer-(.gif
Food Authentication Using Bioorganic Molecules

This text provides critical tools and data needed to augment routine food analysis and enhance food safety by aiding in the detection of counterfeit, and potentially deleterious, foods.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

Food Master

Food Master Cover 2014Food Master 2014 is now available!

 

Where the buying process begins in the food and beverage manufacturing market. 

Visit www.foodmaster.com to learn more.

STAY CONNECTED

FE recent tweets

facebook_40.pngtwitter_40px.pngyoutube_40px.pnglinkedin_40px.png