The Ultimate Talent Competition
Just when you thought that the ever-increasing global population put the odds of finding top talent in your favor, along comes a slew of studies from trusted research firms that beg to differ. From McKinsey & Company and the U.S. Bureau of Labor Statistics, to The Conference Board and other authorities, the numbers are in and here’s just a sampling of what they are reporting:
- By 2020, the U.S. will have 1.5 million too few workers with college or graduate degrees.
- CEOs rated “human capital shortages” as the number one item on their priority lists for 2014.
- Fifty-six percent of U.S. employers believe the talent shortage has a medium to high impact on their ability to meet client needs.
- More than 2.5 million people in the U.S. are voluntarily quitting their jobs each month, and this number is steadily rising—making the prospect of keeping talent dimmer as well.
Big vs. Small & Medium
In addition to the current talent shortage, small and medium businesses must compete against the brand recognition, salaries, and benefits of larger companies. However, before you throw in the towel on your search for the best and the brightest, bear in mind that not everyone wants to work for a big company. In fact, there are several small and medium-sized businesses that are winning the ultimate talent competition.