Monday, May 31, 2010

Is Your Company Playing Musical Chairs?

Last week I attended a luncheon hosted by the local Chamber of Commerce.

The keynote speaker was Florent Francoeur, President & Director General who heads up the 10,000 member strong Quebec HR Association.

Florent's message spoke to the reason why companies need to become employers of choice.

Simply put, the talent crisis is now upon us. In the Province of Quebec where I live, more employees will retire in the year 2013 than those who will enter the workforce. This includes those who immigrate to our province.

And this is not just happening in Quebec... it's a phenomenon that's starting to happen all over the world!

This morning on television, I saw an ad from a company urging job seekers to visit their website and "check out what prospective employers were really like by checking under the hood".

Think about it... a global talent crisis combined with knowledgeable job seekers who want to know what their potential employers are really like! These job seekers have the online tools to see which companies really do live up to the promise that "employees are our greatest asset".

Good luck to the ones that don't because they're playing musical chairs and they are bound to lose.

So what can you do?

Create employee referral programs and monitor their success closely. If participation is low, you can bet your bottom dollar that your company is in the danger zone.

Take a look at whether employees who are eligible to retire are charging out the door. If they are, you might want to review how you are treating them. There has been so much focus on millennials, Gen Y and Gen X that many companies now have reverse age discrimination going on. Place more emphasis on retaining your boomers and focus on the things that will make them want to stay with your organization.

Take a hard look at your people policies. Make sure your company respects people for who they are, regardless of their age and recognizes them for what they do, otherwise your company may end up without a chair when the music stops.