Recruiters must do more to adapt to demographic changes and connect with emerging talent if they are to fill skills gaps opening as the older generation starts to leave the workplace, according to Charles Hipps, CEO at WCN.
As baby boomers start to leave the workforce a generational shift occurs, causing millennials to become the dominant worker.
Speaking at WCN’s recent interactive Emerging Talent and Graduate seminar, Hipps commented: “10,000 baby boomers are reported to be leaving work every day, impacting the way companies conduct future business. Although millennials have been identified as the dominant workforce for 2016, organisations are still failing to fill the skills needed at entry-level.
“According to research by McKinsey&Company, by 2020 we will begin to see a global shortage of skilled labour, particularly from college or university-educated workers. This talent-crunch is set to reduce the number of educated workers needed for the global workforce by 40 million. It is therefore crucial to work out how to attract the next top talent and keep them engaged.”
Helen Alkin, Graduate Recruitment Manager at Marks and Spencer, also speaking at the latest WCN Emerging Talent & Graduate recruitment series seminar, which took place at The Imperial War Museum, London on 21 January, agreed. She said: “We are witnessing an increased focus on apprenticeships. The general view of these apprentices is that they can solve the skills shortage we are experiencing, due to graduate numbers not meeting demand.”
“If we take 6,060 students starting an electronics or engineering degree, by the end of year four there will only be 912 students still looking for employment. This is not a good completion rate.”
Alkin believes that the battle for top talent is now taking place at school leaver level. Early engagement in this talent battle is becoming more and more crucial for organisational success, especially as there has been a huge increase in competition. In fact most of the best candidates are already secured way before the last year of their degrees.