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Prepare for Mass Retirement With Intelligent Workforce Solutions

Prepare for Mass Retirement With Intelligent Workforce Solutions
From Recruiter - August 18, 2016

In a 2015 survey, theSociety of Human Resource Management (SHRM) found that approximately one-third of employers were concerned that pending retirements would become a problem for their organizations. Why? Because according to theBureau of Labor Statistics,10 percent of the workforce will be eligible for retirement in the coming years.

This news couldnt come at a worse time for many employers, a number of which are still feeling the pains of persistent skills gaps across industries. In healthcare, for example, organizations face the retirement of an estimated525,000 nursesover the next few years. Couple that with the fact that its already difficult enough to find healthcare talent, and organizations in this space will need intelligent healthcare workforce solutionsif they are to make it through thisperfect storm of challenges.

Employers in numerous other industrieswill face similar hiring challenges, and while organizations are aware of the problem, few areadequately prepared to respond. Massive retirement could meanthe loss of legacy information, productivity, customer relationships, and more.

The good news, though, is that with proper planning, your organization can use intelligent workforce solutions to prepare for and ultimately survive the looming retirement waves.

Intelligent Workforce Solutions to the Rescue

When retirement surges, it will already be too late for employers to properly prepare. Employers need to be ready beforeit begins.

If theyhave not yet done so, management should meet to make some critical decisions. Here are a few preparations they should consider:

1. Engaging Contingent Workers

When employees begin to retire, there may not be enough talented candidates available on the market with the necessary skills to replace peoplewho had years of experience.

According to the same SHRM survey cited above, only one-fifth of employers have assessed the potential impact the skills gap could have upon replacing retiring employees.This is troubling because a lack of available candidates could significantly affect an organizations productivity and bottom line.

However, if employers begin to break vacant roles down into the skill sets and competencies they require, they may be able to split formerly single roles into multiple projects that can be completed by multiple workers through the gig economy.

According to theU.S. Government Accountability Office, 40.4 percent of U.S. workers are now engaged in contingent work (e.g., freelance work, part-time work, temp work, etc.). A large pool of flexible workers exists from which employers can pull the talent they need to accomplish critical projects and reduce productivity loss.

Furthermore, employers can try out contingent workers before taking them on as full-timers, which takes the stress off of talent acquisition and reducesthe likelihood of making bad hires out of haste.

To maximize the value they draw from contingent labor, employers should investigate whether their employeesparticularly those in talent acquisition and HRhave the skills they need to engage and manage these workers. Depending upon the level of in-house expertise, employers may want to outsource the engagement and management of contingent workers altogether to ensure sound risk mitigation strategies and cost savings.

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