Your organization is most likely experiencing some level of fall out from the COVID-19 crisis. Here in the Twin Cities, companies are struggling to keep up and stretching themselves in ways they have never done before.
How do small to medium-sized companies navigate these obstacles to attract and retain the best talent?
It is no secret that SMB companies were having difficulties with attracting top people, even before this pandemic struck.
What is causing the problem?
First, baby boomers are retiring
More than 76 million Baby Boomers are set to retire in the next few years. And the percentage they make of the workforce will drop from 80% to below 40% by 2022. It is estimated that 10,000 baby-boomers are hitting retirement age every day! And of course, they must be replaced.
Second, the next generation of workers are Millennials
And the hard truth is, Millennials are not flocking to many of these open jobs, affecting just about every industry. Millennials are a unique generation, and they seem to care more about what their company stands for then creating a long term career. It’s important to realize that Millennials are going to make up more than 75% of the workforce in the next few years, so it is critical to understand what makes them tick. And companies that do not have a mature digital culture are struggling the most.
Third, the digital transformation happening to small businesses
A technology transformation is occurring in every industry, and no group is more affected than small to medium-sized businesses. And the truth is, many smaller companies have not embraced this technology transformation and are struggling to stay relevant in their industries.
What’s the solution?
Technology is the game changer when attracting new talent. To leverage technology to grow your company and attract and retain the top talent in the Twin Cities, you must begin by embracing the technology transformation happening within your industry.
To help, do this quick 5 question self-assessment to see where you stand?
- What technologies are we leveraging to attract and keep talent
- How do we compare to our biggest competitors?
- What is our technology culture? What do our employees think?
- Have we embraced this technology and digital transformation
- What is our 2-3 year technology roadmap?