Why you need Getting Engaged: The New Workplace Loyalty
The job market is shifting from a buyer to a seller’s market.
In Canada and the United States, the ratio of worker supply to job demand is about to reverse. The overarching assumption that “employees can be replaced” must be revised to “good employees cannot always be replaced…and certainly not without much time and investment.”
For this reason, today’s managers need a new approach to identify top talent and implement new retention strategies to keep them in place.
What are the pitfalls of failing to heed this shift? First and foremost, managers face a hefty price tag of employee salary X 150 as the cost to replace each and every individual that leaves for a better opportunity. In the case of replacing top talent, the final blow may be re-hiring a less-capable individual who ultimately brings less value to your business.
With his 20 years in organizational leadership, Dr. Tim Rutledge is among the first to explore this important human resources trend and its implications on the Canadian marketplace.
He’s also the first one to develop a tried and true methodology to help business decision makers recruit, manage and retain more effectively.
A few eye-opening statistics:
“There could be a worker shortfall of one million jobs by 2020.”
Conference Board of Canada
“Even if Canada brings in 500,000 immigrants every year, it won’t solve the worker shortfall.”
Hon. Joe Fontana, Minister of Labour, October 31, 2004
“The demand for labor through to 2013 will exceed supply by 35 million jobs.”
Heldrich Center for Workforce Development
“By 2020 U.S. manufacturing firms will need as many as 10 million new skilled workers.”