Saturday, September 26, 2009

Resume Tsunami or HR Tsunami?

Resume Tsunami or HR Tsunami, which one are we headed into or is it both?

I recently posted on my blog an article titled "The Tsunami is Coming" and it is headed for HR. My take was that we are headed into a storm which I called HR Tsunami. This predictor was based on the recent upheaval within companies whether it was layoffs, restructures or any other name you chose to describe it.

I recently came across a white paper that delved into this same type upcoming problem. The research was done by Deloitte. The title is Managing Talent in a Turbulent Economy-Part 3.

Their description is called a “resume tsunami”, which based on the senior executives and talent management executives interviewed, are clearly anticipating. Their key findings based on this research are:

• Pessimism about the broader economy has given way to the first hints of optimism. “The worst is behind us”.

• Many surveyed executives are sharpening their focus on retention and employee development.

• Business Leaders and talent executives expect a “resume tsunami” as unemployment declines and voluntary turnover rises.

• Talent Management and executives are most concerned about losing younger employees from both Gen Y (Under 30) and Gen X (30-44).

• One fifth of executives report they are doing nothing to revise workforce strategies. A few have a clear understanding of the negative impact that increased turnover will have on their company.

If you have given thought to any of the above findings, these reports will give you the insight that you will need to begin your workforce planning strategy.

This is one of the most powerful studies that I have come across lately. Please download them all and give to your team to discuss, whether you are assessing your current department strategy or beginning the workforce planning process. Schedule the time to work through them as a project. It is a terrific starting point.

My comments are get ready, buckle up, put on your armor and begin your planning for the storm. HR must lead this process. If we don't who will?

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