I recently asked a friend in California about the drought. “Nothing has changed,” he said. “There may be an emergency, but we’re still watering our lawns.”
There’s a similar crisis in the private sector, and plenty of leaders are approaching it with the same mentality as my friend.
But this time, it’s not the lawns that are drying up; it’s the talent pool.
Much like the drought, there are several factors contributing to this crisis. The first is generational. As Boomers retire, they’re leaving behind vacancies that younger workers aren’t equipped to fill.
The second is the recession. At its height, 60 percent of the workforce planned to seek new employment once the economy bounced back. After it did, 54 percent of companies lost top talent within just six months. These free agents are demanding unique work cultures and competitive development opportunities.