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Preparing for a Shortage of Skilled Workers

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WHITE PAPER

Preparing for a Shortage of Skilled Employees
Lauren Dupont, M.A. Customer Value Consultant LDupont@successfactors.com Gabriela Burlacu, M.S. Customer Value Research Advisor gburlacu@successfactors.com

SUCCESSFACTORS / WHITE PAPER PREPARInG FOR A SHORTAGE OF SkILLED EMPLOyEES

a d ing for Prepar ge of Skille rta es Sho loye Emp ribe Subsc g ur Blo to O

Preparing for a Shortage of Skilled Employees
TABLE OF COnTEnTS: 3 Is There an Impending Skills Shortage? 5 Examining the Causes of Skilled Labor Shortages 7 Strategies for Attracting, Retaining, and Growing a Skilled Workforce 10 Conclusion 11 Endnotes
As the U.S. economy slowly recovers from the 2007-2009 recession, many organizations are shifting focus from managing short-term workforce needs to more strategic, long-term workforce planning. Factors that play a role include the growing number of retirement-ready employees, technological changes, shifts in industry growth and decline, and the risk of losing star employees as more opportunities emerge. In addition, other countries —notably Greece, Portugal, Italy and Spain —are still in a deep recession, which could mean that hiring and voluntary attrition remain static. These factors have the potential to force the next “War for Talent” among HR leaders vying to fill critical roles with specialized skills. Whether this perfect storm comes to fruition is yet to be seen, but one thing is certain: Organizations need a plan for replacing the retiring workforce to support both short- and long-term business objectives, as well as for planning for technological and economical shifts that may impact the number of workers needed. By revaluating their talent management strategies, organizations can ensure effective recruiting, onboarding, retention, and career development systems to attract and retain the critical skills needed to remain competitive.

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