For CEOs and other executive leaders running a small or mid-sized business, it may be easy to skip right on by this article in the Minneapolis Star Tribune last week. It focused on the talent shortage in largest 50 companies in the Minneapolis market.
Yet, this article actually contains some very important information for mid-market businesses. Most notably that the long predicted shortage of talent caused by baby boomer retirements is happening – not in the future - right now.
And, if there’s a shortage of quality labor for the big players, there’s also a shortage for you.
Don't fret too much about the big players. Their CEOs and recruiting teams will turn up the heat by throwing big sums of money at employer branding, signing bonuses, and other perks to attract quality employees. They won't let Wall Street down and risk their jobs over this.
Unfortunately, their aggressiveness will make it even tougher for smaller companies to compete for available talent as you just don’t have the same resources. Oh and by the way, look out, they are also working to lure away your most experienced and best people. Great people aren't just floating around, they have to take them from somewhere.
All of this means to sustain your business and continue growing, you have to get serious about hiring and keeping great talent. Competitive compensation, training and development, and cultural alignment are no longer initiatives you can tackle in the future. The time is now.
A few years ago I wrote a blog stating my belief that the next ten years will create a new kind of have vs. have not environment for mid-market businesses. Those who focus on hiring and keeping quality talent will grow and flourish, while those who do not will shrink or even disappear. Unfortunately, it looks like I’ll get to test my theory, the war for talent is in full swing.