As each day dawns this year, nearly 8,000 American workers will turn 60– a mere two years away from the average retirement age of 62–beginning a workforce exodus that will swell to 78 million over the next several years. This graying of the Baby Boomers will create an unprecedented leadership and worker void, which left unfilled, could cripple American businesses –regardless of size or sector.
PinPoint Resources, Indianapolis’s leading workforce solutions firm, today introduced a change management program to help companies prepare themselves for the loss of the nation’s largest generation. PinPoint’s program involves four stages designed to anticipate workforce retirement losses; rethink traditional staffing models; attract and retain highly motivated and skilled workers; and maintain productivity and intellectual capital before, during and after the workforce shifts to a new generation of employees.
PinPoint will bring its change management program to the business community through free seminars, consultative demographic workforce studies and a series of white papers on the topic of alternative staffing models.
“The Baby Boomers have contributed greatly to building the nation’s economy, but their well earned retirement doesn’t have to signal doom to American business,” says Mark Hall, president and chief executive officer of PinPoint Resources. “Their looming departure gives forward-thinking business leaders an opportunity to critically assess their talent pool, implement innovative workforce solutions and infuse their workplace with new energy and thought leadership. Typically businesses can’t predict the next major crisis; luckily, in this situation, organizations have the luxury of time to adequately prepare for the Baby Boomer exodus.”
In addition to replacing the sheer number of retiring employees, finding new workers with the same caliber of experience and niche expertise as the Baby Boomer generation will represent a monumental challenge for many businesses. Organizations looking to increase their employee count or add new skills to their workforce will face even greater hurdles due to severe shortages in many industry sectors (i.e. technology, finance, engineering and healthcare).
Through its new program, PinPoint introduces employers to creative workforce strategies that allow them to identify and attract the top tier talent, even in shrinking labor markets. The four stages of the change management process include:
PLAN: PinPoint encourages businesses to start planning immediately. While it may take several years for retiring Baby Boomers to significantly impact their businesses, it is critical to conduct a workforce assessment to determine exactly which positions need to be replaced and when.
IDENTIFY: Once the labor forecast is developed, PinPoint will help businesses develop detailed job descriptions, retention programs, skills metrics and compensation assessments for each targeted position. The timetable and geographic range for finding appropriate job candidates depends on the quantity of positions, functional areas and skill levels. Some positions may require national or international recruiting efforts which can take years.
DIVERSIFY: PinPoint encourages employers to consider alternative staffing models as they build their future workforce. Gone are the days of one-job careers. Today, most employees change jobs nine times before retirement. PinPoint helps businesses assess employment options other than, or in addition to, full-time, permanent workers. This includes part-time employees, job sharing, outsourcing specific business functions to third party experts, contract professionals and project-based workers. Replacing retirees with a larger pool of talent can result in less downtime due to sick time and vacation leave, as well as less dependence on single employees. A diversified workforce model also introduces new view points, experiences and skill sets to the workplace.
TRANSITION: PinPoint cautions businesses not to underestimate the impact of this significant workforce shift. Because Baby Boomers represent the majority of leadership and niche talent in most businesses today, their retirement will leave a lasting impact on their companies and remaining employees. PinPoint helps companies work through the changes in personnel, personalities, priorities, work ethics, management styles and lifestyles. Adding to the complexity of this transition is the inevitable shift in the composition of the workforce itself, from full-time employees to a mix of contractors, vendor-partners and part-time workers.
About PinPoint Resources
PinPoint Resources is a full-service workforce solutions firm that provides contingent workforce outsourcing (CWO), recruitment process outsourcing (RPO), a vendor management system (VMS), project rescue, project management, project outsourcing and staff augmentation. The company offers experienced professionals, proactive HR counsel and metrics-based processes that allow organizations to effectively leverage human talent to function, grow and succeed. PinPoint specializes in resources that span high-level strategy, day-to-day management and front-line implementation positions across the information technology (IT), finance, scientific and engineering fields.
Founded in 1993, PinPoint Resources is privately held and headquartered in Indianapolis, Indiana. The company serves small, mid-sized and large organizations throughout the greater Midwest, including Indianapolis, Indiana; Chicago, Illinois; Kansas City, Kansas and Missouri; and Cincinnati, Ohio. For further information about the company, its services, processes or the industries it serves, call 800-371-1948 or visit www.PinPointResources.com.
Source: PinPoint Resources
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