As more companies shift their focus from cost containment to revenue growth, they are focusing on their ability to build and maintain a pipeline of talented employees. However, many organizations are finding that changing workforce demographics are making it difficult to effectively retain valuable employees.
Workplace learning and performance professionals clearly agree that changing workforce demographics is an important issue that requires attention in their organizations. An IBM and ASTD study revealed that 43 percent of respondents believed this issue will have significant impact on their organizations within the next three to five years, while 38 percent felt that the impact of changing workforce demographics on their organizations would be moderate.
However, despite the recognized importance of this topic, there appears to be a notable disconnect between recognition and action within the surveyed organizations. Although the majority of companies believed that changing workforce demographics will have at least a moderate impact on their organizations in the near future, only 46 percent of WLP professionals stated that their organization is doing a good or excellent job in addressing changing workforce demographics.
Furthermore, only 26 percent of organizations have plans in place to address positions that are at risk because of turnover. Overall, and perhaps most sobering, only 42 percent of respondents said their organizations were addressing skills and capability needs for the next five years.