There’s been a lot of market upheaval over the past few years. Many factors can impact your strategy for the future, including the timing of an economic recovery; whether there is a quick or gradual increase in market demand; new requirements for workplaces; and available cash flow to find, hire and retain employees. What this means for businesses is, to quote Marshall Goldsmith, “what got you here won’t get you there.”
We might assume that one outcome of this economic turmoil might be that potential employees will be lucky to get whatever they can, and employers will be able to pick from the best. While that might be true in the short-term, it is not going to last when the markets pick up.
Greater demand and awesome products mean nothing without great people to create and sell them. It is critical to hire those individuals, and ensure yours is the place where the best people want to come, work, learn and stay. Solid attraction and retention strategies are an important part of your overall business plan.
Be Mindful of Shifting Demographics
As you create this plan, it is also important to be mindful of the demographic shift that is occurring. Although there are currently five generations in the workplace, Statistics Canada data in 2024 shows that over 20% of those in the workforce are over 55. While many delayed their retirements after the last economic downturn, most over 55s don’t plan to stick around for long. This poses an additional challenge for employers. While Canada has one of the youngest populations among G7 countries, our proportion of older Canadians are contributing to a record wave of retirements.
Younger employees are often more comfortable with technology; some of them started using it as they were learning to walk! Working together or working remotely will be seamless to them. Ensure your technology strategies accommodate the way they like or need to work.
Benefits to re-imagining how our businesses function:
- We can provide new ways for younger, innovative generations to engage
- Create more enticing places to work
- Institute greater flexibility in the workplace
- Ensure ongoing safety
- Take advantage of opportunities for business growth especially where technology crosses geographic borders
Your strategy for the future will be a multi-dimensional exercise that requires consideration of people, technology, markets, products and services. These elements of good strategic planning are worth our time to think about now if we want to attract and retain top talent.
A focused strategy will improve your chances of thriving in the future.