The Talent & Knowledge Management Imperative
Accelerating workforce trends drive need for proactive talent & knowledge management.
If you’re feeling the squeeze in today’s talent marketplace, you’re not alone. Accelerating workforce trends are driving rapid change across the economy. This not only impacts how procurement organizations attract but how they retain top talent. Talent and knowledge management have become a requirement for success rather than an option for best-in-class procurement organizations.
Something worth celebrating (and to be concerned about if you’re hiring): Unemployment recently dropped to its lowest rate in 16 years as baby boomers continue to retire in droves.
Something worth researching: Procurement executives face significant challenges when you add slowing productivity growth, evolving work habits, and new expectations among millennial workers.
As Baby Boomers resume their workforce exodus, Millennials continue to grow as the nation’s largest generation, 75+ million strong. We all know job hopping is common among our youngest working generation. In fact, 21% report changing jobs in the last year, that’s three times higher than other generations. Today’s labor market is a candidate’s market, so it’s difficult to find qualified procurement professionals who have category skillsets in high demand, such as IT or marketing. It’s even harder to come by candidates with five to seven years of experience, a very popular experience-level range. As a result, job hoppers and low engagement may be contributing to a productivity slowdown, which reportedly fell 0.6% in the first quarter of 2017.
Evolving work habits and expectations means workers want more flexibility and expect feedback to ensure they are meeting job demands. Progressive procurement organizations are responding to trends by developing forward-looking approaches to hiring and retaining top talent, while also building formal knowledge management programs.
If you’re interested in learning more, register to download our complimentary whitepaper, Proactive Talent & Knowledge Management.
- New skill requirements for procurement talent
- Benefits of using a blended workforce
- Tips for attracting and motivating high performers
- Advice on building and running knowledge management programs