Corporate Talent in the US Since 2000
One of the biggest problems in America today is talent shortage. The need for qualified workers is growing exponentially in almost every business sector. It has become increasingly important for companies to attain and keep skilled talent in order to secure their future in the marketplace. In addition, many companies are now becoming aware of potential future declines in their valued workforce.
As the baby boomer generation starts to retire, it will phase itself out within the next fifteen years. In fact "many firms are facing a severe hollowing out of expertise as [a result], with some having to replace more than half their staff over the next decade" (Wood 5). This will create a large demand for qualified executives and managers in the near future. "RHR International, (a consultancy) claims that America's 500 biggest companies will lose half their senior managers in the next five years or so" (Economist 2).
The recent advent of the Internet into mainstream society has immensely changed the task of locating and employing talent. Cheaper communication throughout the world has in a sense made the world a smaller place. No longer is the world immense, with seas in between. Today the world is flat; with people overseas just a click away. In effect, this situation is immensely changing the world of business as we once knew it. Instead of relying on local talent to fill necessary positions, the trend in outsourcing jobs to third world countries is gradually increasing. There are several different reasons for this phenomenon. Among the major ...