Rising labor costs, severe staffing delays, and chronic job vacancies are derailing organizational productivity and growth. Put simply, inadequate workforce planning and poor management of talent demand are major barriers to business growth in a time of an aging workforce, heightened regulatory constraints and economic uncertainty. In the typical organization the following occurs:
- The average recruiting organization misjudges its 12-month forecast by 15% and can only predict 50% of the types of hires needed over the same period.
- Costly compensation penalties (largely a result of poor talent planning) are widespread: more than 50% of hiring managers offer higher-than- necessary compensation packages to fill positions.
Source: The Recruiting Roundtable
Information about workforce trends available at Perfect Labor Storm