In the next 10 years, 1 in 5 baby boomers will retire. And by 2025, Gen Z is expected to make up ~27% of the global workforce. The math is obvious. Those skills will need to be replaced. Have you set up your internal workforce to replace those skill gaps? 

Regardless of industry, all businesses need innovation, efficiency, and adaptability to evolve. And all types of employers are competing for specialists with certain technical backgrounds, like data science, computer programming, and engineering. For early talent who may need just a few more hard or soft skills to fill your vacancies, this is also an opportunity to develop your workforce and build the exact skills you need through apprenticeship, internship, or rotational programs. Since career starters crave professional development and skill building, your investment in them is also likely to retain them.

How companies respond with their talent strategy during a recession has far reaching consequences. Among the many considerations to make and middle paths to take, think big picture: loss of market position, time to innovation, brand reputation. All things that are needed to attract the best talent. 

Companies that stop investing in talent during recessions face far-reaching consequences to their market positions, brands, reputations, and innovation potential. Those that continue to strategically invest in talent in a cost-efficient, future-focused way will achieve growth, despite volatile market conditions. 

To plan for workforce continuity, don’t get left behind in the competition for early talent. You can contact the coforward expert advisors for the trainee talent program.