Between 2010 and 2025 it’s estimated that up to 95 million BabyBoomers will leave the US workforce but only 40 million X&Y generation workers will be available to replace them.

Source: Nouriel Roubini Blog

In a recent report into global talent talent it’s been found that business leaders agree that recruiting and retaining talented employees is getting tougher (46.5 per cent saying it was becoming slightly more difficult and 41 per cent believe it is becoming significantly more difficult).

Yet only a quarter of organisations surveyed have a talent management strategy in place and 16 per cent said they had no talent management strategy.Given the low number of businesses with a formal talent management strategy, it’s unsurprising that a third of respondents said their organisation were poor at forecasting the need for talent requirements and being able to retain talent.Recruitment and retention difficulties are seen as being most acute in Asia, whilst business leaders in Western Europe and North America agreed that employee career switching is a major issue in fuelling talent shortages and they are more concerned than their Asian counterparts of the effects of an ageing population.

In recent years with most economies growing and shortages of talent being common, candidates and employees have held the upper hand in workplace negotiations. However with speculation that a U.S. recession could trigger a global business slowdown, the position of power in employment negotiations may soon change.