Talent Sustainability: 10 Leadership Moves To Build A Workforce That Lasts

Forbes

a day ago

The paradox of simultaneous labor shortages and widespread job seeker rejection underscores the ... More pressing need for leaders to reassess and refine their talent acquisition and sustainability strategies. Here are 10 first steps.
Despite employer complaints of unfilled vacancies, millions of qualified candidates—especially recent college graduates and those over 50—struggle to land interviews, let alone offers. This paradox underscores the pressing need for leaders to reassess and refine their talent acquisition and sustainability strategies.
'The unemployment rate for college graduates ages 22 to 27 jumped to 5.3 percent in the past six months ending in May, up from 4.4 percent for the same period a year earlier,' according to a recent Washington Post analysis of Bureau of Labor Statistics data. While college graduates in that age range typically have lower unemployment rates than workers without degrees, this advantage is smaller today than it has been in 30 years.
For older workers who also face ageist assumptions when seeking employment, research has found that nearly half of recruiters believe that applicants are too old to consider for a job by age 57. The results of the survey demonstrate that 'millions of older people risk being overlooked for jobs because of entrenched ageism in recruitment, despite companies facing a significant shortage of skilled workers.'
Moreover, two in five recruiters reported being pressured by their bosses to hire younger candidates, while nearly two-thirds of HR professionals admitted to making assumptions about candidates based on their age.
The most successful leaders–and businesses–will be those focused on talent sustainability across the age spectrum. That requires rethinking how to source for talent and how they are evaluated.
Talent Sustainability Blind Spots
Companies today face two significant blind spots that hinder their ability to attract and retain top talent. Firstly, most talent strategies ignore the global demographic reality. Secondly, most workforce strategies focus disproportionately on the mythical age sweet spot for hires.
Across the globe, countries report increased longevity, combined with decades-long declines in birth rates–a demographic duo that challenges every company's talent sustainability strategy. To offset the decreasing talent pipeline and knowledge drain, leaders must pivot policies, procedures and workplace culture to facilitate the new whole-life career model and benefit from the longevity advantage.
'In the last 100 years, the 65+ age group has grown five times faster than the rest of the population. What's even more surprising are projections that people aged 75+ will constitute the fastest-growing age band in the civilian workforce between now and 2030,' Stephanie Henkenius, principal at Mercer writes.
Outdated recruiting strategies and age-based assumptions result in limited talent pools with candidates who are all within the same age range. This highlights the ageism timeline, depicting a mythical sweet spot that excludes talent on both sides of the age spectrum. Younger workers are excluded from workplace opportunities because they lack experience, completely discounting demonstrated potential to learn and adapt. Older workers are often denied opportunities due to age stereotypes and assumptions that overlook their experiences and career aspirations.
The ageism timeline shows how age bias and stereotyping hurts talent sustainability at both ends of ... More the age spectrum.
As the ageism timeline suggests, both younger and older candidates are often excluded from hiring, development and promotional opportunities. Younger workers eventually move into the mythical sweet spot but then hit the age where exclusion becomes long-lasting or indefinite.
Workplace Strategy: What Leaders Can Do Now
Talent sustainability is a key leadership strategy. Proactive leaders who understand and respond to these talent blind spots will come out ahead. Below are 10 first steps that leaders can take now to strengthen talent sustainability of all ages.
Creating a strong talent sustainability strategy requires ongoing, proactive management. Leaders model the whole-life career model when practices and policies make it clear that employees are valued for their skills, abilities and potential– regardless of age or life stage.