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The Value of Young Talent in Business
Glassdoor Team
Glassdoor Team | Author & Career Expert at Glassdoor | 26 Oct 2016
Firms are facing a growing shortage of young talent
Businesses are worrying a lot about recruitment these days. A huge gap is opening up between the skilled workers who will soon be retiring and the young, knowledgeable and enthusiastic talent they need to replace them. Currently more than 70% of large firms and nearly 50% of smaller companies say they are suffering from skill shortages. Attracting young talent is absolutely vital for UK business, not only to replace departing skills but also to bring in the new ideas crucial they will need to ensure future success.
New generation is shunning traditional corporates
The problem is not that young people lack ability - they are bursting with it. No, the issue is young talented people are choosing not to go to work for big, traditional companies. Money is not the main motivator for them. Many would much rather follow in the footsteps of Apple founder Steve Jobs and start their own business - or work for an outfit they think is making a positive difference to the world. To some in the older generation this seems arrogant, but it is where many young people are coming from.
Firms are resorting to the “Google solution”
Smart young people are very conscious of the “opportunity cost” they face in making career decisions. If they opt for the safety of a corporate job, for example, they worry they will miss out on the excitement and potential benefits of starting their own company. Many youngsters were impressed by the success of two Manchester University students who dropped out of their courses to create the “Social Chain” one of the world’s biggest social media content firms. So, learning from Google, smart companies are starting to offer recruits “20% time.” This allows young new employees a paid day each week to work on their own ideas, plus finance to invest in potential ideas.
Others are tackling the corporate “credibility gap”
Many bosses, such as Paul Polman at Unilever, are revolutionising their company’s ethical image to make their companies more attractive. Paul has scrapped quarterly financial reports to encourage a longer-term view and he has committed Unilever to halving the environmental impact of the company’s products in 10 years. The hope is that switching from simply selling soap to focusing on the dream of a sustainable world the idealistic young will be attracted back.
They are realising that talent does not always have a degree
It has dawned on many companies that talent comes in all shapes and sizes. The most creative and innovative young people may not always be the ones who flourish best in a university environment. So companies such as IBM and EY have moved away from the belief that only graduates are the most attractive recruits. The company now offers several ways in to join the workforce including straight from school and through apprenticeships. By doing so these firms have grabbed a head start in the race for the best young talent, trumping those who have been slower to react.
Glassdoor Team
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