Talent Management Practice
The State of Colorado Annual Workforce Demographics Report for fiscal year 2007-2008 found that:
The "Baby Boom" workers are expected to exit the workforce en masse beginning the year 2010. In the year 2000, the Bureau of Labor Statistics (BLS) reported that "Baby Boom" workers made up 48% of the labor force and predicted that they will constitute 37% of the labor force in 2010. The BLS also predicted that during 2010 "Baby Boom" workers will begin to retire in large numbers, reducing their numbers to 20% of the labor force by 2020 and to 6% of the labor force by the year 2030. The average age of the State workforce is 45.9 years with an average of 9.4 years of service. These averages indicate an aging workforce poised to leave the labor force with critical knowledge and skills.
The next generations entering the labor force, the "GenX-ers" and "Millennials," enter with perceptions of career success that are very different from those of the "Baby Boom" generation. For the next generations, career success is achieving balance in work and life. For them advancement is not as important as being challenged with work that makes a difference in their own development as well as in the work community. These differences have implications for HR practice.
If we are to stem the tide of "knowledge drain" and the rate of voluntary turnover for new hires our HR practice needs to reflect the values and beliefs of individual employees. We need to work to build a retention culture based on employee-centered development processes and policies focused on retaining older workers and attracting and retaining younger workers.
Talent management requires a strategic and integrative approach. The Division of Human Resources' (DHR) Workforce Planning and Development Section recommends that the State's HR community embraces and works to develop these practices:
These practices provide the foundation for meeting the needs of individual employees and the goals of their agencies.