Prepare for the changing job market using 'talentomics' - Los Angeles News | FOX 11 LA KTTV

Prepare for the changing job market using 'talentomics'

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Lance Jensen Richards of Kelly Services has completed a white paper called 'talentomics.'

According to Richards' the issue with solving high unemployment is not about a shortage of people, it's a shortage of talent. So what should you do about it?

For one: Play the video hear how Richards' work can help your career, he talks to Fox 2's Murray Feldman.  In the interview Richards offers the analogy that if an automaker cannot sell a certain product it either modifies the product or creates something new.  As a job seeker, if your skill set is not being sought after by employers, you need to modify your skills or create a new skill set.  Makes sense right?

Step 2: Download the PDF: Talentomics: The next business crisis and what you must know and do

Step 3: Check out the Workforce Solutions page  from Kelly Services (a Job Shop Resource)

FROM THE PAPER, Pg 11.  This page is geared toward human resource managers but offers good insight to anyone who is part of the workforce or is looking to get into the workforce.

Understand talent demographics

Companies seeking highly skilled talent will need to consider strategies that will enable them to address a demand-supply impasse. Of all the forces that are converging on HR managers, few will be as daunting as this demographic shift, simply

The economic uncertainty of recent years has led to millions of workers losing their jobs.
After more than a decade of critical labor shortages in developed economies, the basic
rule of numbers would suggest that labor supply should now be plentiful. And, while it
is true that unemployment levels in many countries remain at historical highs, the issue
facing HR organizations is an increasingly critical talent shortage: those individuals who
bring specific education and occupational skills to an organization that can make an
immediate and lasting impact.

To be clear: it's not a people shortage, it's a talent shortage.

For some industries, these talent shortages have persisted in good economic times
and in bad. The recruitment markets of healthcare, science and IT, for example, remain
tight and have been so for many years now. (Talk to a senior HR executive in the health
industry and they will likely express surprise that we even had a recession!)

Essentially, we are entering a phase in the demographic cycle that will be characterized
by chronic talent shortages in a number of sectors over the long haul. It is part of a
longer-term trend dictated by population cycles.

Population growth in many major, developed economies is well below replacement
rates, meaning there will be fewer people of traditional working age, relative to the total
population. A rate of 2.3 children per woman is generally considered the replacement
rate in developing countries, while 2.1 is the rate in developed economies. Above this
rate a population is increasing; below this rate, it is generally falling.

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