By Jim Lein - Originally posted on Oracle for Midsize Companies
Oracle President Mark Hurd's latest post on LinkedIn, "The CEO's Perfect Storm: Demographics, Data, and Devices Change Everything" identifies the impending Demographics Revolution (along with the Data and Devices Revolutions) as a game changer for CEOs.
I'm not surprised. The challenge of hiring and retaining the right talent comes up in EVERY conversation I have with customers and partners. Hurd notes, "at least 25% and possibly up to 40% of the workforce will retire in the next 5-10 years." As droves of boomers buy their motor homes and condos in Florida and Scottsdale, their jobs will be filled by millennials. And, as we all know, millennials and boomers are different.
I'm a baby boomer mentally stuck in my twenties. I just scored a 69 out of 100 on this Pew Research Center, "How Millennial Are You ". I would have scored higher but for those questions about tattoos and piercings.
My parental experiences provide me with insight into the behavior of millennials. Mine never answer their phones (or the archaic home land line). Email is something they only use to communicate with baby boomers. Trouble-shooting their electronic devices and apps is as second nature to them as were roadside bike repairs to me, en route to the lake on a sweltering Minnesota summer afternoon.
As growing midsize companies endeavor to attract and retain a modern workforce, they compete for talent with larger enterprises that may be able to offer more attractive compensation and benefit plans. For them, modern HCM and Talent Sourcing solutions have become gotta haves. And, millennials expect more out of modern ERP than the Y2K versions their fathers deployed.
I don't plan on retiring any time soon. With three children in their prime cash-sucking years I am too busy investing in college tuition and car repairs. When I do retire, I want to work for skier services at my local mountain, Loveland Ski Area. Drive a shuttle bus full of mostly millennials from the employee lot to the base before and after the lifts run. During the day, ski the circuit of on slope cabins, stoking the wood stoves and picking up after all the kids.
Hmmm....shuttling millennials around in a bus and picking up after kids. I think I'm qualified for that job.