The future of work is changing. Over the last few years, you have probably noticed a common challenge for organizations interested in continuing to grow. It is getting harder and harder to hire experienced talent. This trend is showing no signs of slowing down – in the U.S. alone 10,000 boomers retire each day. As organizational knowledge walks out the door in droves, the talent gap for experienced workers will continue to widen.
To survive the changing landscape, organizations are going to have to think differently about how they hire.
I have spoken to several HR leaders and they have been talking about the Build-Buy-Borrow model for talent acquisition.
Hire the talent you need and develop or build them internally
A specific skillset is not currently in the organization, therefore you need to go to the street to find that talent
For special projects or jobs where the organization either does not have the budget or the need to hire the person on a full-time basis. In essence, you are borrowing someone’s experience, skills and possibly their network for a specified time period.
The build model is the most used of the three as it traditionally has been the most cost-effective way for companies to develop their employees internally. There was a time where most organizations built their talent and it was a rare occasion when they had to buy or borrow talent. With the ongoing talent gap expected to intensify in the future, companies are now looking at all three pillars in the build-buy-borrow model.
It seems the fastest growing pillar of the model is borrowing.
The challenge has always been where do you find the experience and wisdom that specific roles require? In the past when you retired, you retired. Nowadays, retired boomers are looking for stimulating and challenging positions to stay in the game but still maintain the lifestyle they have earned.
This growing opportunity of borrowing boomers is why our founder created BoomersPlus. We are on a journey to help communities and organizations leverage the wisdom, experience and contacts of seasoned professionals across Canada. This market is going to grow, and we are excited and thankful you are on this journey with us.