With every Boom, comes a Bust. After World War II, the U.S. saw a sharp increase of birth rates due to the economic prosperity during that time. Thus the Baby Boom generation was born. Fast-forward five decades, and now we are in a Baby Bust era where these baby boomers are beginning to retire and their positions need to be filled quickly with a new qualified workforce.
This change in workforce demographic has shifted how companies view talent. A few years ago due to the poor economic state of the U.S., it was difficult for college graduates to find jobs, but now the tide has turned. Companies are now expanding and actively searching for new talent hence spurring the ‘War for Talent’. As the U.S. approaches full employment the mentality on talent management is changing. Employees now have more options while employers have less leading to an environment that promotes job security and job opportunities.
Top talent in this environment is now needed more than ever as the baby boomer generation begins to retire. Companies are now offering more lucrative benefits and salaries in order to attract and retain this talent. The situation boils down to good news for the new talented workforce and recent college graduates, who have in the past been in a sticky situation. It is a time when employees have more options, prosperity and ultimately freedom.