Humantalent is a prerequisite for the proper implementation of businessstrategy. The main role of the Human Resource function is to addvalue to the financial performance and the overall effectiveness ofan organization. Specifically, Human Resource Management should focuson talent management by assessing the skills requirement of anorganization. Besides, it should advise the organization on the rightcourse of action to add and develop the required talent (Lawler,2014).
Theincreased demand for the right human talent in organizations emanatesfrom the shift of organizational operations into more complex globaland knowledge-based work. Consequently, knowledge-based workorganizations are focused on talent as a source of their competitiveadvantage. Companies like Google have adapted to creating work thatfits talent. Consequently, it has developed the implementation oftheir business strategy (Lawler, 2014).
Similarly,Schramm, Coombs, and Boyd (2013) reveal that retaining and rewardingthe best employees remain the greatest challenge expected by humanresource specialists in the next ten years. Besides, they indicatedthe various expected trends as per workplace forecasts conducted forthe next decade. The trends were selected since they emerged as thetop recurring trends from past conducted workplace forecast surveys.
Thefirst trend relates to the expected large exit of baby boomers fromthe workplace. The trend emerges from a slower population growth ratethat consequently reduces the growth of the labor force.Specifically, the growth rate for the period 2010 to 2020 isapproximated at 0.7% compared to 0.8% for the period between theyears 2000 to 2010. By the year 2020, the baby boomer generation willbe approximately 55 years old. The data imply that the humanresource professionals will experience challenges related to thereplacement of the older workforce in their workplace. The greatestfear is that although the millennials are there to replace the babyboomers generation, a majority of them will not be well-preparedcareer wise to replace the retiring employees at higher levels.Specifically, the challenge to replace the old employees will emanatefrom providing the required job-related training for the vacant jobs.Consequently, the human resources are advancing to get most of thejobs automated or to outsource labor. However, most of theorganizations are preparing their employees for the upcoming shift(Schramm, Coombs, and Boyd, 2013).
Thesecond trend is the expected growth in the number of employees withcaring responsibilities. The increasing number of aging employeesimplies that the number of caregivers is increasing. To perform theircaregiving tasks, the caregiving workers require flexibility in theirarrival and departure times. Alternatively, they require more of daysfrom work and consequently, there is the need to provide flexibleworkplaces. In addition to meeting the caregiving responsibilities,the human resource finds the need to assist the aging working forceto stay healthy. Caregiving employees are aged. Consequently, theyare more prone to illness than non-care giving employees are. Thehealth impact emanates from the stress related to caregiving(Schramm, Coombs, and Boyd, 2013).
Thethird trend includes the case of un-refunded pensions that was causedby the great recession and the stability of the pension benefitscorporation. The human resource management is concerned about thestatus of un-refunded pensions and specifically, the ability of thegovernment to remain stable considering the burden that lay withunderfunded pensions. In the year 2011, the un-refunded pensions forthe S&P 500 companies were underfunded by United States Dollars354.7 billion. The figure represented an increase of over 100billionUnited States Dollars from the year 2010. The unrefundedshortfall is associated with the relatively poor performance ofinvestment markets for a long period (Schramm, Coombs, and Boyd,2013).
Thefourth trend is the increase in the chronic health conditions ofemployees. The aging population is more prone to develop chronicillness conditions. Specifically, the employees are prone toacquiring high blood pressure, heart problems, and cancer. Theincrease in healthcare problems has been blamed on inadequate healthcare systems, unhealthy behaviors, and the social, economic andenvironmental factors. The risk of chronic illnesses in the UnitedStates is also high among the advantaged Americans when compared totheir equals in other rich nations. The key areas of health includeinfant mortality and low birth weight, injuries and homicides,teenage pregnancies, drug-related deaths, obesity and diabetes,chronic lung disease and disability (Schramm, Coombs, and Boyd,2013).
Thefifth trend entails the decline in the readiness of the workforce toenter the new working environment. Despite the increasing need forthe human resource personnel to address the condition of an agingworkforce, they are worried about the readiness of the youngergeneration. The underlying Human Resource Management question is howwell prepared is the young generation to enter the labor market?Specifically, the concerns are due to the rising expectations ofacademic requirements across all the industries and for all types ofjobs. Consequently, the younger generations will have to meet therequirements of education as well as surpass the education level ofthe exiting baby boomers (Schramm, Coombs, and Boyd, 2013).
Lawler,E., (2014). What should HR leaders focus on in 2014? Forbes.Web. Retrieved on 6 November 2015 fromhttp://www.forbes.com/sites/edwardlawler/2014/01/15/what-should-hr-leaders-focus-on-in-2014/
Schramm,J., Coombs, J., & Boyd, R., (2013). Workplace forecast: The topwork place trends according to HR professionals.Alexandria,VA:Society for Human Resource Management.