Talent Shortage By 2020-Retaining Women, Millennials, Minorities and White Men

Your organization can't likely afford to lose a qualified woman, millennials, minorities or white men.

In last week's blog we highlighted the first of three "80's" when it comes to advancing systemic changes to becoming a gender equality or gender partnership champion as an organization.  The first "80" is revenue and we noted that 83% of all consumer spending in the U.S. is influenced by women. We went on to encouraged you to examine how advancing more women in to key roles within your organization might support your revenue goals.

Today in  part 4 of our series entitled Inspire Your Company To Engage Men In Advancing Women , we focus on the other two "80's, Talent and Engagement by paraphrasing  what  Jeffery Tobias Halter, author of WHY WOMEN, The Leadership Imperative to Advancing Women and Engaging Men said at the Better Man Conference 2016. 

80-Talent:  Talent is significantly impacted by new entries in to the workforce.   85% of those entries are women and/or minorities but the U.S. is on track for a talent shortage by 2020. By 2020 there's going to be an estimated 52 million jobs to be filled yet only 29 million potential new employees and so there's an expected shortage of 23 million employees.  These are the estimates based on a conservative slow growth economy and are influenced by the fact that 10,000 baby boomers a day are retiring from the workforce .  This trend is expected to continue for the next 15 years. 

To make matters worse, the best and brightest talent aren't likely knocking or going to be knocking on your organization's door.

The oldest millennials are turning 36 this year which says they are the bulk of your middle management and will be your leaders in just a couple years but most millennials don't want to work for your company as they saw their parents "right sized" and "down sized".  44% say they want to have moved on from their employers within the next two years and 66% want to move on by 2020.  Also, only 15% of women and 29% of men are declaring science, technology, engineering and mathematics (STEM) majors.

Women, millennials and multi culturalism  are the three macro trends that are driving the workforce change like never before and so advancing women needs to be a focus for most large organizations.

60% of masters degrees and 58% of bachelor degrees are awarded to women so if you need a bright educated work force, chances are, it's women or will include women.

Meantime, most of the 10,000 boomers retiring daily that were mentioned above are older white men and so your organization can't likely afford to lose any qualified talent whether a woman, millennial, minority or white man.  This is why more and more companies are seeing the need for and taking action on implementing the kind of training that Gender Leadership Group provides.  They see the need for training that supports executive leadership and middle managers in developing and advancing women in to leadership through gender partnership in organizations so they can better leverage the differences between men and women.   Full gender partnership and equality allows an organization to make full use of their existing talent and can lead to more retention of currently employed talent while simultaneously becoming attractive to new talent.

Once again, your organization can't likely afford to lose a qualified woman, millennial, minority or white man.  So organizations need to get better at managing and making full use of talent.

80-Engagement: 

For most companies engagement is defined as a function of productivity influenced by the level of engagement from the staff or talent. This drives operating profit. 

An integrated framework for advancing a culture change must consider revenue, operating profit and company reputation and then you have to engage every function in your organization including sales, marketing, operations, supply chain, human resources and Sr. leadership.  Everyone has to be engaged, not just human resources.  A  companywide integrated communication is needed to deliver a consistent message to staff.

When it comes to advancing women as a cultural norm or an area of growth, Target is doing this well.  They have women in their DNA.   Nike is changing their DNA.  Within 5 years, women's athletic apparel will be their number one seller outpacing men's tennis shoes.  Nike shows us thatcompanies can reinvent themselves.  Chevron is doing a program called Engineering Her Way.  They take female college juniors and put them on oil rigs.  The first thing they do is train the men to be accepting of the women so they feel safe. Kimberly-Clark, Amazon, Lockheed Martin, ATT, PBWC and Wal-Mart all have initiatives in place to advance women.  You can learn more about those initiatives by watching from the 6 minute mark on the video above.

For a culture to be supportive of advancing women in to leadership in most large organizations, male champions must be engaged to support t the initiative.  These are men who are committed to mentoring and/or advancing women in to leadership through culture change. They are an advocate for gender equality.  Male champions usually have a great sense of fairness, a non biased view of talent, understand the business case for advancing women and are usually fathers of daughters.  But most men think compartmentally and therefore most fathers don't make the connection.  They could be great dads but might not make the connection that if they aren't advocating for women in the workplace, that they are likely hurting their daughter's future.  Father's of daughters have a responsibility to do the work required to support advancing women in to leadership.

That work often includes men evolving  what they see as the male cultural norms or the "man code" .  The man code includes things such as avoiding all things femininity, being a man's man, being  a winner, being strong.   It's important to tell the story because as a man in an organization, he has to overcome or evolve the male cultural norms to fully embrace the talent and gifts many women have to offer.

Most of the above was paraphrased from this video shot at the Better Man Conference 2016.

In summary, to drive operating profit, most large companies should maximize the use of their existing talent, retain their existing talent and become attractive to new talent as there is a talent shortage on the horizon.  You need women, millennials, minorities and white men on your team.  Organizations should develop a culture that is attractive to various talent segments such as women.  Companies that engage in cultural change initiatives such as what Gender Leadership Group has to offer for advancing women and gender partnership by engaging and supporting the evolution of men and what it means to be a man, have a greater chance for continued growth and success.

The video discussion panel the paraphrase above is taken from takes place in front of an audience made up of corporate leaders from organizations including Microsoft, Ebay, PwC, PG&E, Genentech, Hanson Bridgett, Hewlett Packard Enterprise, Visa and more.

Better Man Conference sponsors include: PG & E, Hanson Bridgett, Genentech, Mankind Project, PwC, San Francisco Giants, and the 3% Conference.

Marketing partners include: Lean In, The Bay Area Council, The Representation Project, Anita Borg Institute, WiRL, Institute For Women's Leadership, Institute For Gender Partnership, Griggs Productions, Women In Technology International

Visit www.BetterManConference.com for upcoming events

Visit www.GenderLeadershipGroup.com to learn about training for your organization.