04: The HR Forecasting Process

Millennial Movement

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If there is one consistent thing when looking at workforce patterns, it is that the millennial generation is on the move.  However, how that movement is perceived seems to be a bit of a glass-half-full/glass-half-empty view.

GIF with caption, " I don't want to freak you out, but I may be the voice of my generation".
Source: alastairadversaria.wordpress.com. The above content constitutes a link to the source website.

A recent article in the Huffington Post provides us with survey-based information related to the high patterns of millennial workers wanting to quit their jobs.

Click Here to Read the Article.

The Canadian HR Reporter also posted an article recently that looks at the rationale behind the high rates of workforce movement for the millennial crowd.

Click Here to Read the Article.

As HR practitioners, we have a choice as to how we capture the challenges and opportunities offered by these millennial created patterns. The known benefits of a staid and stable post-millennial workforce may be just that, offering a steady flow that is predictable, unchanging, and perhaps, a bit dull.  It should be no surprise that the millennial workforce is vibrant and full of movement. This is a generation that is young, well-educated, and connected to the virtual world in a way that has never been seen before.  It certainly seems that the decision to move to the next best thing, for a person of the millennial generation, comes at a faster rate when existing things like career limitations or organizational values based fit are no longer comfortable.

Should we hold this generation back or let them go, knowing that this millennial pattern too, shall change?

Discussion Questions:

  1. As an HR professional, how does the statistical information about millennial workforce patterns assist in HR forecasting?
  2. If the patterns for millennial workforce movement are accurate, then a) What types of HR activities would be least effective for retention purposes? and b) What types of HR programs would be most important and effective to have in place?
  3. How does the survey information, including the identification of age/generational categories, reflect your own career experience or expectations?

HR’s Role in Economic Predictions

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Girl with shopping bags looking at internet browser in sky
Source: Wavebreakmedia/Shutterstock

There is no doubt that the retail sector is a huge industry in Canada.  Many of us have worked in this environment, somewhere along the way, on our individual employment journeys.  There is also no doubt that the retail sector is going through significant challenges and changes that will continue throughout our employment lifetimes.

Click Here to Read the Article

The shift to online shopping has to be one of the most significant changes influencing the retail industry.  As customers, we can now enjoy the ease of online shopping in our pajamas, every day, without ever leaving the comfort of our homes.

From an employment and staffing perspective, it is interesting to note that this article does not speak to the impact on the existing workforce.  Will the need for smaller stores and increased online presence for a retailer like Walmart have an impact on its employees? Will this impact be positive and/or negative?  Absolutely! Just because it is not identified does not mean it does not exist.

This is our challenge, as HR Professionals – we need to be cognizant of these types of industry predictions.  We cannot be blind to patterns in industry that are laid out for us to consider from an employment, staffing, and workforce perspective.  Too often, we leave the industry and economic predictions to others in the organization to process and consider.  Our challenge is not to just monitor the changing economic environment and industry forecasts; but to identify the real issues that will arise because of these changes and chart the right course for the future.  Forecasting is an activity full of risk, but it is a necessary task, as it must identify potential impacts for the employees that we, as Human Resources professionals, serve.

Discussion Questions:

  1. How do I shop differently now from the way I shopped three years ago?
  2. What are three positive impacts on employees who work in the changing retail sector?
  3. What are three negative impacts on employees who work in the changing retail sector?
  4. What are key skills or traits that a Human Resources Professional needs for working within a retail environment to ensure accurate workforce forecasting?