06: Ascertaining HR Supply

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?

Boom or Bust?

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It may seem that the concepts of HR Supply and HR Demand come from an almost clinical approach.  This is most evident when we look at these concepts through a human capital lens and try to apply formulas to predict the ebb and flow of human resources supply and demand.

Words Boom and Bust on opposite ends of a balance
Source: Mark Carrel/Shutterstock

Predicting the patterns of potential employee movements are not isolated exercises – They are all connected and part of bigger picture circumstances.

For example, the overall economic situation in Alberta provides us with an excellent opportunity to consider how individual employees will be impacted by the changing economy.

Click Here to Read the Article

As we read in this article, Alberta was once the province offering an abundance of HR demand. There were lots of jobs and lots of opportunity.  Now, Alberta is the province facing the very real impact of too much HR supply – Increasingly fewer jobs and much less opportunity.  HR’s role will be critical in determining how this oversupply will be managed and, most importantly, how the individual employee will be impacted as a result.

We cannot forget that any HR supply and demand analysis is about people.  Analysis and formulaic approaches help us with planning predictions; however, we must remember that the implementation of these plans will have an impact on our fellow humans as we all move into a challenging and unpredictable future.

Discussion Questions:

  1. What types of compensation strategies would lessen the need for layoffs in Alberta?
  2. If you had to accept a wage reduction in order to have your work colleagues keep their jobs, what would you do?
  3. Identify three critical steps that the HR professional should be taking when considering staffing reductions due to economic indicators.
  4. What would be the biggest challenge for you when preparing an HR plan that includes staffing reductions?