Executive Leadership / Human Capital Management

TLDR; 2023 Colorado Talent Pipeline Report Summary

Small Business in Colorado

“Small businesses need to rethink their approach to attracting, onboarding, and training their workforce. Simply posting jobs on platforms like Indeed and hoping for the best is not a sustainable strategy. When it comes to acquiring skilled workers, there is often a talent pipeline issue. Fortunately, many initiatives are underway in Colorado to address this challenge. Small businesses must embrace a long-term strategy to systematically develop and nurture talent within their organization.”

Core Skills

World Economic Forum Future of Jobs 2023 report

“Employers must actively interview and assess candidates for these skills or be prepared to develop them internally. Unfortunately, neither of these practices is currently taking place. This underscores a human capital management issue that would benefit significantly from external consultant support.”

Job Outlook

“We are facing a shortage of nurses. The decline in retail supervisors, retail sales, and stockers/order fillers is evident as businesses close due to the rise of online purchases. On the other hand, the demand for IT/software professionals continues to grow, driven by the increasing preference for remote work. However, there is a noticeable skill gap that companies in this sector will need to address through apprenticeships and training programs.

The shortage of medical and health service managers can be largely attributed to our healthcare system’s unsustainability, let’s all hope for a rapid collapse instead of 10 more years on our current trajectory. If an organization is dedicated to filling these critical roles, it may be beneficial to seek external assistance. Alternatively, continuing current strategies is an option, but considering the evolving landscape, exploring new approaches may be necessary for sustained success.”

“Many of these skills are teachable, prompting a need to rethink our approach to work. It’s time to prioritize hiring for potential rather than relying solely on pre-existing skills. Soft core skills can be developed through training and experience. Consider enhancing your talent management and human capital management capabilities to adapt to this evolving paradigm.”

“We are facing a shortage of nurses. The decline in retail supervisors, retail sales, and stockers/order fillers is evident as businesses close due to the rise of online purchases. On the other hand, the demand for IT/software professionals continues to grow, driven by the increasing preference for remote work. However, there is a noticeable skill gap that companies in this sector will need to address through apprenticeships and training programs.

The shortage of medical and health service managers can be largely attributed to our healthcare system’s unsustainability, let’s all hope for a rapid collapse instead of 10 more years on our current trajectory. If an organization is dedicated to filling these critical roles, it may be beneficial to seek external assistance. Alternatively, continuing current strategies is an option, but considering the evolving landscape, exploring new approaches may be necessary for sustained success.”

Recommendations

Vacancies

“A 23% vacancy rate across our state government reflects an untenable system. Uncompetitive wages, long-term employees with generous pensions are being replaced by gutted pension plans for new hires, coupled with an excessive administrative burden. I am inclined towards advocating for a legislative intervention to significantly disrupt the institution. It won’t rectify itself spontaneously.”

“A 23% vacancy rate across our state government reflects an untenable system. Uncompetitive wages, long-term employees with generous pensions are being replaced by gutted pension plans for new hires, coupled with an excessive administrative burden. I am inclined towards advocating for a legislative intervention to significantly disrupt the institution. It won’t rectify itself spontaneously.”

Summary

I hope you enjoyed the summary. Human Capital LLC is a consulting firm positioned and experienced to help your organization address all of the issues contained within this report.  Except for health care system reform. And state government reform. Those two are way outside of our area of expertise.

On a final serious note, if your workplace is suffering, you are a leader that is willing to make a life changing investment (your and theirs) in your workforce let talk!

www.human-capitalllc.com

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