According to a joint study by JBK International and Strike Force Marketing, gaming executives are worried about the future of the workforce. A total of 150 gaming CEOs, presidents and general managers identified a shortage of available high-potential talent as their chief fear beyond 2020.
We see intense competition for the highest-performing next generation talent between gaming executives who realize whoever has the best talent wins. Companies that struggle to retain talent are often treating the symptoms with unsustainable compensation packages and ignoring the disease, which is an unhealthy culture.
Pew Research Center recently noted that by 2030, all members of the Baby Boom generation will be at least 65. That includes an average of 10,000 Baby Boomers reaching retirement age every day between now and then. As older employees retire, companies need younger ones to fill their place. Beyond the study, gaming organizations scramble to find solutions for this issue. Officials say it is a challenge both attracting and retaining the next generation of talent who aligns with the vision and values of the company.
Over 68 percent of the executives interviewed in JBK’s study noted ‘generational differences’ as the primary cause of the problem contributing to the shortage of talent among Millennials. A majority of Millennials grew up in crisis due to war, 9/11 and the Great Recession. There is skepticism amongst this group, many of whom watched their parents struggle. We see that skepticism playing in their careers.
How To Retain Millennial Talent
Millennials, unlike previous generations, are generally not going to accept information at face value. Diversity of thought and the impact of organizational culture are two significant factors that influence a company’s ability to attract and retain talent from this generation. Today, four generations are active in the workforce. We are not seeing a generational gap among Millennials. Typically, we see many of the same core values across all four generations. Millennials, however, are not afraid to share their values and have high expectations about how those values are met.
From our perspective, more important than completing some of the top searches in the industry is the utilization of the most advanced suite of Leadership Solutions that empowers our clients with a sustainable and repeatable model for attracting and retaining the highest performing talent in the marketplace.
Vice President of Communications, JBK International