HRMusing

Layaway may sound like an old-school concept, especially in today’s “buy now, pay later” society. But the idea of setting aside goods to pay off gradually is making a comeback, and is being praised as a way to regain control of family finances and make sure holiday giving doesn’t fall victim to the economic downturn.

Despite the economic “meltdown” of 2008 and increased unemployment levels, estimates indicate that the impending surge in baby boomer retirements will result in a labor shortage of 10 million workers by 2010 (Dychtwald, Erickson, & Morrison, 2006).  If just 10% of these retirees exit leadership positions, the U.S. workforce will soon face a shortage of 1 million leaders.  To compound the problem, the need for leadership talent is a key concern for line executives and human resource professionals for at least three reasons:

(a) increasing expectations of shareholders;

(b) the volatility of the current financial market; and

(c) rapid changes in the business environment, including globalization, evolving business strategies, continuous technological changes, and shifting demographics (Gandossy, Salob, Greenslade, Younger, & Guarnieri, 2007; Schein 2005).

Given this potential leadership shortage and the need for future leadership talent, efforts aimed at building leadership pipelines and developing the next generation of leaders is justifiable and required.

So take a lesson from retailer’s today – identify your potential leaders, set aside incremental learning  and pay as you go. Reap the rewards for the future by investing incrementally today.

CHA-CHING!