There is no question, we are in a downturn, slowdown, or some even say a recession here in Newfoundland and Labrador. In response, leaders often instinctively look internally to reduce costs, frequently through downsizing and increasing productivity, while protecting their client base. However, this can be a time of opportunity.
For several years, we’ve been hearing about a looming war for talent. Baby boomers are starting to retire and fewer young workers are available to replace them, which means demand will soon outstrip supply in the labour market. Already we’re seeing the impacts of that significant demographic shift in certain industries, disciplines and geographies.
In the late 1990s, IT professionals were in short supply. Organizations, driven by uncertainty over the impending Y2K rollover, went on a hiring spree, beefing up their IT teams to stave off the threat of costly errors or interruptions in their operations. The demand for IT expertise was so great that, having drained the pool of available talent, companies resorted to poaching staff from one another to protect themselves.