It was all the rage last year to talk about the end of the world. Well, it’s now March and I’d say the Mayan’s were wrong. However, what is coming, according to an Oracle report, is a scarcity of workplace talent. It is documented that 45% of the current workplace will be retiring in the next decade. It is crucial that companies keep their talent pipeline filled.

The most affordable way to accomplish this is to engage the talent that you currently have. Why? Because the average cost of hiring new talent, for recruiting and training one employee, is estimated to be between 1.5x to 3x of the hires salary.

Pamela Stroko, Talent Management Expert & Evangelist, writes “People want relevance and to know that they matter—feedback and linking rewards to performance delivers better business results”. How effective are your Recognition and Rewards programs? According to Storko, Performance Management/Rewards is one of the top 3 areas of investment which has the highest level of impact on business performance.

With the staggering numbers of talented employees headed towards retirement, plus the daunting task and expense to replace them, growing the talent within your organization is the logical place to start. Newer employees yearn for nurturing and recognition. Make sure you keep your employees happy, engaged, challenged and rewarded.

Don’t you think it’s worth your time to investigate a customized, Recognition and Rewards program?  What are you waiting for…the end of the world?

Tell us, how you are preparing?