Leading On-Demand Talent Management Solution Paves the Way for Talent Readiness
Santa Monica, CA, September 25, 2006 – Cornerstone OnDemand, Inc., the only proven provider of on-demand, integrated talent management software and services for the enterprise, today announced the availability a compelling whitepaper entitled, “Managing Talent in the Face of Workforce Retirement,” which summarizes key findings of Knowledge Infusion’s 2010 Talent Readiness Assessment. The study found that most organizations, particularly larger ones, are not ready for the pending talent shortage caused by the looming retirement of 78 million workers age 55 and over. The whitepaper includes key business considerations as well as an action plan for readers and can be downloaded for free by registering at www.cornerstoneondemand.com.
“With more than 75 percent of participating organizations recognizing that the aging workforce will somewhat or significantly impact their company’s ability to execute on goals and strategies during the next four years, this loss of talent is a very real problem for organizations today,” said Heidi Sprigi, President, Knowledge Infusion. “Organizations can avoid reductions in productivity and work quality by creating and deploying Talent Management strategies that include systems, processes, and governance for assessing potential skill and competency gaps and addressing them through succession planning, knowledge management, pay-for-perfromance programs.”
Conducted by Knowledge Infusion, the survey, entitled 2010 Talent Readiness Assessment looked at responses from nearly 400 HR professionals representing both small and enterprise-size organizations across multiple industries. Results indicate that:
Organizations with more than 2,500 employees indicated that approximately 1 in 5 workers are over the age of 55;
Over 50% of respondents said the retiring workforce will cause a knowledge/skill gap; and yet
Less than 30 percent of organizations who responded had a retention plan in place.
“Knowledge Infusion’s research uncovers many key findings that reiterate the real impact the baby boomer retirement wave will have on organizations of all sizes and in all industries,” said Adam Miller, President and CEO, Cornerstone OnDemand. “Companies need to proactively assess their organizations and determine a plan of action before this threat becomes a reality. Understanding the overall goals of the organization and which employees are key to achieving these goals including their role, skills and level within the company is important to implementing a retention plan. Cornerstone OnDemand can help businesses determine a program to keep experienced workers in place, address knowledge and skill gaps in key areas, and identify systems vital to decreasing the negative impact of this talent crunch.”
“Cornerstone sponsored this survey because we want to raise awareness of the need for proactive planning by today’s organizations. Despite the warnings of industry insiders for the past year, very few organizations appear to be taking this threat seriously,” said Jon Hanson, Vice President of Sales, Cornerstone OnDemand. “We’ve seen the lack of planning as a trend, and this report provides some invaluable data and recommendations for companies facing the talent shortage crisis.”