...and you thought we had an Energy Shortage

Every day we hear about the energy shortage (i.e., oil) and the impact on business and our lives. However, I have been spending a significant amount of time researching the talent management space . . . and if you think there is an energy shortage and prices are ever-increasing, you have not seen anything yet. There will be a major shortfall in skilled talent soon. One of the key shortages is leadership skills. If you are in leadership or on a track for leadership, you will have tremendous amount of opportunity if you have a successful background. However, if you are a business leader and need a strong leadership team, it is important that you retain and engage your existing leadership group. Otherwise, there are competitors and other organizations who are on the prowl looking for key leadership skills in their organization. Consequently, you need to be proactive and reach out to those high potentials as they will be your leaders in the future. Some further thoughts:

1. This is a business problem not an HR problem, so business managers need to own the talent management issue. Where appropriate, expand your leadership team so that the future leaders can experience how a leadership team works and feel engaged so that they are a part of the future strategy of the business.
2. Start Today, not at the next meeting. Talent management issues always seems to be at the end of the meeting agenda and an item that gets push to the next meeting. Start now before it is too late and you are in reactive mode.
3. A successful talent development program (attracting, developing, assessing, rewarding and retaining) need to be connected and integrated so that they are dependent upon each other and each are reinforced by each other. The program needs to be directly linked to the business requirements.
4. HR is no longer a place. The HR function is a facilitator and enabler, but not the owner of the issue. HR, i.e, "talent managers" need to be incorporated in each business manager. Remember, it is now, reading, writing, arithmetic, and HR . . .
5. If you are experiencing turnover in leadership levels, you just might be on the wrong path.

With this shortage looming, there is opportunity. As a leader, it is important that you proactively face this shortage and put in place initiatives that will retain your key future leaders (and more important, don't do something that dis-engages them).