Losing Our Millennial Talent Will Hurt Business Growth
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As a member of a recruiting business operating in the Baltic, CEE and Balkan regions, I first looked at the map below and thought “wow, many of the markets in our region are so ‘small’.” But the more I thought about it, the more I realised that this is a David v Goliath situation (or perhaps the Dinosaur v Mammal simile and we know what happened there!)
This great map from American Enterprise Institute’s Mark Perry puts America’s $16 trillion economy in some global perspective, comparing the GDP of U.S. states with the national GDPs of other nations.
“America’s largest state economy is California, which produced $2.003 trillion of economic output in 2012, just slightly below Italy’s GDP in the same year of $2.013 trillion.” Perry notes: “In 2012, California would have been tied with Italy as the 9th largest economy in the world. And California’s population is only 38 million compared to Italy’s population of 61 million, which means California produces the same economic output as Italy with 37% fewer people. That’s a testament to the superior, world-class productivity of the American worker.”
With 4.4% of the world’s population, the U.S. produced 22.3% of world GDP in 2012. But how do countries in our region fare? Well, consider this stark reality: the first key factor for much of Europe – particularly in countries such as Czech Republic, Hungary, Poland and Romania – is to retain their ‘Human Talent’ resource. Without the talent, there is no real growth.
So it’s unsustainable for areas of the West Balkans to see yearly migration of 21% of its graduates aged 21-27. Edin Mehic, founder of leading career portal Posao.ba and a respected commentator on Labour and Talent in the region makes a profound and telling comment: “When people think of the rich resources of the Balkan region, they tend to think of the immense investment in hydro-electric power, or of large-scale capital works. In fact, it’s ‘The People’ who are our most precious resource. We have world-class intellect, superb language skills, an incredible capacity for learning and an amazing work ethic in our region. What we now need to do is provide the right type of jobs – the careers that develop and retain our talent.”
Talent retention is more critical than talent acquisition for many of the countries in which Resource Central operates – and building internal engagement and retention campaigns is part of the suite of services provided. It’s this kind of joined-up thinking and blended solution that helps companies – and whole regions – retain their talent and ultimately grow their GDP (who knows, perhaps one day these ‘David’ countries may rival those pretty special Goliath stats from sunny California).
Top Image Credit: Long & Associates - Article "Just because you can doesn't mean you should."
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