This week, W/A client and workforce training expert
Chris Keaveney
, CEO of
Meritize
, penned a smart piece in Fast Company’s Workplace Evolution section, taking a closer look at why companies are throwing up their hands on high-cost recruiting and instead investing in homegrown talent through “grow-your-own” models.
- What They’re Saying: In an era of uncannily tight labor markets with talent in short supply, Chris writes that "it might be cheaper, faster, and better for companies to invest in creating the talent that they need rather than constantly seeking off-the-shelf talent from a shelf that’s been stripped bare."
- Catch Up Fast: Despite a murky global outlook, a war in Ukraine, high-profile tech layoffs, and stubborn inflation, the U.S. economy has largely defied labor market expectations with millions of unfilled jobs, particularly in industries that don’t require a college degree. Against that backdrop, “grow-your-own talent” models are becoming increasingly popular, from teacher apprenticeships to United Airlines’ in-house pilot training program Aviate.
- Mixed Signals: Still, 2023 might be remembered as the year that heady talk of the Great Resignation faded—and workers hunkered down for the “Big Stay.” In 2022 alone, an estimated 50.5 million people quit their jobs. In 2023, workers were far more hesitant to jump ship, with LinkedIn data showing that the rate of people staying in roles for less than a year dropped nearly 30% compared to last year as of this spring.
- Go Deeper: Read Chris’ full op-ed, “How BMW and United are taking the talent crunch head on,” here.
