Originally posted on Healthcare Informatics
I’m curious as to how CIO’s are dealing with the talent war that is now reached a point where most of us can clearly ‘feel it”. We do! After months of pontificating and forecasting – this talent shortage is more than real. While we do lots of executive level engagements, we do have clients that ask us to find candidates at the director level (everybody today needs a cadre of doers). For many of you that (actually) had a strategy and a plan – I hope your team IS deliverING the goods. For those that still have talent needs at or below the director level – I wish you the very best.
I have been saying for months that this shortage is real (ok – for years). In my opinion, the government stimulus is probably just a down payment on the investments that will be made in this marketplace for the next 10-20 years. So… this business issue will continue to be challenging for those who wait or don’t adapt new strategies. I talked to a candidate that manages an implementation team a few weeks ago and she told me she now receives 2-3 calls a week from organizations and recruiters that espouse greener pastures for the skills she brings to the party. I believe her. I also believe that by simple supply and demand the salary bands for people with her skills will soar over the next few years until this industry has more people that understand HCIT. In other words, we will all need more doers for the foreseeable future. Some candidates claim they have multiple offers and they are in a great spot to start a bidding game to see who wants to really pay up for their talent. OUCH!
So what are you doing and how are you faring in this war for HCIT talent. I can tell you that if you have open job requisition(s) that have been open for a while, you are not alone. And in all likelihood those req’s may be open a bit longer. There are lots of openings and there will be for a (very) long time! You can count on that! Welcome to the HCIT talent wars of 2011 and beyond! I, for one, love to solve problems like this one far more than the challenges we had in late 2008 and all of 2009 – but let’s not go there. Nope, I’d rather not! It was not pretty.
Onward and upward!
Most executives (that would be you) start their career with plans to eventually retire and enjoy the fruits of their many years of hard work. For some leaving the hospital when the clock strikes midnight on their 65th birthday that was always the plan. Right? Not any more. Let’s regroup shall we?
Things have changed a bit. 401K plans have been hit hard (ok – killed) and many executives that were planning to retire at 62 or 65 years of age have had a change of heart (or is that change in projected cash flow?) While this dynamic may seem somewhat depressing for some of us – I think delayed retirement is real and much more realistic than we want to believe.
In a recent survey done by 6FigureJobs.com a whopping 46% of executives polled have already made that decision. They are planning to delay retirement given a variety of circumstances in today’s economic environment. Of those polled only 8% plan to retire as planned! WOW! That is an amazing statistic if you step back for a moment and think about it. Get this – of the 8% of those planning to check out on time – half of that group are completely unaffected by the current economic environment while the other half will just retire with less.
Announcement: My favorite stat (love it). One-fifth of the executives polled have no plans to retire at all! Please include me in that number as well. No plans whatsoever! I think that is absolutely amazing and pretty cool. My (Irish born) dad (God rest his soul) had lots of Irish sayings. One of my favorites: “when you are green you’re growing and when you are ripe you begin to die”. I think there is more to that now than ever before.
Many of these same executives had a very solid plan to check out in their early 60’s but now they feel that age 70 is much more realistic. All I can say is that if you make the decision to continue working many years beyond age 60 you will have plenty of company. AND… unless I’m missing something when you really look at the demographic trends – your talents will be needed as healthcare IT (everywhere) will have a major shortage of skilled healthcare executives to lead hospital IT organizations
So… when are you planning to power down your desktop for the last time? That decision is totally up to you. But if you want to keep active in the workplace beyond your early 60’s – that will certainly be a very realistic option.