Houston, we have a (Math) problem! Demographics promise that the war for talent will not end any time soon

The professional services industry is top heavy with old(er) professionals that want to retire and there are not enough young professional that can fill their shoes.[1] Every week I hear the same story from professionals in leadership roles. They have no problem getting the work in the door. Getting the work done is where the problem arises. There simply is not enough younger talent to fill the gap created by aging professionals that want to slow down and retire. 

In the world of professional services, the problem is exacerbated by the fact that Generation X is more than 10% smaller than the older generation, and the number of Millennials that entered professional services 10-15 years ago is smaller because they chose a different path in greater numbers because of high unemployment rates for professional services during the Great Recession. Add to this demographic dilemma the fact that the younger generation is not going to work the same way or as much as the older generations, and the labor problem that we face is revealed to be a systemic one that is not going away anytime soon. 

So how do we solve this challenge? Promoting and rewarding time-honored hardworking staff is crucial. Encouraging and supporting the younger generations efforts at organic growth; initiating learning & development programs and sales training programs will lead to greater retention rates according to many industry thought leaders. 

Culture is not created by newcomers but rather it is established by those who stay at companies for extended periods in their careers. In other words, we need to work hard to retain and develop our younger professionals. The younger generation has made it clear that they need better communication, better engagement and better feedback loops. These things are we must unless you want employee turnover to stay with you instead of your young talented professionals. 

 

[1] See article regarding America’s Silver Tsunami in the USA. ‘Silver Tsunami’: Challenges & Opportunities of an Aging Population (investopedia.com)

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Timothy C. Lynch is the President of Offit Kurman. He is also a member of the firm's Executive Committee. As such, he is responsible for all of the lawyer operations at the firm and he is heavily involved in the daily operations and strategic planning for the firm. Before moving into these roles, he chaired the Commercial Litigation Practice group at the firm. Tim Lynch is Global Chair of  the GGI Practice Group Best Practices for Professional Service Organisations.