Current Situation and Issues
There are a number of factors currently influencing succession planning.
Labour Market: There have been significant changes in the labour market in Newfoundland, most notably increased competition for skilled employees. Growth in the provincial economy has created more employment opportunities. This has resulted in an increase in recruitment activities for the Department of Human Resources and increased awareness of Memorial University's need to compete for skilled employees.
Demographic Shifts: The labour market in Newfoundland has been affected by a number of demographic shifts including outmigration, an aging population, and a declining birth rate. The end of mandatory retirement may help to positively offset this trend somewhat; however it is not expected to solve the problem.
Four Generations in the Work Place: Many employers are currently managing the expectations of 4 generations of employees: Matures, Baby Boomers, Generation X, and Millennials. These expectations are being displayed in attitude towards work, loyalty to employers, and values. Employers are often challenged to understand and meet the needs of these 4 distinct groups. Ultimately, the goal is to have all employees engaged, fulfilled and contributing to the organizational goals.