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The scarcest, most valuable resource in retailing today is no longer financial capital, it’s talent say retail CEOs who foresee an alarming shortage of high-quality managers.
The Bureau of Labor Statistics estimates that the United States will face a labor shortfall of 10 million workers by 2010 when it could have an unemployment rate of 2 percent. HR experts suggest that attracting talented college graduates to step into jobs in retailing and stick with them for more than a few years will likely require re-thinking and re-structuring entry-level jobs which are often seen as little more than exercises in mediocrity, especially by the Gen Ys.
“Having a strategy in place for attracting college graduates and developing future managers appears to be a solid investment, but this is a daunting challenge,” says Kathy Mance, vice president of the NRF Foundation, education and research arm of the National Retail Federation.