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OLA 1 v Julle Goddard posted May 11, 2022 8:06 PM Subscribe The most important concepts that businesses need to focus on to plan for the changes described in Rainer Strack's Ted Talk (YouTube, 2014) are: 1. Workforce planning 2. Recruiting and hiring 3. Recognition and retention 4. Training, learning, and development Forecasting the number of employees and the types of employees allows a company to ensure it has the necessary human capital it requires to meet its goals. If a company can hire less employees with more skills, it can remain competitive in the workforce (Steen et al. 2019). A specific and complex selection process can ensure that the right workers are hired for the correct positions, avoiding potential mismatches or money and time wasted training someone who is not a good fit (Steen et al, 2019). Recognition is incredibly important. As mentioned in the video, retention was the most key factor in employee happiness (YouTube, 2014). Recognition programs such as points programs, certificates, salary increases, and bonuses can assist in retaining employees, which can lead to more skilled workers with greater experience (Steen et al, 2019). A company who constantly seeks to improve their employees' talents, skills, and education, can stay ahead of the others, and ensure their employees do not look elsewhere for employment. The employees will continue to improve and move up in the company, increasing the value of their human capital (Steen et al, 2019). I have already begun to prepare for these changes. I work full-time for the Business Development Bank of Canada and taking this course and my program in Business is a way of expanding my knowledge and education to prepare for the skills gap. After I complete this program in August, I will eventually be moving on to a certification as a project management professional. My company has been incredible in all points and today announced they will be increasing everyone's salary by 3% with more benefits to come in the next couple of months, which is why I have now been with the company for over 12 years. Proof positive that planning for the future can work