Over the last couple of days, the Dow Jones Industrial Average has been flirting with the 12,000 mark. The Dow last hit this mark around 18 months ago. This mark is near the all-time high close of 14,164.53 on October 9, 2007.
Since that high point over three years ago, the Dow closed as low as 6,547.05 (March 9, 2009). As a result of the stock market decline that these figures represent, many people lost over half of the value of their investments. Many of the losers were individuals who had socked away money in retirement accounts and suddenly had to recalibrate when they were going to retire.
Now that the stock market has recovered and once imminent retirees have recovered a significant percentage of their losses, what do you think is going to happen? And what does all of this stuff have to do with the procurement profession?
Well, I am estimating that those who deferred their retirement are now ready to jump ship…fast! It’s no secret that the procurement profession has a lot of mature people in its ranks. So, I believe that the procurement profession will be particularly hard hit by the attrition of these baby boomers who stayed put perhaps longer than they originally intended.
I believe that individuals who have demonstrated their skill through quality experience and/or education (e.g., the SPSM® Certification) will be in a great position to advance their careers. Sadly, I also think that those who weren’t serious about adding to their credentials will see more employers crying about “not being able to find quality people” than employers hiring mediocre people just to have warm bodies filling seats.
What do you think? Are we going to see a rapid shift in procurement personnel in the near term?
To Your Career,
Charles Dominick, SPSM, SPSM2
President & Chief Procurement Officer
Next Level Purchasing, Inc.
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