Lib folder not getting added in final project jar that would contain all the dependency jars

Question

I have added the below configuration in POM for adding lib folder but it's not getting generated

<plugin>
    <groupId>org.apache.maven.plugins</groupId>
    <artifactId>maven-dependency-plugin</artifactId>
    <executions>
        <execution>
            <id>copy-dependencies</id>
            <phase>prepare-package</phase>
            <goals>
                <goal>copy-dependencies</goal>
            </goals>
            <configuration>
                <outputDirectory>${project.build.directory}/classes/lib</outputDirectory>
                <overWriteReleases>false</overWriteReleases>
                <overWriteSnapshots>false</overWriteSnapshots>
                <overWriteIfNewer>true</overWriteIfNewer>
            </configuration>
        </execution>
    </executions>
</plugin>