How To Tackle Talent Shortage?
In the past decade, you must’ve noticed, technology has transformed how work gets done, created new roles that require new skills. At the same time, organizations are increasing headcount in many countries making markets near full employment.
As a result, talent shortages are more acute than they have been for decades. Employers just like you are struggling to fill open jobs. 56% percent in APAC say they can’t find the skills they need, and for large organizations (250+ employees) it’s even higher, with 66% reporting talent shortages in 2018.
No matter which industry you are at, you must have felt the impact. From manufacturing to mining, transport to trade, employers cannot find the people they need with the right blend of technical skills and human strengths.
Keeping pace in this Skills Revolution demands faster, more targeted upskilling and talent management than ever before. It’s time for a new approach to the big talent problem: it’s time to build, buy, borrow and bridge to ensure we have the in-demand skills for today and tomorrow.
Invest in learning and development to grow your talent pipeline
Enabled with technologies and tools such as AI, psychometric assessments and predictive performance analytics you can map and upskill your current and future workforce like never before.
You have to remember that although continuous learning is critical for your company to develop the talent you are short of, continuous learning is a two-way deal. Employees need to know that unless they upskill, they are gambling with their future employability.
Identifying future potential, driving a culture of learnability through the organization and providing accelerated training programs will be critical to success in the digital age.
Go to external market to find the best talent that cannot be built in-house in the timeframe required
With strong market competition for skilled talent, employers which have and consistently communicate strong value proposition, attractive culture and clear purpose, have the upper hand in the battle for talent.
Not all companies however have the capability of doing so and if that is your case, you got to be prepared to bear the costs of premium salary packages and other perks.
Cultivate communities of talent outside the organization, including part-time, freelance, contract and temporary workers to complement existing skills
Traditionally companies relied on permanent employees to get the work done. However, in today’s digital world, new work models have emerged.
When you need to complement existing skills, fill gaps for short term projects, or quickly find expertise you do not have, it’s time to tap NextGen talent outside the company, including part-time, contingent, contract, freelance or temporary work.
Help people move on and move up to new roles inside or outside the organization
With the rapid changes the business world is experiencing today, you will undoubtedly find some people in your current workforce whose skills are no longer needed.
As a leader, you have the responsibility to find pathways for those individuals to bridge them into new roles inside or outside of your organization. Remember to treat people with respect and dignity regardless of where their future employment lies, and help them transition smoothly.
So, to win in the digital age an effective talent strategy should have four parts: build, buy, borrow and bridge. Build your talent pipeline, buy skills where necessary, borrow from external talent sources and bridge people with adjacent skills from one role to another to complement existing skills.
To know more about Talent Shortage around the world, click here: https://go.manpowergroup.com/talent-shortage