Companies globally hit talent crunch!

Companies globally hittalent crunch!

 

At a time where the world over economies are struggling with slowdown, especially in India where we are constantly being reminded about rising unemployment, the new survey findings have come as a surprise for many. A huge talent crunch is being seen globally by many companies that are facing acute shortage of the required skill set in the existing workforce. The survey says India is among the top 10 most-affected markets with 54% of employers facing difficulty in filling vacant positions while employers in the US, Mexico, Italy and Spain reported the most acute shortages.

 

54 per cent of companies reported skill shortages with businesses in 36 out of 44 countries finding it more difficult to attract skilled talent than in 2018.According to a new research by manpower group attracting and retaining skilled category has become a challenging affair as talent shortages which has reported the highest in over a decade crossed the 50% mark. Manpower Group Chairman and CEO Jonas Prising said“with an increasing tech-enabled world, people with skills are in demand". He also added that there will be a World Economic Forum Annual Meeting in Davos next week and we are calling for leaders to shift their workforce demands closer to the needs of in-demand talent. Creating shareholder value can only be done in conjunction with taking care of employees, customers and communities, so listening to the voice of the consumer is key.

 

A Survey was rolled out in terms of geography, gender and stage of career cycle of a worker. Gen Z’s (Generation Z, the ones that are born in and around 2000) they are aged 18-24are ambitious, looking for cash and also at the same time want career development. Millennial aged 25-34, they want flexibility and challenging work, and age 55-64 and 65+are driven by pay, challenging work and flexibility though they place the highest priority on leadership and teams.

 

The research also noted as technology disrupts work, the most in-demand roles may look similar yet the skills required to continue to evolve faster.

 

Technology plays an important role in this, new technology is rapid and hence it gets difficult for the workers to meet this pace in terms of talent and acquiring new skills as per the demand. There is a massive shortage of skills and it looks like there is a “war for talent”. In 1997, McKinsey coined the term “war for talent”, outlining an increasingly competitive landscape for finding and retaining talented workers the hiring demand is strong and changing skills requirements are making it difficult for businesses to find the right workers.

 

And its Just over 20 years later,this battle of talent is still ongoing and with changing digitisation, demographics and a variety of political and economic factors it’s more intense than ever.

However, thanks to global economic growth and changing skills requirements as technologies like artificial intelligence (AI), robotics and big data transform the way we work. Therefore like we always mention, the skills requirement at workforce will always be changing and the workforce will constantly need to stay updated to stay ahead of the game. Gone are the days where with one certification, people could retain jobs for rest of their lives. The guys now need to constantly stay updated with new technologies, learn them and identify opportunities where those can be applied as bookish knowledge has also become redundant.

 

Therefore, don’t stop learning, as the human kind all these years has only progressed due to the hunger to learn more.