Talent shortages on rise globally, India among top 10 countries facing same challenge: Report
New Delhi, June 27 (KNN) Talent shortages are growing around the world, the problem is most severe in 10 countries including India where 56% employers reported most difficulty in filling positions, according to a survey conducted by Manpower group.
The survey titled “Talent Shortage 2018” revealed that the global talent shortage has reached 12 year high with the changing skill needs.
The Manpower group surveyed 39,195 employers across six industry sectors in 43 countries and territories and found that more employers than ever are struggling to fill open jobs.
Forty-five percent said they can’t find the skills they need, and for large organizations (250+ employees) it’s even higher, with 67% reporting talent shortages in 2018.
Highlighting the situation, the report pointed that every industry is impacted. From manufacturing to mining, transport to trade, employers cannot find the people they need with the right blend of technical skills and human strengths.
Japan is the top most country facing the severe talent crisis as 89% employers reported that they find difficulty in hiring following Romania (81%) and Taiwan (78%), while those in the UK (19%), Ireland (18%) and China (13%) report the least difficulty.
In Japan, the lack of labor supply, aging demographics and immigration restrictions continue to fuel the problem while in Romania and Taiwan it reflects the upward trajectory of near shoring and off-shoring over recent years.
Jonas Prising Chairman & CEO ManpowerGroup said that “With record talent shortages around the world, employers should shift their focus from just in time hiring strategies to becoming builders of talent for today and tomorrow.”
Further the report analyzed that the lack of applicants, experience and skills are top drivers of talent Shortages.
Twenty seven percent of employers said that the applicants lack either the hard skills or human strengths they needed to fulfill their roles, survey report added.
To overcome talent shortages, companies are up-skilling their own workforce. Over half are investing in learning platforms and development tools to build their talent pipeline.
Fifty four percent employers are providing additional training and development to overcome talent shortages and make them market ready according to the needs and requirement of their companies.
With the changing needs and skill requirement organizations are realizing that the combination of soft and hard skills is the best blend.
Sixty-four percent of employers are up-skilling people in hard skills through technical certifications, apprenticeships and programming courses and 56% in soft skills including customer service, sales and communications, report added.
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.