According\nto Manpower Group\u2019s \u201cTalent Shortage Survey 2018\u201d, the working population of\nthe world in declining and talent pools are shrinking. Technology is evolving\nfaster than ever, changing the skills needed for jobs and shortening the life\ncycle of those skills. We are also seeing a bifurcation of the workforce \u2014\nthose with in-demand skills versus those with high-supply skills. <\/p>\n\n\n\n
The\nimmediate concern is not the number of potential candidates, it\u2019s a talent\nmismatch. There are not enough sufficiently skilled people in the right places\nat the right times. According to the report the top 10 jobs for which employers\nare having difficulty filling globally 1) Skilled Trade Workers (especially chefs\/bakers\/butchers, mechanics\nand electricians) 2) Sales Representative 3) Engineers (especially mechanical, electrical and civil\nengineers) 4) Drivers (especially\ntruck\/lorry\/heavy goods drivers, delivery\/courier drivers, heavy equipment\/\nconstruction drivers) 5) Technicians 6) IT (Cyber security experts, network administrator and technical\nsupports) Management\/Executives 7) Accounting & Finance Staff (especially book keepers, certified\naccountants and financial analysts) 8) professionals (Project Management,\nLawyers and Researchers) 9) Office Support (Administrative Assistants,\nPAs and Receptionists) 10) Manufacturing\n(Production and Machine Operators). <\/p>\n\n\n\n
The problem of talent shortage is severe in Japan where 89% employers are experiencing difficulty in filling jobs, while in China only 13% are experiencing the same issue. <\/p>\n\n\n\n Japanese employers face difficulties in hiring\nskilled and talented workers because Japanese industries are the most\nsophisticated industries in the world. Japanese manufacturing and services\nindustries believe in innovations and high-performance technologies. They need\nhigh performing employees to produce quality products. It is difficult for\nacademia and other related institutes to provide required skilled and talented\nmanpower to industry because of the following reasons:<\/p>\n\n\n\n Talent shortages are impacting organizations\nability to meet their client needs; the most likely consequences are expected\nto be a reduction in ability to serve clients and reduced\ncompetitiveness\/productivity An increase in employee turnover, lower employee\nengagement and morale, reduced innovation and creativity in their organization will\nall lead to higher compensation costs.<\/p>\n\n\n\n Employers\nare using following strategies to overcome the talent shortage:<\/p>\n\n\n\n It\nis suggested that unskilled issue could be addressed to a large extent by\nimparting technical and skilled based education to the youth. No skilled person\nwould be found unemployed, and companies would take benefits from these skilled\npersons and produce high quality products in Pakistan.<\/p>\n\n\n\n Now,\nthe question is how we train our youth to face future changing environment of\nemployment and reduce the unemployment rate. According to a report published by\nDell Technologies and authored by the Institute For The Future <\/strong>(IFTF)\nand a panel of 20 tech, business and academic experts from around the world, 85\nper cent of the jobs that will exist in 2030 haven’t even been invented yet.<\/p>\n\n\n\n 12 years ago, not even the experts could have imagined that jobs like Mobile App Developers, VDC Consultants, Cloud Computing Specialists and Block-chain Engineers would be in demand today. The following table below which lists some of the past, present and future positions and answer the question, how do we prepare for jobs that don\u2019t exist yet? Especially, when things are changing so fast. Preparing for a job that doesn\u2019t exist yet is compounded by the fact that students entering a 4 year program in 2019 may not have the skills that industry is looking for when they graduate in 2023. For example, how many students who started in 2014 chose a career path that would train them to become a Blockchain Engineer today? The demand for Blockchain professionals, (Economist, Business and IT graduates and Engineers) has increased by 400 percent since late 2017.<\/p>\n\n\n\n Suggestions to address the shortage of talent issue<\/strong><\/p>\n\n\n\n The\nhybrid workforce is a combination of full-time employees and contractors, which\nallows service companies to take advantage of their contractors, as well as use\ntheir trusted full-time technicians, which increases when the workload is\nincreased. Service companies are primarily moving from full-time dedicated\nstaff to third-party independent contractor companies. Having this flexible\nworkforce (i.e., contractors) gives companies a better chance of growing and\nincreasing profitability than previously thought.\n\nWe\ncan easily create hybrid workforce environment by adding gig workers in\norganizations and human\/machine partnerships.\n\n\n\n<\/p>\n\n\n\n It is no secret that some of the most successful hires are referred by existing team members. And this is true in almost every industry. In fact, according to Career Builder, 82% of employers\u2019 rate employee referrals as the top source of ROI when it comes to hiring. Which is why developing a well-structured employee referral program can make a big<\/em> difference when it comes to building a robust talent pipeline. The best way to do it would be to offer clear incentives to both full-time and temporary employees, leverage social media whenever possible and keep track of where the best referrals are coming from. <\/p>\n\n\n\n Build \u2013 <\/strong>Invest in learning and development to grow your talent pipeline Current formal and informal educations system need revolutionary changes according to top fastest growing industries of the world. These industries are: Green energy, E commerce, Consulting, Virtual Reality and augmented VR, Bio-tech, Elder care, Cyber Security and Fin Tech. <\/p>\n\n\n\n Update <\/span><\/strong> [1]<\/a> https:\/\/manpowergroup.com\/<\/a>\n; https:\/\/go.manpowergroup.com\/talent-shortage<\/p>\n","protected":false},"excerpt":{"rendered":" by Dr. Nadeem Khan A talent shortage is affecting companies not only in Pakistan but also worldwide. According to the latest Manpower Talent Shortage Survey by Manpower Group[1], 45% of employers across the globe report that they cannot find the skills they need. The German Economic Institute recently estimated that a shortage of skilled labor, […]<\/p>\n","protected":false},"author":2,"featured_media":208,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1,8,7],"tags":[57,61,58,60,59],"yoast_head":"\n![\"\"](\"https:\/\/pide.org.pk\/blog\/wp-content\/uploads\/2020\/01\/NKhan-Table-1.jpg\")
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Buy<\/strong> \u2013 Go to external market to find the best talent that cannot be built in-house in the timeframe required,
Borrow<\/strong> \u2013 Cultivate communities of talent outside the organization, including part-time, freelance, contract and temporary workers to complement existing skills,
Bridge<\/strong> \u2013 Help people move on and move up to new roles inside or outside the organization.<\/p>\n\n\n\n
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Cloud Skills demand is growing very fast and sufficient job opportunities in the IT industry is creating. In a recently published blog (How to Weather the Cloud Skills Shortage) by TOPTAL<\/a> research, claims that cloud skills shortage is growing and employers cannot find skilled talent in this most demanding field. The blog has very interesting statistics regarding Cloud Skills Shortage and also identifies the seven most demanding cloud skills. https:\/\/www.toptal.com\/insights\/future-of-work\/-aws-cloud-skills-shortage<\/p>\n\n\n\n
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