The economic recovery is underway, however, talent scarcity and a growing skills gap threaten to derail progress. So, what’s the answer to a labor shortage that’s impacting businesses large and small?
Rebecca Henderson, CEO of global business and executive board member at Randstad, has some ideas: “Reskilling needs to be a continuous, career-spanning journey informed by data and predictive analytics. [Businesses need to] teach the right skills at the right time.”
It’s not just businesses struggling with the skills gap either. Workers are also feeling left out when it comes to advancing their knowledge. A recent survey from Monster, a Randstad company, shows that 86% of workers feel their careers are stalled — with 54% wondering if they have the skills to succeed in the post-pandemic world of work.
“Let’s not forget the relentless progress of the fourth industrial revolution in which automation and AI are estimated to displace 85 million jobs by 2025 … while simultaneously creating 97 million new roles,” writes Henderson. “We must take a democratized approach to reskilling while also addressing the unique needs of workers.”
Henderson advises companies to start hiring for the work that needs to be done, versus a role defined by a job description. She also stresses the need to use predictive analytics to identify which skills are most valuable today, which will soon be obsolete, and which are needed to take workers and businesses into tomorrow.
Read Henderson’s full article in Forbes for more insights on the current talent shortage and closing the skills gaps in your organization. You can also read the article, “upskilling in a hurry,” for quick tips on upskilling your current workforce.