critical talent scarcity

February 2, 2015

In a competitive world driven by rapid social and technological change, it makes sense that innovation will breed new jobs growth in sectors on the cutting edge of science and technology.

Yet, that alone doesn’t explain the shift in the skills profile required for today’s world of work.

The way we work in every professional field is being transformed by the combined forces of globalization, technological advancement, and new generations of talent joining the workforce. Skilled knowledge workers are becoming more mobile, condensing the available talent pools individual countries have to choose from, while rapid technology innovation is changing the way we analyze business performance, market brands, communicate with customers, and deliver products and services.

This changing nature of work from more labor intensive, low-skilled work to more knowledge intensive and technology-enabled skilled work is contributing to significant skills shortages of professional and technical talent — explaining why the vast majority (73%) of HR leaders feel the war for talent still reflects today’s talent environment.

Dan Ferrandino - Randstad Sourceright 2015 Talent Trends Report Quote

5 tips for managing talent scarcity

    1. understand talent availability: Holding out for perfect talent may be a futile exercise if what you seek doesn’t exist in a particular market. Develop a good understanding of available local talent or seek external expertise to map particular markets for investment. This can support an adjustment in strategy if needed.

  2.adjust expectations to realities: Does your salary offering for a particular position match actual market rates? Are your qualifications too stringent for the available talent pool? Perform a reality check to ensure you aren’t limiting your reach.

  3. consider alternative work arrangements: If you are unable to fill the position with a permanent hire, will a contingent worker or contractor satisfy the need? Can you extend the reach of your talent pool by deploying flexible work options such as remote working and telecommuting? 

  4. look beyond the local market: Worker mobility is on the rise, so if the skills you seek aren’t available locally, consider talent located outside of the local market and even internationally. 

  5. grow your own: Depending on the skills, look to build your own internal talent pool, providing opportunities for growth and development to satisfy the demand.

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About the Randstad Sourceright 2015 Talent Trends Report:

Covering 25 of the most dynamic and pressing issues facing workers and employers right now, and the concerns they have for the future, our subject matter experts explore how these trends will affect organizations, and provide practical tips on how to cope with them.

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