More employers than ever are struggling to fill open jobs. According to recent ManpowerGroup data, nearly half (45 percent) of employers say they can’t find the skills they need. For large organizations of 250+ employees, it’s even higher, with two-thirds reporting talent shortages this year. To address these shortfalls, employers can focus on building, buying, borrowing and bridging talent.
Building talent means investing in the development of an organization’s current workforce. This includes using people analytics, psychometric assessment, predictive performance and Artificial Intelligence to equip employers to map and upskill their workforce. Employers must emphasize that continuous learning is essential for individuals to keep growing in their roles, and better grow with the organization.
Attracting talent with a strong value proposition, attractive culture and other benefits will allow organizations to buy talent. To recruit in-demand skills fast in a tight labor market, employers must also be prepared to pay a premium. Employers need to understand that candidates are consumers, and they will need to sell themselves in order to attract and engage the best and brightest.
As the next workforce becomes more mobile, both workers and organizations can turn to flexible employment opportunities including part-time, freelance, contract and temporary workers. Organizations must learn to cultivate communities of workers inside and outside of the company.
Bridge talentFinally, both companies and employees need to be agile and consider how someone’s skills can be moved around the organization. This means identifying and developing adjacent skills that can adapt to new roles in an organization. By adequately upskilling, bridging can mean leaping up in an organization.
Solving the talent shortage is a critical need for employers, and the smartest approach is a multi-pronged effort. To learn more on about the global talent shortage and what organizations can do to respond to it, read ManpowerGroup’s 2018 Talent Shortage Survey.