Report: Talent Shortage to Continue into 2016

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As most employers are undoubtedly aware, the recent global talent shortage is increasingly posing a significant challenges for those looking to fill vacant positions and grow their workforce.

A new survey by Manpower Group echoes this concern. The report found that the international talent shortage increased by two percent within the last year, with a third of U.S. employers struggling to find skilled workers. This struggle is likely to continue into 2016, illustrating the urgency in which companies must address this concern. In spite of such circumstances, more than one in five employers are taking no action.

In order to address the talent shortage, employers should note a few important trends in the worldwide 2015 workforce:

  • Positions in Demand: According to Manpower Group, the top four global sectors in highest demand for workers include skilled trade, sales, engineering, and technology.
  • Nations in Need: Countries such as Japan, Peru, Hong Kong, Brazil, and Romania are among those struggling the most to fill positions.
  • Reasons for Shortage: According to the findings, employers face a “lack of applicants (33 percent), lack of experience (19%), and lack of technical competencies or hard skills (17 percent).”
  • Where the Shortage Lies: While companies are largely successful in filling executive roles, they lack many junior or individual contributor-level employees.

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In order to effectively face the talent shortage, employers must focus more of their efforts in attracting high-quality applicants. Providing flexible hours as appropriate, work-life balance, reasonable pay, and quality company culture will allow employers to compete for the best candidates.

Training recruiters to recognize and approach the most qualified candidates will aid organizations in correctly handling the hiring process. Once quality candidates are hired, employers must provide working conditions that are conducive to retaining such workers.

Regardless of which strategy is most realistic for the employer, action must be taken to address the talent shortage. Ignoring the problem will not cause it to disappear, as the shortage is likely to continue.

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