Global talent shortages reach 16-year-high

Two-thirds of employers plan to hire extensively over the next 12 months

Global talent shortages reach 16-year-high

Three in four (75 per cent) employers globally are having difficulty finding the talent they need, the highest in 16 years, according to a report from ManpowerGroup.

This has been growing over the past decade. Global talent shortages stood at 31 per cent in 2010, jumped to 34 per cent in 2011 and to 38 per cent in 2015, followed by 40 per cent in 2016, 45 per cent in 2018, 54 per cent in 2019 and 69 per cent in 2021.

And employers of all sizes – from large (77 per cent), medium (75 per cent), small (74 per cent) to micro (71 per cent) – are having difficulty finding the talent they need, according to the latest report based on a survey of more than 40,000 employers globally.

Nearly half (47 per cent) of employers are planning to hire during the third quarter while about a third (34 per cent) of employers are looking to keep their workforce levels steady. Meanwhile, 15 per cent expect to see staffing decrease, finds Manpower.

Two-thirds (66 per cent) of employers plan to hire extensively over the next 12 months, according to a separate report released in February.

“While it's encouraging to see employers have the intention to hire workers, it's been increasingly difficult for them to find the talent they need,” says Jonas Prising, ManpowerGroup chairman and CEO. "On top of the skills gap challenge, employers are dealing with wage inflation and competition for workers, as many are switching industries altogether to better suit their lifestyle… The need for organizations like ours to focus on reskilling and creating talent at scale has never been more important.”

While many recent surveys have shown that providing training opportunities for employees is an excellent tool for attraction and retention, a new survey shows that employers are lacking in this area.

In fact, only 21 per cent feel confident there are enough skills in-house in their company to achieve future growth.

One of the most compelling reasons to invest in skilling, reskilling and upskilling is that it can prove just as beneficial for your employees as for your business, according to Randstad.

“Individuals who are given the time and opportunity to develop their skill sets and learn new things will get a greater sense of fulfillment from their jobs. They will also increase their value to the company, putting them in a stronger position to receive higher pay, and boost their future employability.”

 

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