Finding solutions for global talent shortages has been a work in progress, as: employers, governments, and industry thought leadership strive to understand the dynamic complexities of an increasingly global economy. While change is a constant in world history, the magnitude of the changes in today’s modern, digital world are greater than ever.
The myriad of factors involved within each country’s unique economy and society present challenges that even big data is hard pressed to clarify. Nevertheless, there are bright minds at work developing analytical reports and strategies to meet global talent shortages. Let’s discuss some of their findings as we examine how international recruiting balances global talent shortages.
Thought Leadership on Global Talent Shortages in 2016-2017
We find some key insights about global talent shortages in ManpowerGroup’s “2016/2017 Talent Shortages Survey”, which tells us:
“40% of employers globally are having difficulty filling positions
The hardest skills to find:
- Skilled Trades
- IT Staff
- Sales Representatives
- Engineers
- Technicians
- Drivers
- Accounting and Finance Staff
- Management Executives
- Production/Machine Operations
- Office Support Staff
Why Employers say it’s hard to fill positions:
24% Lack of available applicants/no applicants
19% Lack of hard skills
19% Lack of experience”
The top ways employers are dealing with global talent shortages:
“53% Offer training and development to existing staff
36% Recruit outside the talent pool
28% Explore alternative sourcing strategies”
Countries in Asia and Eastern Europe are experiencing the greatest talent shortages; Japan placing at the top with 86% of employers having difficulty filling roles.
Understanding Global Talent Shortages
Online technologies, international trade agreements, and other globalizing trends have created interconnected global economies and societies like never before. The world is a smaller place in 2017, yet different: languages, currencies, cultures, migration laws, and business practices still divide countries from one another to some degree.
Talent migration has become more prevalent as industries and technologies evolve and require new skills and qualifications. Aging populations, generational work ethics, shifting economies, technological development, educational prowess, political upheavals, and an increasing global mindset – all factor into talent migration patterns in our modern time.
The emerging global economy is changing industry development from national to global strategies; instead of working in tandem with national educational institutions, industries are outpacing talent availability to keep up with global demand. National higher educational facilities, governments, and industries are out of step in producing and balancing talent availability, as rapid global development shapes growth strategies.
How International Recruiting Balances Global Talent Shortages
The recent stats we’ve highlighted from ManpowerGroup show us that half of employers are looking in-house to fill talent shortages, yet the next two strategies have to do with international recruitment strategies: recruiting outside of talent pools and exploring alternative sourcing strategies. Even with in-house retraining, previous positions will be left vacant, so finding fresh talent would be preferable.
International recruitment strategies will be part of future talent shortage solutions, as the global economy solidifies and national barriers become more transparent. Also, the mindset of younger professionals are in step with global objectives, and they’re more willing to relocate for work.
Finding talent to fill the gaps from international recruiting is an excellent way to balance talent shortages, as the pool of talent within other countries vastly opens up possibilities for employers. Big data and global recruitment expertise are developing innovative ways to understand where talent is located and facilitate recruitment processes.
Employers that develop effective international recruitment strategies will no longer have to suffer from talent shortages, thus, will gain a competitive edge and have international prowess in economic networking. The talent is available in the world somewhere, so the task then becomes finding vertical pools of talent (or closely related pools of talent) to fill in shortages with an attractive recruitment strategy.
Basically, international recruitment offers employers a way to fill talent shortages within the short-term future, rather than waiting for the lagging efforts of governments or vocational programs. The key is to develop an effective recruitment strategy that attracts talent within a determined budget, while keeping in mind the cost of perpetual talent shortages.
