The job vacancies have almost reached the level of saturation. 

Does this mean that the problem is one-sided and only for the employees and not the employers?

True to an extent, but the converse, that is, the scarcity of skilled workforce to fill the vacant positions as faced by the organization, is also a growing global concern for almost all the sectors nowadays. The number of unemployed individuals is not enough to fill all the vacant positions, this is commonly denoted as talent shortage.

As high as 45% of the employers accepted that the candidate pool lacks the desired skills or the qualifications, as required for the job position.

Hardest Jobs to Fill

Among all the sectors that are surging for employees, the job vacancies in sales and marketing, information technology, and engineering sectors are in the direst need of talented employees, as quoted in the report published by Manpower Group

The other sectors that are lacking sufficiently trained and qualified employees for recruitment include finance and accounting, marketing and industries requiring professionals in various fields.

Reasons Accounting for the Shortage

The reduced number of applications for a position, that is the disinterested attitude of the applicants towards a particular job, is the major factor that made it difficult for employers to recruit suitable employees.

  • 29% of all the surveyed employers considered the reduced number of applications as an important factor in hiking the global statistics of talent shortage, in the survey by Manpower Group.
  • The Society for Human Resource Management (SHRM) reported that 33% of the employers emphasized the lesser number of job applicants as an important factor in contributing to the huge employee surge. 
  • The lack of required experience is another crucial factor that magnified the global problem.
  • The dearth of demanded industry experience among the candidates is accepted to be the most important reason by 20% of the employers, in the surveys, executed by Manpower Group.
  • 36% of the recruiters considered experience shortage to be the most important factor, in Society for Human Resource Management (SHRM) reports.
  • Insufficient training of the candidates in technical or hard skills is also a prominent reason that makes the candidates unfit for getting recruited at a particular position.

The other most expected reasons contributing to the increase in the global talent shortage are the demand for higher salaries and other perks by the employees, the employees lacking human strengths and soft skills, and other problems prevalent inside of the organization. 

Skills that Goes Missing Among the Pool

To fulfill the requirement of a particular job position and to fit in the role, one needs to be trained in specific skill-sets. But the survey reports highlighted the fact that the applicants did not pay much attention in crafting their set of skills, be it the hard skills, or the soft ones.

Among all the top hard skills that the candidates lack, the trade skills, data science or data analytics, and engineering, medical and sciences, remain the most prevalent ones.

Talking about the missing soft skills, the skill to think critically, solving the problems accurately, complexity dealing and communication are the most prominent ones.

What Remedial Measures are the Organizations Practicing?

  • The organizations tend to incline more towards advertising and reaching out to the audiences over the most popular media.
  • Alliancing with institutions for developing skill-sets.
  • Reaching out to the RPO providers is one of the best remedial measures to implement. This helps in hunting for and filtering out the best candidates for the organization.
  • In-house employee training programs.
  • Offering better perks and promotions.