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Finding talent isn’t limited to looking outside the company but also harnessing individuals within your existing workforce. Attracting and retaining employees is one of the biggest challenges for many businesses especially now that the world of work is currently experiencing the highest talent shortage since 2006, reaching 75% in 2022.
Many employers expressed the difficulty in finding the talent they need and filling up job roles that require both technical and soft skills. According to the World Economic Forum’s Future of Jobs Report, 50% of all employees will need to reskill by 2025 to stay competitive.
Quick Statistics
| Top 5 In-Demand Roles | Top 5 Soft Skills | |
| 1. | IT & Data | Reliability & Self-Discipline |
| 2. | Sales & Marketing | Resilience & Adaptability |
| 3. | Operations and Logistics | Reasoning & Problem-Solving |
| 4. | Manufacturing & Production | Creativity & Originality |
| 5. | Customer Facing & Front Office | Critical Thinking & Analysis |
Source: Manpower Group
3 Keys to access talent
In 2020, CXC continued to share approaches to accessing talent even while we’re experiencing lockdowns all over the world due to the Covid-19 pandemic. In our guide, we’ve identified three main factors to consider to help your business find, secure and retain employees. These are
- Establishing a quality strategic workforce plan
- Establishing a quality talent acquisition strategy
- Adapting your business, hiring and talent management approach to the new generational impacts in the talent marketplace
Now that the world is bouncing back and adjusting to the new normal, there’s no denying that the disruptions caused by the global pandemic, millennials entering the workforce and digital technology rapidly taking over will create new challenges that will continue to affect the future of work for many years.
These three key factors can help address the biggest challenge at present: talent shortage. Assuming that the new generation entering the workforce is competent and well-equipped with knowledge and skills to fulfill the roles required in in-demand jobs across all industries, it’s time for organizations to assess, reimagine and consider how they can access strong talent within their existing workforce.
Addressing Talent Shortage
Accessing talent in a time of talent shortage is an HR challenge that can be addressed with the help of the three key factors mentioned earlier. Here are five initiatives that organizations can apply for long-term and sustainable talent acquisition.
1. Forecast future workforce requirements
Part of strategic workforce planning is recognizing what the organization needs in the future. What new roles will be adopted to operate new technologies? Will there be a need to outsource functions? Look at the bigger picture and estimate how many employees with the required skills your company will bring in to continue meeting business objectives
2. Invest in upskilling your employees
Reskilling and upskilling are solutions to the talent shortage. There are many advantages to investing within your workforce and helping them develop new skills. Design assessments and consider mentoring programs and apprenticeships that will help them transition into new roles in the company. According to research conducted by the MIT Sloan Management Review, offering lateral career opportunities is 12 times better at retaining employees than promotions.
3. Strengthen talent development strategy to monitor progress
Regardless of the size of the business, talent development strategies are important to sustain future talent needs in the company. Create a strong monitoring system that tracks employee progress. It’s important to emphasize that employees prefer the quality of their productivity measured than quantity. Give them the program, space, trust and flexibility to perform their best and produce the highest quality of work.
4. Update your recruiting and hiring strategies
New hires are essential to the company. As millennials continue to dominate the workplace, their number will reach 70% by 2030. Include new strategies in attracting new talent using available technologies, data-driven decisions and updated referral programs that connect with the new generation in the workforce. The recruitment process is transforming and becoming more convenient because of digital technology. A mobile-centric hiring process can be a good first step in attracting talent in the digital age.
5. Partner with a trusted contingent management solutions provider
Consider working with a talent solutions provider with a strong global reputation to guide your business in finding the right talent for your company. Talent delivery now requires both local and international knowledge in dealing with labor laws and compliance in different countries to make sure that access to talent is maximized. CXC has a vast, robust and reliable network of teams and tools that will connect organizations to the rapidly changing talent marketplace.
CXC is a global HR outsourcing organization with 30 years of experience in workforce management. Our innovative and cost-effective solutions help companies gain a competitive advantage by improving efficiency while reducing risks.
Contact CXC today to start enabling your future workforce.
