Disruptive technologies have paved way for organizations to build growth-oriented business processes. However, the industry has been unable to keep up to fulfil its demand for talent to run these processes. Technologies such as Blockchain, data science, machine learning, artificial intelligence are leading industry towards increased productivity and improved bottom-line, but the industry is failing to hire talent that can work on these technologies efficiently.
A recent survey conducted by Manpower Group found that globally 45 percent employers are unable to find required talent. This lack of talent isn’t limited to one economy, instead it is a wide-spread problem. Every economy is struggling to meet its demand for qualified talent. Instead of shortening, this lack of talent seems to be increasing every passing year. In 2018, the industry recorded the highest shortage of talent in the last ten years. As per Korn Ferry report, global shortage of talent will reach 85 million.
This talent shortage isn’t limited to a particular industry or a company, it is wide-spread. Companies of all sizes are reeling to meet their talent needs. Enterprises, however, among other companies are the worst hit due to scarcity of talent. As much as 67 percent large-sized companies find it extremely challenging to hire talent, according to an infographic report from CredForce.
Globally, U.S.A, and Northern Europe are facing extreme difficulty in hiring talent due to increase in demand of talent. India, China, and other Asian countries are facing comparatively less difficulty to hire talent skilled in disruptive technologies.
Looking at this grave landscape companies are coming up with in-house re-skilling programs to train existing workforce and equip them with required skills. This has birthed upskilling and reskilling platforms that are trying to dilute the repercussions of skill shortage and provide people with career growth opportunities. Universities and educational institutions are in pursuit to overcome this shortage with their targeted programs.
Re-skilling and upskilling programs have amassed popularity among people seeking growth in their careers. Certifications in emerging technologies have also come up providing a way for people to learn new skills. Shortage of talent is being recognized across the world, and industry is slowly moving towards with innovative way to fill it. Still there’s need for new ways to re-skill and up-skill workforce to meet the demand for talent. As new technologies find more adoption among companies, the demand for talent will increase, may be creating a wider gap. Until then re-skilling and upskilling programs are good ways to reduce the gap.