The “Global Talent Shortage” is a buzzword that everybody uses nowadays. But what does it mean? The most used definition I found was that employers cannot find the people they need with the right blend of technical skills and human strengths.
The talent shortage is a significant concern in the U.S. economy, with the overall talent deficit expected to reach 600,000 by 2030 in the financial and business services sectors alone. This issue is closely followed by China, Japan, Germany, and the U.K.
The Semiconductor Industry Association (SIA) released a study on July 25, 2023, that highlighted a pressing issue: the U.S. is currently grappling with a substantial shortage of technicians, computer scientists, and engineers. According to the study, there is a projected shortfall of 67,000 workers with these skill sets in the semiconductor industry. This talent scarcity is not limited to the U.S. alone, as evidenced by ASML’s quest to hire an additional 4,000 engineers. Clearly, this issue is not confined to one region but can indeed be classified as a global shortage.
The impact of the talent shortage can have far-reaching consequences. It can lead to a series of challenges, including increased costs, decreased productivity, and missed opportunities for growth. It can also create social unrest as people who can’t find good jobs become frustrated and angry. Fortunately, there are strategies businesses can use to overcome the talent shortage.
Look beyond the resume and the available position
At Trymax, we look for hidden talents, growth potential, and the broader contributions an applicant can make to the organization, rather than just matching their qualifications to the job description at hand.
Nurture existing talent within the company
We invest in the growth and development of our employees to help them reach their full potential while contributing to the company’s long-term success. It’s a proactive approach to talent management that benefits both the individual employees and the organization as a whole.
Take a data-driven approach to recruiting, e.g. sourcing analysis
Data-driven methods can enhance recruitment by improving decision-making, efficiency, and candidate experience while reducing costs and biases.
Involve employees in the process of finding new team members
This can be achieved through initiatives like an employee referral program, and also by including employees in the interview process. Their insights are invaluable for describing the job responsibilities and providing a glimpse into the work culture at Trymax.
Once hired, the next concern is how to keep talent. It is widely acknowledged that top-notch professionals are more likely to leave an organization if they find the company’s processes disengaging. Top-notch professionals are driven by a combination of challenging work, opportunities for growth, recognition, and a positive work environment. This is precisely the ethos we uphold at Trymax. We ensure that talent feels responsible, well-accepted, and respected in their team and the organization. In other words, every person is seen and recognized.
This post first appeared as part of the Community Reflections Article in the 2024 3D InCites Yearbook.
