Blog

09
Jul

TAP Build Talent to Bridge Skills Gaps and Worker Shortages

News about skills gaps and worker shortages becomes more and more urgent as news about automation and artificial intelligence increases. Urgency, however, isn’t necessarily negative. It doesn’t necessarily predict disaster. The urgency to close a skills gap and hire workers can also be a positive force for businesses and their employees. Businesses, especially those with tuition assistance programs have an opportunity. They can focus on workforce development rather than be impacted by workforce conditions.

Jonas Prising, Chairman and CEO of ManpowerGroup, suggests that employers can become “builders of talent for today and tomorrow.” He says this is an important business strategy for both employees and profitability. “Developing the right blend of people, skills, processes and technology is the only way to execute your business strategy, create value and improve people’s lives.”

According to the 2018 Talent Shortage Survey from ManpowerGroup the time for employers to plan how to close their skills gaps and worker shortages is now. In the survey of 39,193 employers in 43 countries, 45 percent of employers couldn’t find people with the skills they need. In larger organizations of 250 or more employees, 57 percent of employers reported talent shortages this year. And these gaps and shortages are going to continue.

The World Economic Forum report Towards a Reskilling Revolution: A Future of Jobs for All predicts that 1.4 million jobs will be disrupted by technology or other factors between now and 2026, in the US alone. Unemployment is at the lowest level since 2008. The Bureau of Labor Statistics shows that employment is increasing by an average of 170,000 jobs per month. Baby boomers are retiring leaving open positions that require training and expertise, and industries are adopting technology, all of which means that new jobs are being created faster than they can be filled, says Jim Link, chief HR officer of Randstad North America.

A valuable strategy for employers as they plan to close their skill gaps and worker shortages is to focus on using their tuition assistance plan. Employers who offer tuition assistance to their employers have a built-in advantage that will help them avoid current and future skills gaps and worker shortages. Employees who seek additional skills or higher education are employees who will bring in-demand talent to the business. Their willingness to learn and adapt to new technologies make them valuable assets as employers implement growth and development strategies that help their business be competitive globally. Investing in employees to build the talent a business needs now, and can see it will need in the future, is a vital and practical strategy.

Tuition assistance plans that include opportunities for employees to develop their talents will offer a positive return on the investment. TAP will maximize employee talent and optimize employment opportunity – wins for both business and employees. Employees are challenged to contribute their best when they have opportunities to develop skills that are recognized and utilized in the company. When employees have opportunities to advance to new positions that utilize their skills and knowledge they find job satisfaction. Through employee advancement businesses find solutions to skills gaps and worker shortages while they realize a positive return. Dr. Tomas Chamorro-Premuzic, Chief Talent Scientist at ManpowerGroup explains it like this. “Companies that manage to create that culture of curiosity and nurture their workforce’s “hungry mind” can be expected to outperform their less curious rivals in the future.”