Finding talented employees to do your bidding has probably never been more challenging. In the past, the number of economic opportunities was relatively small, and there were legions of young workers, ready and willing to fill the ranks.
That’s no longer the case. With shifting demographics, a general aging of the workforce, and fewer people actually holding down a job, it’s a different world out there.
By some estimates, the talent shortage in the U.S. is now worth a whopping $8.5 trillion dollars. In other words, if the country could somehow figure out a way to fill all the positions advertised, the economy would be 40 percent bigger.
As such, the global talent issue is now ranked as the number two concern among global leaders. Despite all the investment in education over the last 20 years, the economy still isn’t producing the type of workers that businesses need. University students are going in the direction of the arts, while companies are looking for people with science backgrounds, particularly geared towards tech.
What’s Driving The Talent Gap?
But it’s not just secular trends like demographics and early educational choices that are growing the talent gap. It’s also the attitude of workers. Employment attitudes are changing, and no matter how much old-school entrepreneurs rail against it, that’s now the reality. With theGreat Resignation in full swing and no signs of slowing down, according to https://www.cnbc.com, we’re looking at a generation of people who are dissatisfied no matter what they do. Millennials don’t want to accept employment on traditional terms. They can see that there is something wrong with the current setup, right at the core. It’s just not friendly. It’s not life-affirming enough. Work should offer more than it does, something that https://www.learningbank.io/future-of-work-universe calls “work 3.0.”
What’s The Solution To The Talent Gap?
With that said, it does look like employers are responding (though in a mixed and haphazard fashion). Many, for instance, are looking for ways to get workers to stay in their roles. One change in mindset is employers looking for ways to make their workers’ lives better, not just customers. This paradigm is so groundbreaking that ten years ago it would have been unthinkable, yet after the pandemic and the war, that’s where we are.
Employers strongly believe that their customers are still their most important stakeholders (and many will go to the grave believing that). But we’re seeing a more integrated philosophy now that takes workers into greater consideration. You might demand the best customer service in the world, but how are you going to get it if all your employees are miserable and hate their jobs? It’s just not going to happen.
In 2021 and the first part of 2022, an astonishing 55 million workers left their posts and tried to find new careers. This exodus took place from the C-suite all the way down. People just aren’t satisfied anymore, and they won’t stop moving until things change. Companies should respond by doing some heartfelt soul-seeking on the subject of who they really are, and who their most important stakeholders are. Employees are just too valuable to treat as disposable.
Ritik Singh
Admin
Sarah Williams
Rachita Kotian