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The Herman Trend Alert
June 18, 2014 Global Talent Shortages Revealed The results in the new annual Talent Shortage Survey from ManpowerGroup are aligned with our recent forecasts: global employers continue to struggle with talent shortages. This massive study of more than 37,000 employers in 42 countries and territories found that 36 percent of global employers are having difficulty finding candidates with the right skills to fill their open positions. This percentage is at its highest level since 2007. Globally, employers in Japan have the worst talent shortages (81 percent). However, significant shortages were also reported in Peru (67), India (64), Argentina (63), Brazil (63), and Turkey (63). In fact eleven countries had over 50 percent. In both the United States and elsewhere, the hardest category to fill is "Skilled Trades". Globally, the order is 2) Engineers, 3) Technicians, 4) Sales Representatives, 5) Accounting & Finance Staff, 6) Management /Executives, 7) Sales Managers, 8) IT Staff, 9) Office Support Staff, and 10) Drivers. In the US, not only are there different categories, but they are in a different order: 2) Restaurant & Hotel Staff, 3) Sales Representatives, 4) Teachers, 5) Drivers, 6) Accounting & Finance Staff, 7) Laborers, 8) IT Staff, 9) Engineers, and 10) Nurses. Domestically, the surprise for us is that more categories are not in healthcare. Additional key findings serve to provide additional evidence: more than 50 percent of global employers reporting talent shortages said those shortages had a significant impact on their ability to meet client needs. Moreover, 40 percent said that shortages reduce their competitiveness/productivity. The good news is that some employers are taking steps to address these shortages. Almost half of them who are addressing talent shortages are doing so through "alternative people practices". Manpower defines alternative people practices to be training and development for existing staff and utilizing non-traditional or new recruitment practices. In addition, this study found that one in four employers are "exploring new talent sources". Employers are taking other steps as well: 23 percent are implementing alternative work models (including increasing the focus on their talent pipeline, redesigning current work procedures, or integrating contingent workers). Furthermore, more than one in five (22 percent) of employers who are experiencing talent shortages are not presently pursuing strategies to address such shortages. What these results mean to employers is that now and moving into the future, it will be imperative for them to become Employers of Choice¨---if they want to attract top talent and optimize their profitability.
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