Talent Shortage Emerging as Top Threat to Companies June 15, 2019

Talent Shortage Emerging as Top Threat to Companies

According to a recent survey from Gartner Inc. talent shortages have become the leading risk for companies worldwide in 2019.

Garter surveyed over 130 executives and saw that talent shortages had surpassed cloud computing and accelerating privacy regulation as the number one risk to companies this year.

It’s becoming harder and harder to find a specialist in high-risk positions like AI Robotics.

Of the 137 executives surveyed roughly 60% identified talent shortages as their company’s biggest concern. The industries most impacted by the lack were consumer service, retail and hospitality, government, industrial, manufacturing, financial assistance, and nonprofit organizations.

Its recommended by Gartner that the hiring manager teams up with HR and identify possible areas which might become vulnerable, for example, hiring a specialist in data protection or data analysis to prevent future risk. This has become a tall order in a market with low unemployment and a need for specialized labor. The solution may come in the form of refocusing their needs. Instead of looking to recruit workers who would be able to jump in and contribute an employer immediately may think of reskilling or training new talent that isn’t entirely qualified but could learn, this increases the talent pool. Companies are looking towards universities to scout talent in this criterion and have found success.

For companies who are finding a candidate who can immediately jump in and can’t afford the time needed to develop talent should rethink their process. Tactics like hiring abroad have been easy ways to expand the candidate pool. Offering endless benefits such as remote work options, maternal and paternal leave, and flexible scheduling are great ways to make your position stand out. A sure-fire way to attract top talent in a competitive market is through money. Reviewing your compensation packages and offering competitive wages will see results in their recruiting campaigns.

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