Talent shortage on the rise globally

Talent shortage on the rise globally

However employers still lack strategies to overcome the challenges

SINGAPORE, 22 June 2015 – The proportion of global employers reporting talent shortages is at a high of 38 per cent since 2007, with Japan employers topping the list at 83 per cent.

In 2007, the difficulty level was 41 per cent. However, more than 20 per cent of employers are still not pursuing any strategy to overcome these challenges.

The findings were released by global workforce expert ManpowerGroup (NYSE: MAN) in its 2015 Talent Shortage Survey (TSS), in which 41,700 hiring managers in 42 countries and territories were surveyed in the 10^th annual survey.

Globally, the top five talents that are hardest to find are skilled trade positions (especially chefs, bakers, butchers, mechanics and electricians), sales representatives, engineers (mechanical, electrical and civil), technicians and drivers (particularly of heavy vehicles), says the Milwaukee-based company.

In Singapore, the top five positions that are toughest to fill are: accounting and finance talent, sales representatives, engineers, secretaries (including receptionists and administrative assistants), and marketing, public relations and communications specialists.

Ms Linda Teo, ManpowerGroup Singapore’s country manager says that of the 234 respondents in Singapore, 40 per cent of them say they find it hard to fill these positions.

However, she adds: “At the same time, employers do not seem to show an urgency to put into place strategies not just to tackle the talent shortage but to stay ahead of the curve to find individuals to meet their business needs.”

Ms Teo attributes the shortage to “widespread restructuring that is sending tremors across sectors, with shocks being added from a tightening labour market”.

-end of summary release / expanded release on p2 and 3-

Expanded media release

Talent shortage on the rise globally

However employers still lack strategies to overcome the challenges

SINGAPORE, 22 June 2015 – The proportion of global employers reporting talent shortages is at a high of 38 per cent since 2007, with Japan employers topping the list at 83 per cent.

In 2007, the difficulty level was 41 per cent. However, more than 20 per cent of employers are still not pursuing any strategy to overcome these challenges.

The findings were released by global workforce expert ManpowerGroup (NYSE: MAN) in its 2015 Talent Shortage Survey (TSS), in which 41,700 hiring managers in 42 countries and territories were surveyed in the 10^th annual survey.

Globally, the top five talents that are hardest to find are skilled trade positions (especially chefs, bakers, butchers, mechanics and electricians), sales representatives, engineers (mechanical, electrical and civil), technicians and drivers (particularly of heavy vehicles), says the Milwaukee-based company.

In Singapore, the top five positions that are toughest to fill are: accounting and finance talent, sales representatives, engineers, secretaries (including receptionists and administrative assistants), and marketing, public relations and communications specialists.

Ms Linda Teo, ManpowerGroup Singapore’s country manager says that of the 234 respondents in Singapore, 40 per cent of them say they find it hard to fill these positions.

Ms Teo attributes the shortage to “widespread restructuring that is sending tremors across sectors, with shocks being added from a tightening labour market”.

Need to explore talent gaps

However, she adds: “Employers do not seem to show an urgency to put into place strategies not just to tackle the talent shortage but to stay ahead of the curve to find individuals to meet their business needs.

“Today, merely recruiting and placing candidates will not yield results. Employers need to encourage a learning culture among their employees and to get them to chart their own careers.”

Employers also need to explore untapped talent pools such as youth and older workers, and look to enhancing benefits, she says.

Such strategies are necessary as the talent shortages may have a negative impact on business.

The most likely consequences are a reduced ability to serve clients (42 per cent) and reduced competitiveness and productivity (42 per cent). In addition, 30 per cent expect an increase in employee turnover and 26 per cent anticipate lower employee engagement and morale.

Across the world, countries such as Peru, and Brazil and Romania are also finding it tough to fill positions in 2015, with difficulty levels ranging from 61 per cent to 68 per cent.

In Asia Pacific, the proportion of employers who report talent shortages stands at 48 per cent. Apart from Japan, the lack of talent is also a concern in Hong Kong (65 per cent) and Taiwan (57 per cent). However, talent inadequacies are least likely to be a concern for Chinese employers (24 per cent) given the country’s huge population forming a formidable workforce.

Employees’ side of the story

On the flipside, a global career survey of employees released April, sheds light on talent shortage from the other side of the fence.

Findings from the Global Career Aspiration Survey by Right Management, the global career experts within Manpower Group, signal a disconnect between employee aspirations and the performance demands of employers worldwide.

The survey finds that only one in 10 of employees define career success as high performance and productivity. Further, 45 per cent of respondents rank work-life balance as their No.1 career aspiration, and the top definition of workplace success is enjoyment and happiness.

Says Ms Teo: “Understanding employee career motivations and aspirations are key to creating a high performance culture that motivates individuals to do their best work.

“When people have ongoing career conversations with their managers, they experience effective career development and are more likely to be engaged, motivated and ready to take on new challenges.”

The Global Career Aspiration Survey was commissioned by Right Management in Q4 2014 to better understand career motivations and how perceptions are shifting in the workplace. The survey included results from 1,225 respondents in countries such as Canada, USA, Australia, India and Singapore.

Box story: Why it’s tough finding talent

ManpowerGroup’s 2015 Talent Shortage Survey found five key reasons for organisations’ difficulty in filing jobs:

• Lack of available applicants – 35 per cent
• Lack of technical competencies (hard skills) – 34 per cent
• Lack of experience – 22 per cent
• Lack of workplace competencies (soft skills) – 17 per cent, and
• Looking for more pay than is offered – 13 per cent.