One notable change is the supply of talent, an ongoing concern for executive search and recruitment firms alike.
According to a report by Allegis Group, global talent, staffing and recruitment services firm there are notable trends influencing the changing nature of talent – Hunts Canlon reports.
In its newly released ‘Global Workforce Trends Report’ they provide a breakdown of major economic and demographic statistics and trends influencing the supply of talent – which can be seen below.
1. Changing Demographics
Global population changes including the retirement of a disproportionately large generation of older Baby Boomers in many countries are leaving a workforce shortage behind them.
Furthermore, shifts from manufacturing to service-based economies, or vice versa, also add pressure to workforces in certain areas. These pressures, both demographic and economic, are reflected in key productivity measures such as gross domestic product (GDP).
New technologies are putting a premium on emerging skills and companies will grow increasingly dependent on science, technology, engineering, and math (STEM) fields of expertise.
The increasing demand for technical skills spans both IT and manufacturing sectors and this trend is accelerating. Regardless of location or industry, companies around the world will find themselves struggling to address new demands for technical skills.
3. Workforce Strategies
Shifting economic conditions, demographics, and skills demands are influencing the way firms hire.
The maturity of talent strategies still varies greatly from country to country, but companies in nearly every region are experiencing pressure to get creative in expanding their talent supply.
Organisations are increasing their use of flexible workers, boosting their commitment to developing current employees, and improving visibility and planning for future skills needs.
Allegis Group’s Director of Labour Market Business Intelligence, Ron Hetrick comments: “Workforce trends not only vary widely among regions, but they are enormously complex, and the pace of change is accelerating.
“Today’s trends underscore the continuing pressures of shrinking talent supply, rising demand and industry competition. As employers look to the future, they see that traditional workforce management approaches may no longer fill the gaps.”
The Group outlined three areas where successful talent organisations will need to focus their efforts:
- Adding flexibility/being open to different types of worker
- Optimising internal talent - an employee-first approach applies active training and skills development to fill workforce needs.
- Commitment to change - an effective talent partner goes beyond filling roles and finding workers, applying strategy, expertise and technology to help clients navigate changing talent needs.