Unemployment in the US is at its lowest in the past 20 years. 60% of organizations wrestle to fill vacancies within 3 months. A 2018 research from Korn Ferry Institute says that this situation will get worse in the coming years. The shortage can reach 85.2 million by 2030 and can cost trillions of USDs in lost opportunities. The global skill deficit is likely to hit the US worst. Its impact can escalate to an extent that it can hurt the US’s chances of sustaining tech-leader-of-the world title.

That’s just one side of the spectrum, the other is slackening talent side.

The talent demand acutely outranks its supply. But how well this supply side is equipped? In-demand skills are consistently evolving into better, newer skill sets and job security has become a privilege of the extinct dinosaur era. Competition for competent candidates is on the cards and existing sourcing system will at best fail to address the dearth.

In short, we need to start preparing. Our start-off opportunity was 10 years back!

The Glistening Demand Spectrum!

Financial service industry will be the hardest hit. In the next 2 years, disruptive technologies will create a need for three million workers globally. By 2030, this shortage could spike up to 10.7 million people and a loss of USD 1.3 trillion alone.

Growth in 54% of technology, telecommunications and media companies is thwarted by the digital skills gap. What’s more concerning is this gap is widening. Korn Ferry’s research says that by 2020 these industries will be short of 1.1 million workers globally. By 2030, this deficit will reach 4.3 million and will cost USD 450 billion in unrealized revenues.

7.9 million people will be needed in the global manufacturing industry by 2030. This shortage will lead to USD 601 billion in lost revenues. Other industries too are bleeding dry.

Source: Korn Ferry

The Slippery Supply Spectrum!

Most jobs are changing, developing and re-shaping as the industries subsist to evolve. Shelf life of skills has shrunk to 6 years and is further shriveling. Continuous calibration and up-gradation of skills in line with existing trends and developments have now become imperative for professional growth. Professional certifications and training come with added benefits:

• Improved self-confidence: Learning a new skill can get the employee new tasks at the workplace and can also enhance her value-proposition to employers. Employers seek driven, skilled and knowledgeable candidates.
• Improved marketability: Up-skilling keeps employees in-tune with the developments in their field and keeps them relevant.
• Greater resourcefulness: Better skilled employees are more resourceful. Needless to say, more growth-oriented.

The 8-Step Suit for Professionals:

Professionals can upgrade themselves by:

• Conducting market research: Find out skills that you need to upgrade and the ones employers are looking for. What skills add value to your organization? See current job postings. See roles you can get with additional training.
• Assessing yourself: Identify gaps in your skills. Create a checklist of skills that are required and that you already have.
• Planning forward: See your schedule comfort. Plan of what extra you can accommodate in there.
• Look for courses.
• Get trained and certified.
• Volunteering: If jobs aren’t immediately available, volunteer and keep your skills running.
• Develop a strategy to convey your skills to employers. Hone your CV and cover letter. Write your elevator pitch.
• Find a mentor or a coach!

A Ripple-Free Route for Employers!

In the next 12 years, demand for certified skilled workers will skyrocket. The dearth will be considerable in knowledge-intensive industries. Ripple effects will be seen in other industries. Jean-Marc Laouchez, President of the Korn Ferry Institute says “Constant learning—driven by both workers and organizations—will be central to the future of work, extending far beyond the traditional definition of learning and development.”

Investing in training initiatives and fostering a culture of continuous learning will give your organization the best competitive advantage. Calibrate your strategy to focus on improving the skills of current and new employees. Walmart, CVS Health and Starbucks are already doing this to promote talent mobility among internal employees. LinkedIn is using these initiatives as perks. How do you plan to take this forward?