Be it any business year, one thing that refuses to change with time is the disparity between what employers want in their prospective employees and what is available in the market as talent.
Widening skill gap and diminishing sense of job security are two aspects that plague any industry across the globe with economic forces and academic inputs notwithstanding http://wordpressmode.com/.
Companies want “job ready” experienced candidates instead of “wasting” time.”
The pressing questions repeat every time someone does skill gap analysis.
· Who is responsible for the development of skills? Is the onus on employers, employees, academic institutions or government?
· What is the best way to tackle this demon? Where can it start?
· Can the employers and employees keep up with the speed of change? What is desirable today fades out as redundant tomorrow!
While the questions are not going away anywhere for a while, let’s pause and examine the causes behind this “mighty” problem:
· Investments for employee development see a cut during wilting economy
· Sharlyn Lauby (Founder of blog HRbartender, Author/Speaker & President @ITM group) makes a practically profound statement when she says, “Companies have to start thinking not only of hiring talent but developing talent”. Many senior leadership teams fail to recognize the impact of skill development, further leading to skill shortages
· Employees fail to match up the company speed and ambitions with respect to changes in strategy, goals, markets and business models
· Graduates having higher qualifications and degrees, but fewer “workplace skills” where the know more but can do less
· Companies pressed for time. They want “job ready” experienced candidates instead of “wasting” time on training potential performers. Also, the shift in job philosophy from ‘job for life’ to ‘temporary stints’, companies are not keen to develop talent for competitors
· Lack of inclusive macro-economic policies at state and central level that address the long-term vision to curb employee skill gap with consistent, multi-level measures
· Employees falling in either of these categories a) Doesn’t know there is a skill gap they need to address b) They are not motivated enough to develop the skill c) They don’t know ways or don’t get support to develop the requisite skill d) They fail to showcase/apply the developed skill
Taking cue from current trends, McKinsey projects that by 2020, global economy could face potential surplus of 90 to 95 million low skill workers and a shortage of about 38 to 40 million high skilled workers.
These statistics again harp on the need to identify the cause and workout a strategy to achieve the job skills balance.