Abstract: This paper talks about the talent mismatch caused by skills shortages around the world. The paper reports on the difficulty experienced by employers all around the world in recruiting highly skilled workers who meet their strategic or long term goals. It cites the jobs noted by Manpower Group’s 2011 Talent Shortage Survey for which positions were hardest to fill by the employers all around the world. This paper also highlightsmajor business trends that are converging into a workplace. This paper also suggests employers to develop long-term recruitment strategies, sound job training strategies and appropriate retaining strategies. While it also suggests workers to have long term career planning that includes assessment of major skills required in the marketplace, strengths and areas of interest to ensure employability in ever changing work environment.
Keywords: Talent Mismatch, Talent Shortage, Difficulty filling jobs, Labor shortfall, Talent Gap
The demand for skilled labors in the global marketplace over the past decade and a half has been growing rapidly. Despite global economic meltdown, recession and colossal rate of unemployment in many countries the demand for talented individuals in the marketplace has not declined, instead the demand for highly skilled labor has been rising. However, on the supply side, due to talent scarcity, many jobs are left unfilled. According to the recent survey conducted by human resource solutions firm Manpower (2011), 52% of UScompanies reported difficulty in filling out the jobs.Remarkably, the data from the previous year, 2010 stated just 14% companies had difficulty in filling out the jobs. Similarly, a report by World Economic Forum in collaboration with Boston Consulting Group titled “Global Talent Risk: Seven Responses” stated that the employability will become a huge problem worldwide in coming 20 years; it stated that currently, only 25% of Indian and 20% of Russians are deemed employable by multinationals. Furthermore, a talent shortage survey conducted by Manpower group in 2011 showed that employers in countries like Japan, India, Brazil, Australia, Taiwan, Romania, US and Argentina has some of thehighest rate of difficulty filling out the jobs with Japan leading by 80%, followed by India 67%. Similarly, 54% of employers in Brazil and Australia also reported difficulty in filling out the jobs while Taiwan, Romania, US and Argentina reported 53%, 52% and 51% respectively. What is important to notice is that all the employers in these countries cited “lack of available talent” as a main reason in difficulty to fill out the available positions. The research conducted by the Manpower group revealed that, globally one out of three employers experienced difficulties in filling positions due to lack of available talent. These data show certain trends in the job market. First, the data implies that employers are finding it very difficult to fill in the jobs. Secondly, it suggests that talent crisis is creating problems for human resource management professionals to find so called “theright candidate for the right job”. Clearly, what we are seeing is a talent mismatch(Tammy Johns Harvard Business Review 2011). It simply means that employers are not able to find the right candidate for the job or the job seekers aren’t well suited for the available job in the marketplace. To sum up people available do not have the talent needed. There is a mismatch between the talent offered and the talent required. So what makes it difficult for employers to find the perfect employees who would exactly fit for the job? Who is to blame? Is it the poor human resource management within an organization who is unable to devise a sound job description and thorough job analysis or is it the lack of skilled and talented work force in the job market whose talents and skills completely mismatches with the requirements of a prospective employer? This paper...