“With record talent shortages around the world, it’s no longer a question of simply finding talent; we need to build it.” — Jonas Prising, CEO, ManpowerGroup
With each new headline, it is becoming more and more evident that organizations need to prioritize their talent acquisition strategies now. The labor shortage is the worst in ten years, and 90% of American companies have job openings. Forty-six percent of US employers report difficulty in filling jobs with skilled trade workers, sales representatives and drivers – the hardest positions to fill.
The problem is not just an American one either. Globally, 45% of employers say they can’t find the skilled talent they need, up from 40% in 2017 and the highest in over a decade. Again, skilled trades positions — electricians, mechanics, welders are the hardest to fill, with IT roles jumping seven places from last year to take second place.
How are organizations responding to the talent crisis?
We are seeing a massive shift towards the training and development of current employees to fill the gaps. The number of employers using this strategy has doubled from one in five to over half. Most organizations already see the inherent value in training their talent. Firstly, it gives employees the opportunity to develop and progress within their career and the organization, a primary motivator in both seeking employment and staying with the company. Secondly, organizations get the talent and skills they need for future success in a way that is cheaper and builds employee engagement. Recent research by Deloitte shows that internal employees can develop the same skills as an external hire in 9-12 months at one-sixth of the cost.
In short, with learning and development initiatives, employees see a career trajectory and companies get the talent they need and desire; it’s a win-win. However, despite this, it would appear that many organizations are not quite achieving these desired outcomes primarily because they fail to align talent development initiatives with the organization’s strategic goals. In one study, only 27% of those involved said their learning is effective in helping achieve business goals, and only 52% believed their organization is ready to do anything about it.
So how do you solve this dilemma?
Simple. Make learning a strategic priority.
Aaron Laznovsky’s How Learning Drives Talent: Creating the Talent You Need In-House whitepaper explores in detail the steps organizations should take to accomplish this. He describes the six practices that help managers and employees put learning first. Namely, you must ensure that the learning is relevant, is integrated into the flow of work, is offered in easy to consume bite-sized chunks, is self-paced and supported, and ultimately the employee is rewarded, and achievements are noted.
Align learning with business goals
For learning to impact business outcomes, organizations must also ensure measures are taken to connect learning and enterprise value. Again, Laznovsky addresses this and offers sound practical advice that organizations can use to support the achievement of the critical business goals.
Working in tandem, making learning a strategic priority throughout their workforce, and aligning every learning and development initiative behind clearly articulated business objectives, is the way forward.
To get these steps and start preparing your workforce of the future today, download How Learning Drives Talent: Creating the Talent You Need In-House.