ManpowerGroup’s Talent Shortage Survey : Talent is becoming the key competitive differentiator

“ManpowerGroup surveyed nearly 40,000 employers across 39 countries and territories during the first quarter of 2011 to gauge the impact of talent shortages on the global labor market. The results of the sixth annual Talent Shortage Survey reveal a modest upward trend in the percentage of employers having difficulty filling positions due to lack of available talent.” [1]

“Despite the slow and uneven recovery from the global economic downturn and lingering high levels of unemployment in many markets, organizations around the world still report that they cannot find the talent they need when they need it. They are looking for evermore specific skill sets and taking longer to fill job vacancies as they wait for the economy to fully rebound and their businesses to get back to “normal.” But global economic forces have strained existing models and systems to such a point of tension that they are no longer sustainable. There will be no return to the pre-recession “business as usual.”

“Instead, organizations are operating in the “new normal,” where the economic pressures of the last few years have forced them to do more with less, and they’ve discovered that they can accomplish amazing things despite reduced resources—as long as they have the right people in place. Talent is becoming the key competitive differentiator, and countries and companies with access to the right talent are positioning themselves to succeed in the rapidly changing world of work.

“As we enter the Human Age, when human spirit and potential will become the driving force behind enterprise and innovation, having the right people in the right place at the right time becomes more critical than ever. Yet, as the global economic recovery continues, employers report increased difficulty filling open positions, despite an apparent surplus of talent amid high unemployment.”

Key findings: (quoted from the report)

• ManpowerGroup research reveals employers in India, the United States, China and Germany report the most dramatic talent shortage surges compared to last year. In India, the percentage of employers indicating difficulty filling positions jumped 51 percentage points.
• Nearly one in four employers say environmental/market factors play a major role in the talent shortage—employers simply aren’t finding anyone available in their markets. Another 22% of employers say their applicants lack the technical competencies or “hard” skills needed for the job, while candidates’ lack of business knowledge or formal qualifications is the main reason identified by 15% of employers.
• Approximately three-quarters of employers globally cite a lack of experience, skills or knowledge as the primary reason for the difficulty filling positions. However, only one in five employers is concentrating on training and development to fill the gap. A mere 6% of employers are working more closely with educational institutions to create curriculums that close knowledge gaps.
• The interviews were conducted in 39 countries and territories: in 10 countries throughout the Americas, across eight countries and territories in Asia Pacific and across 21 countries in Europe, the Middle East and Africa (EMEA).

Source & details :