Close to 70% of firms surveyed by ManpowerGroup are reporting difficulties hiring skilled workers, causing global talent shortages to “reach a 15-year-high.” Combined with COVID, The Great Resignation (or rather The Great Reprioritization), and a scarcity mindset, the outlook for hiring skilled labor may at first appear bleak.
This realization that companies cannot fill all of their open positions by hiring domestically is backed by hard data. Currently there are 10.4M jobs available in the US, and only 7.674M unemployed. Even if every one of those jobs was filled and there was 0% unemployment, there would still be 2.726M jobs without any domestic candidates left to fill those positions.
However, because of the pandemic, we know that even large enterprises can adapt and innovate if they have to. The Great Realignment is an opportunity for companies to also reconsider their priorities and make sure they align with the people they want to hire. According to the Washington Post, diversity and inclusion in the workplace aren't a preference for Millennials and Gen Z. They're a requirement.
Unfortunately for those with a scarcity mindset or an "America first" perspective, there really aren't many solutions... And even for companies willing to hire internationally, the logistics may be daunting.
But the global economy can't afford dated mentalities and practices when it comes to finding the right people. 85M jobs could go unfulfilled by 2030, which would cost the global economy $8.5T USD.
But this isn't yet a loss, and these numbers are actually potential profits for those companies that do solve the talent shortage for their own company and positions. Companies just need to adapt and innovate, and diversify how they hire. They should focus on working with companies that match skills and upskill so that there are needs-based matches and a consistent stream of new talent.
So even though there are layers of issues facing companies today, there are also intersectional solutions that can solve more than one problem at a time. By hiring diverse, skilled talent, companies can fill talent shortfalls while also helping to hire and retain younger talent… not to mention all of the other benefits of a diverse workforce.