New Workforce Segments to Address Talent Shortage

With 54% of companies reporting talent shortages globally, almost double what it was a decade ago, organizations need to shift their workforce demands closer to match the supply and meet the needs and desires of an increasingly in-demand workforce.  For example, according to new research from ManpowerGroup, Closing the Skills Gap: Know What Workers Want, 79% of employees who access free training like their jobs more. In addition to addressing the wants of workers, leaders and human resources must also take a critical look at their workforce and assess creative ways of bringing in a different type of talent.

That means cultivate communities of talent inside and outside the organization to complement existing skills. Here are ways to tap into new sectors of the workforce to solve organizational shortfalls. 

Reach out to retirees 

An aging workforce can be a valuable workforce, if harnessed in the right way. The institutional knowledge of workers approaching or after retirement can be put to work mentoring or working part time to better prepare the next generation. A proactive step could include a phased retirement and mentoring program. In these companies, segments of the workforce who are approaching retirement age effectively transition this knowledge to younger employees.

Be open to NextGen work 

A full workforce doesn’t have to consist of all traditional 9-5 workers. Today, nearly 9 in 10 workers are open to NextGen work – part-time, contingent, contract, freelance or temporary. As the next workforce becomes more mobile, both workers and organizations can turn to flexible employment opportunities. 

Be flexible inside the organization 

Finally, both companies and employees need to be agile and consider how someone’s skills can be moved around the organization. It may mean evolving a role from one organization into a new role in another company. This means identifying and developing adjacent skills that can adapt to new roles in an organization. By adequately upskilling, talent can move up into valuable leadership roles in an organization. 

Solving the talent shortage is a critical need for employers, and the smartest approach is a multi-pronged effort.