The COVID-19 pandemic has forged a new paradigm in the world of work – for two years, countless job vacancies, possibly reaching the millions, have gone unfilled as employers hunt for scarce skilled workers. During this time, workers held more power as compared to their superiors, asserting it by advocating for elevated pay, remote work options, and safety measures. So which fields have the most significant talent shortages? Let us have a look:
Manufacturing
For firms engaged in the sale and distribution of goods across various sectors, retaining and replacing skilled workers has posed a significant challenge to their quarterly revenue performance and customer satisfaction. To tackle this predicament, these companies have resorted to proactive recruitment strategies – organizing massive job fairs and enticing workers with increased salaries and generous referral bonuses.
Financial and Business Services
The financial and business services sectors play a critical role in nearly every global economy. A study by the Korn Ferry Institute foretells that this industry will be plagued by a dire shortage of talent, potentially impeding its growth. In the next two years alone, this talent gap may escalate to a staggering three million workers worldwide.
Transportation
The transportation sector, which heavily relies on human labor, has called for government intervention. Some companies have also been forced to implement reduced or limited working hours, unable to find sufficient personnel.
Technology
A staggering 54% of firms are already struggling with digital transformation due to a shortage of digital skills. The divide is only expanding, as research by Korn Ferry predicts that by 2020, the technology, media, and telecommunications (TMT) sectors may face a global shortage of over 1.1 million skilled workers. And by 2030, this talent deficit may soar to a daunting 4.3 million.
Construction
Construction firms have resorted to hiring short-term or external talent to keep pace with growing demands while sticking to their budget. Some have even altered their financial plans to reconcile these conflicting forces, striving to achieve their quarterly and yearly revenue goals.
Aviation
Over a third of experienced pilots who were either let go or temporarily suspended due to COVID-19 remained grounded until January 2022. The pandemic also resulted in the suspension of pilot training programs, leading to a dearth of newly certified pilots. Additionally, a significant number of pilots in the US are approaching retirement age, signaling that this will likely be an ongoing concern in the years to come.
The requirement for highly skilled workers will soar to new heights in the next twelve years, especially in knowledge-intensive industries. Yet, the shortage of talent will have far-reaching consequences across all industries. Hence it’s crucial to be ready for the impact. If you have been on the lookout for job opportunities, it is the right time to explore better HR solutions with Curve Group today.
Conclusion
It is crucial for job seekers to possess essential soft skills that cannot be easily taught. For employers, utilizing predictive assessment tools and job trials can assist in identifying prospects with immense potential, even if it doesn’t reflect on their resumes.