Findings Lean on Extensive Research, Expert Insight and Global Survey Data From Nearly 700 Talent Acquisition Stakeholders
HANOVER, Maryland, Sept. 20, 2018 /PRNewswire/ -- Allegis Group, the global leader in talent solutions, has released its "Global Workforce Trends" report, offering a region-by-region breakdown of major economic and demographic trends influencing the supply and demand for talent around the world. Accompanying these trends is expert insight on evolving talent acquisition practices and changing markets for staffing, recruitment process outsourcing (RPO) and managed services provider (MSP) solutions. The Global Workforce Trends report is available for download at https://www.allegisgroup.com/en/insights/workforce-trends.
As part of the report, Allegis Group surveyed nearly 700 talent acquisition stakeholders around the world. Findings from the survey reveal that the changing talent landscape is affecting how organizations acquire the workers they need. Highlights include:
Changing markets are creating talent challenges for 80 percent of employers.
The leading issues affecting the ability to attract and retain talent include the economic environment (55 percent) and demographic shifts (32 percent). Notably, only 10 percent cite political volatility as an issue influencing their ability to attract and retain talent.
IT (37 percent) and engineering (33 percent) lead the list of in-demand skills.
Nearly two-thirds of companies (65 percent) have had to adjust business strategy because they could not secure the right talent in a specific function or geographic area.
More than a quarter of companies (26 percent) are not confident they know the true market value of the skills they seek. The top challenges in understanding that value are job definitions and requirements that vary across different departments (48 percent) and a lack of defined success metrics (42 percent).
"With low unemployment rates, shifting skill demands due to the impact of new technologies and ever-changing socio-economic and political factors, employers must be proactive in addressing talent shortages head-on," said Allegis Group's Director of Labor Market Business Intelligence Ron Hetrick. "Responding effectively to the global talent shortage will require a clear and comprehensive understanding of the global forces at work."
The report highlights several notable trends around the world. For example, demand for talent in the United States continues to be strong, setting record highs this year. Openings have risen approximately 16 percent between 2017 and 2018, and May 2018 marked the first time in U.S. history that the number of jobs exceeded the number of job seekers.
In Europe, the U.K.'s impeding exit from the European Union and high unemployment on the continent are driving talent trends. Brexit remains the most significant factor molding the U.K. labor supply landscape. If Brexit causes an exodus of skilled people and positions, the benefit may go to countries such as Germany, the Nordics and the Netherlands. In France, both high-skill and low-skill industries are expanding, yet the unemployment rate remains elevated. In Spain, the unemployment rate is even higher, and employers seeking skilled talent may experience sourcing difficulties due to shortages in certain fields.
In Asia, Japan's most recent economic data suggests the country needs more workers. In fact, there are indications that the aging of Japan's population is accelerating. Deaths now outnumber births by an average of 1,000 per day. In contrast, India benefits from a large supply of new workers but struggles to develop the skills needed to keep up with the demands associated with evolving technologies. The report provides additional insight into these countries and more across the EMEA and APAC regions.
Tips for Responding to Changing Talent Markets Based on extensive talent management experience and original research, the Global Workforce Trends report recommends that organizations respond to the talent shortage with an approach that focuses on three critical areas.
First, they must improve visibility into the demand for critical skills and the supply of available talent. Data analytics coupled with new technologies enable employers to bring together data from disparate sources and leverage them to make informed decisions on key topics ranging from compensation, ideal geographies for available skills, timelines and work models best fit for certain roles. The second priority is to boost talent acquisition effectiveness. Flexibility, job requirements, automation and recruiter specialization are all factors in competitive talent acquisition. Finally, companies must protect the talent within their organizations. Two areas of increasing importance for retaining employees, especially among Millennials and Gen Zs, lie in creative career paths and placing a strong emphasis on learning and development.
"In times of talent scarcity, employers will need to take an employee-first approach when searching for tools and developing recruitment and retention strategies," Hetrick added. "This report is intended to guide and inform HR and business leaders as they develop those crucial talent management strategies."