Closing the Skills Gap - Skills Development
Global demographic shifts are impacting economic growth and employment. There is a significant supply and demand imbalance, and vacancies are high in many industries as result of the difficulty in hiring skilled employees. Skills shortages are likely to continue to occur when employers can't fill roles in a particular specialism or area of work.
The World Economic Forum (WEF) predict that closing the skills gap will depend on a clear understanding of the current skill base as well as implementation of strategies that allow for active talent management and collaboration. Governments, education providers and companies will need to work together to reduce further shortages. According to the WEF, the top future skills will be 'Analytical Thinking and Innovation' and more than half of the jobs that we do in 2030 will require an understanding of digital technology. 1
There is inevitably continued demand for technical and digital skills as well as soft skills such as creativity. To attract talent in a continually competitive market it is important to consider skills and behaviours as well as experience. Industries with the most significant skills shortages include Manufacturing, Engineering, Construction, Digital and Tech, Healthcare and Financial Services.
It is imperative that a company understands the skill base of their current workforce and can identify where the gaps are. This ensures agility and adaptability to keep pace with ongoing change. To avoid “quiet quitting”, optimise retention and ensure that an organisation can attract new talent, skills development is crucial. For existing employees, the opportunity to develop and progress their career is cited as a key factor in their ability to be engaged in their work. Investment in the people within an organisation allows connections and company culture to become stronger. Reskilling and upskilling to meet the demands of new technological advancements can help to alleviate skills shortages.
1 https://www.forbes.com/sites/bernardmarr/2023/02/14/the-top-10-in-demand-skills-for-2030/?sh=50c772712fb9