Good news is unemployment is declining. Now many would argue that this is because many have “given up” the search, but it does point to a turn in the right direction as our economy slowly heals. During the recession recruiters and talent management professionals were bombarded with job applications when millions of people were looking for work. Now that the numbers decline, it’s becoming necessary to have a strategic plan to attract and retain talent in an improving economy.Many recruiters are already feeling these pains…
Competition for talent today, unemployment rates gradually decrease, but still high numbers of people are unemployed or underemployed – especially new college grads where as many as 39 percent of people under 25 are unemployed or underemployed.
8 in 10 employers claim they have difficulty filling job vacancies with more than half of employers saying they have an open job for which they cannot find qualified candidates.Despite this, 75% of employers feel they can afford to be selective in their recruitment process because of the high unemployment rate.
Regardless of whether or not you feel you can be selective, the competition is still tightening. Especially in key positions like management, engineering and sales.
STEM continuously sees growth in job numbers since 2000 and while the demand grow, there is a shrinking or flat supply. Naïve thinking about the high unemployment rate and the increasing competition for in demand fields coupled with the shrinking or flat supply of talent is directly leading us down the road of a dangerous Skills Gap.So let’s talk about truths vs. myths in this complex understanding of the skills gap and what you, as an employer can do to help close the skills gap.
"An important reason for the success of Costco’s business model is the attraction and retention of great employees," Jelinek added. "Instead of minimizing wages, we know it's a lot more profitable in the long term to minimize employee turnover and maximize employee productivity, commitment and loyalty. We support efforts to increase the federal minimum wage."
Randstad: Empowering Employment by Inspiring Experts Recognizing the struggle companies were having finding candidates with specific skill sets, Randstad created a way to help both the clients it serves and future candidates – by creating awareness around the skills gap. Understanding the power of video to tell a story, Randstad utilized the medium for it “Inspiring Experts” campaign. They wanted an interactive, engaging and modern way to educate others about careers with stable futures in growing industries and inspire others to pursue the skills needed for jobs in those fields. So they began creating videos featuring real people with careers in growing industries talking about what makes their jobs so great and the young people who are pursuing jobs in those fields. Today, Randstad has an extensive online video library with hundreds of thousands of viewers - and the interest is only growing. LEARN MORE
For instance, Monroe Community College in Rochester, N.Y., has taken steps to identify and combat skill mismatches through its Economic Development and Innovative Workforce Services Division. The college performed in-depth data analysis to discover many of Rochester-area’s small manufacturing firms had a strong need for machinists. The research was part of an approach that “emphasizes developing and strengthening public-private partnerships and using data to guide our decisions,” said Anne Kress, the college’s president. “This approach is paying dividends for MCC and our community.”Similarly, Walla Walla Community College in Walla Walla, Wash., has addressed crucial skills needs through its innovative education program built to foster the region’s growing wine sector. WWCC has been widely recognized as a college that “earns the rare distinction of being an institution of higher education that is reinventing the regional economy from the bottom up.”Both colleges see regional economic development as an essential part of their missions. They have taken a leadership role in understanding the key drivers in their local economies, fostering conversations with local industry leaders, and developing training programs that deliver the right skills to students so they can be productive in those important industries.Community colleges and other region-serving institutions are critical players because they are in a position to assess the local economy, convene employer discussions, develop the right (often short-term, employer-focused) training that is required, and measure the impacts that those activities have on the community.
Allscripts Commits to Training the Unemployed In June 2011, health care solutions company Allscripts created a plan to add jobs to the local community while helping unemployed job seekers find work, After announcing plans to add up to 300 jobs in Chicago, Allscripts then partnered with Skills for Chicagoland’s Future, a non-profit organization, to design a training program prepare unemployed job seekers in the Chicago area for work in these roles. The program was a success: After an intense eight-week training program, 100 percent of the participants were offered and accepted full-time employment with Allscripts as Associate Technical Support Consultants.