War for Talent: The Skills Gap (P & R Vol.1 Issue 3)

A talent shortage is affecting companies not only in Pakistan but also worldwide. According to the latest Manpower Talent Shortage Survey by Manpower Group, 45% of employers across the globe report that they cannot find the skills they need. The German Economic Institute recently estimated that a shortage of skilled labor, estimated at 440,000 skilled workers, would cost the German economy EUR 30 billion a year in GDP growth (to be precise 0.9 percentage points). According to Manpower Group’s “Talent Shortage Survey 2018”, the working population of the world in declining and talent pools are shrinking. Technology is evolving faster than ever, changing the skills needed for jobs and shortening the life cycle of those skills. We are also seeing a bifurcation of the workforce — those with in-demand skills versus those with high-supply skills. The immediate concern is not the number of potential candidates, it’s a talent mismatch. There are not enough sufficiently skilled people in the right places at the right times. According to the report the top 10 jobs for which employers are having difficulty filling globally 1) Skilled Trade Workers (especially chefs/bakers/butchers, mechanics and electricians)2) Sales Representative 3) Engineers (especially mechanical, electrical and civil engineers) 4) Drivers (especially truck/lorry/heavy goods drivers, delivery/courier drivers, heavy equipment/ construction drivers) 5) Technicians 6) IT (Cyber security experts, network administrator and technical supports) Management/Executives 7) Accounting & Finance Staff (especially book keepers, certified accountants and financial analysts) 8) professionals (Project Management, Lawyers and Researchers) 9) Office Support (Administrative Assistants , PA s a n d Receptionists) 10) Manufacturing (Production and Machine Operators).