ManpowerGroup, a multinational human resource consulting firm, has released their annual Talent Shortage Survey. It reveals that fewer U.S. employers (32 percent) still report difficulties filling job vacancies due to talent shortages. Those numbers are lower than last year when 40 percent of employers reported difficulties. Globally, the percentage of employers experiencing difficulties continued to rise, increasing from 36 percent in 2014 to 38 percent in 2015.
Among the participating employers, 48 percent acknowledge that talent shortages have a medium to high impact on their missions, but few are putting talent strategies in place to address the problem. One in five U.S. employers is still not pursuing strategies to overcome talent shortages, despite the negative impact. ManpowerGroup reports this is up from 2014 when 13 percent of employers reported they were not pursuing strategies to overcome talent shortages.
“Talent shortages are real and are not going away,” said Kip Wright, senior vice president, Manpower North America in a press release. “Despite impacts to competitiveness and productivity, our research shows fewer employers are trying to solve the problem through better talent strategies. As the struggle to find the right talent continues, and candidates with in-demand skills get the upper hand, employers will be under pressure to position themselves as ‘talent destinations’ to attract the best workers that will drive their business forward.”
According to ManpowerGroup, 43 percent of U.S. employers say talent shortages are having a negative impact on their ability to meet the needs of their missions. The consequences for failing to address these impacts include:
- Reduced competitiveness and productivity
- Increased employee turnover
- Higher compensation costs
- Reduced employee engagement/morale
When asked why they are struggling to fill certain jobs, employers cite a lack of applicants, lack of experience, and lack of technical competencies or hard skills.
You can review the complete ManpowerGroup study here.