In today’s rapidly changing business environment, high-growth industries are facing a series of unexpected challenges – predominantly the emergence of a wider talent gap that has the potential to stifle existing and future innovation, productivity, and competitiveness. At present, most organizations find themselves engaged in a fierce battle to attract and retain top talent, particularly in sectors experiencing exponential growth, such as technology, artificial intelligence, green energy, and digital healthcare and biotechnology.
However, this issue is further magnified by progressive tech advancements and changing socio-economic conditions, as stated in a report by the World Economic Forum, which forecasts that we could be looking at entirely different jobs over the next few years.
Understanding the Talent Gap in High-Growth Sectors
This is a prevailing issue faced by most modern-day organizations that goes beyond filling headcount numbers. Bottom line… There is a serious lack of availability of existing skills that are required to drive long-term productivity and innovation.
In simpler terms, a talent gap refers to a serious shortage of skills. These can include a lack of technical data analysis and interpretation skills, advanced digital skills, an understanding of AI technologies, and even strategic planning skills needed to develop a future-focused/visionary approach.
In this blog, we’ll take a look at how forward-thinking organizations are tackling the talent gap issue and adapting their workforce strategies to face down ongoing challenges.
Transforming Recruitment Strategies
In a global market that is fiercely competitive, companies are working on broadening their recruitment strategies to include a workforce from more diverse and wider talent pools. Organizations are focusing on diverse and inclusive hiring practices and welcoming individuals with disabilities and also from different cultural and socio-economic backgrounds.
We also see a rise in return-ship programs being offered to welcome back skilled individuals who may have opted to take career breaks at some point in their lives. Furthermore, tech companies like GitLab and Shopify have embraced remote-first policies, expanding their talent pool globally rather than limiting themselves to local candidates.
Reskilling and Upskilling – A Strategic Priority
With the pace at which tech advancements and shifting market dynamics are taking place, reskilling and upskilling have become a business imperative. Businesses across the globe are recognizing that = to stay ahead in the game, they must invest in training programs to further develop the skills of their workforce.
Let’s take the Boston Consulting Group (BCG) as an example. The company, in collaboration with Harvard’s Digital Reskilling Lab, is working on continuously training and developing its employees, given our increasing reliance on automation and AI. Following a similar approach, Amazon’s Upskilling 2025 initiative commits to investing more than $1.2 billion to upskill 300,000 Amazon employees for higher-skilled roles.
Leveraging AI and Data Analytics
The use of AI and data analytics has transformed current recruitment strategies and the way companies are approaching talent management practices. Tools like Harver use predictive assessments and automated solutions that help companies make the best talent decisions, using gamified assessments and machine learning to match candidates to roles based on cognitive and emotional traits rather than completely relying on resume keywords.
Building Educational Partnerships
As a strategic move to prioritize innovation and sustainability, organizations are building strong relationships with educational institutions. These collaborations exist in the form of projects, workshops, and internship opportunities that pave the way for talent identification and long-term commitments.
In a meaningful collaboration between The Ohio State University and JPMorgan Chase, the company announced a $2.5 million investment in programs that promote learning and academic excellence for students. The collaboration also provides an opportunity for students to work on real-world finance and technology challenges, giving the company access to fresh talent and providing students with practical learning opportunities.
Similarly, Cardinal Health has developed strong relationships with local colleges and universities by offering internships, co-op opportunities, and input on curriculum development. Their STEM initiative team builds relationships with external partners and leverages the Cardinal Health employee base to engage with students and teachers. Cardinal Health’s CIO, Michelle Greene, serves as the executive sponsor for the STEM Initiative. “I’m proud of our employees’ passion to inspire the next generation of scientists, technologists, engineers and mathematicians,” said Michelle. “The dedication of our employees to promoting STEM in our communities is commendable and necessary in shaping the minds of our future leaders.”
The Path Forward
Organizations must follow a proactive approach and treat workforce strategy as a critical business priority to capitalize on market opportunities and sustain their competitive advantage.
At Crosworks, we invest ourselves fully – our time, expertise, ideas, and commitment to deliver maximum advantage in achieving both individual and organizational goals. Schedule a call with Crosworks to learn about our services for organizations.