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Addressing tech disruption and the skills gap

4/16/2019

Addressing tech disruption and the skills gap

People in just about every industry have been hearing about the growing skills gap for some time. After all, with the economy booming and the national unemployment rate still hovering near all-time lows, many companies may have jobs to fill and not enough talented workers available to actually fill them. These days, companies in nearly every sector are simultaneously staffing up and modernizing at a rapid pace, and need to be able to get ahead of the field on an ongoing basis.

Currently, there are about 1.4 million open jobs across the U.S. and no one is as qualified to take them as would-be employers would like. That hurts the companies offering those jobs in a number of ways. First and foremost, of course, is the fact that those businesses aren't operating at peak capacity because they don't have enough people on staff to meet demand from customers or clients.

At the same time, hiring managers now spend an average of 13 hours per week - almost a third of their full 40-hour work week - trying to find qualified candidates when they could be doing other tasks. That doesn't include the hours those professionals will have to put in for the actual hiring process, which takes an average of over a month. Moreover, in some cases, 90 percent of candidates withdraw themselves from the application process because they find it frustrating.

Every industry is changing
The sheer number of technological advancements made in the past few years that will impact all industries cannot be overstated. From AI to the internet of things, the blockchain to robotics, the steps forward in the past decade alone have completely reshaped the job market - and will continue to do so for some time to come. With that in mind, it may be wise for companies in any sector to think about the ways tech could potentially disrupt their traditional business processes for the better, allowing employees to work more efficiently, ultimately improving their bottom lines.

Automation, for example, is projected to replace about a third of an employee's weekly workload for the vast majority of industries in the years ahead. Every individual business therefore needs to have a plan in place for how to get the most out of every worker so they can continue to provide value for growing, shifting firms.

Getting it right
In many cases, one of the best ways for companies to avoid the skills gap is to develop robust, internal training programs that make sure everyone is properly skilled. Partnering with nearby career development organizations or colleges could help them avoid many of the pitfalls that are projected to rise in the next decade and beyond.

To learn more about the growing skills gap and technology disruption, please download our whitepaper, titled "Technology Disruption: Leading the Way to Smarter Recruitment." The document contains vital insights from industry expert Hugo Malan, the chief operating officer of EmployBridge, Select's parent company. These may help firms address the problems of the present and future head-on.

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