Talent Management

The Manpower Talent Shortage Survey

The Manpower 2016-2017 Talent Shortage Survey points out that 40% of global employers have reported talent shortages. They are, therefore, relying on training and development of the current personnel to nurture learnability, address these shortages, and fill the existing talent gaps. The number of employers that are training and developing current employees to fill vacant positions has doubled recently (Manpower, 2016).

Impending Tensions in the Global Labor Pools

Dobbs, Lund, & Madgavkar (2012), also assert that there are impending tensions in the global labor pools due to the imbalances that have been created by technological advances, industrialization, and liberalized trade. These points are important because companies need to find and retain talents to maintain profitability. Talent-sourcing is costly, yet it does not have to be the case because existing employees can be trained to fill vacant positions.

The Qualifications and Availability of Workforce

The main problem is an imbalance in the qualifications and availability of workforce (Hugos, 2009). For example, young economies will have a shortage of middle-skill workforces with a superfluous supply of low-skill employees while advanced economies will have too many workers with secondary degrees. The solution is for organizations to move away from traditional strategies such as corporate restructuring and embrace talent management techniques that will enable them to fit into the new normal (Coulson-Thomas, 2013).

An Integrative Thinking Approach

The integrative thinking approach was useful in analyzing opposing ideas from different sources to come up with a solution that suits all of them. For example, the banking sector experiences a high turnover from high-skilled workers which ends up being costly to the organizations since they have to keep training new people (Creery, 1986). The manufacturing sector, on the other hand, lacks qualified personnel hence they have to rely on low-skill workers who remain in the organizations for long (Basso & Pittman, 2017).

References

Basso, P., & Pittman, A. (2017). Policy & practice (19426828), 75(3), 18-33.

Coulson-Thomas, C. (2013). Talent management 2.0: An affordable route to a high-performance organization. The Ivey Bussiness Journal, 77(1), 22.

Creery, P. T. (1986). The high cost of turnover. ABA Banking Journal, 78(9), 113.

Dobbs, R., Lund, S., & Madgavkar, A. (2012). Talent tensions ahead: A CEO briefing. McKinsey Quarterly, 4, 92-102.

Hugos, M. H. (2009). Chapter 3: Principles of the responsive organization. In M. H. Hugos, Business Agility: Sustainable prosperity in a relentlessly competitive world (pp. 35-54). Hoboken, N.J.: Wiley.

Manpower. (2016, May 08). 2016-2017 Talent shortage survey. Retrieved June 14, 2018, from Manpower Group: https://www.manpowergroup.com/talent-shortage-2016