How to Bridge the Skills Gap to Future-Proof Your Business

As a business owner, you should know by now that the professionals you require may be different from the candidates available. When it comes to expanding your staff, the widening skills gap can make it difficult for you to acquire top talents. With the fourth industrial revolution at hand, the introduction of technological innovations will continuously revolutionize the industry dynamics of the recruitment market.

Over the past two years, 52% of HR professionals claim that the skill gap has worsened. Artificial intelligence, automation software, and robotics have changed the nature and skill requirements of jobs. As a result, more than 54% of employees will require major retooling to sustain their employability. While the magnitude of its effects may vary on a case by case basis, its impact on organizations will be felt on a global scale. 

Factors Affecting the Skills Gap

In the process of growing your organization, the candidates applying at your company may not possess the required set of skills for your job openings. Failure to find competent employees won’t only affect your company’s day-to-day productivity; it will also put its long-term stability at risk. To successfully bridge the skills gap, you’ll need to start by being aware of the factors that drive it.  

The Increased Demand for Soft skills 

Since technology has influenced the nature of most modern jobs, employers now have an increased demand for soft skills. Candidates who possess technical competencies may be more employable, but they won’t be able to achieve maximum results if they don’t possess skills such as communication and stress management.

The Lack of Right Graduates

There has always been competition among companies to hire the best graduates. Unfortunately, your organization may not always come out on top in this struggle. In addition to this, top talent is generally scarce making acquiring high-performing candidates a much harder task. 

Inadequate Pay or Compensation

Top talents will be most attracted to work with the company that can provide the most competitive pay and benefits. In fact, many professionals would consider relocating to another place entirely if it meant getting better compensation. 

Hesitation to Provide Required Training

Many employers are hesitant to provide training and will instead opt for experienced candidates. Since job seekers highly consider opportunities for growth, companies that are unable to provide training will limit their ability to recruit.

Poor Results from Automated Job Search Programs

Recruitment platforms have made the hiring process more convenient. However, some employers tend to go overboard with the credentials they require and end up receiving little to no potential candidates.

How Employers Can Address the Widening Skills Gap

Luckily, bridging the skills gap can be done with the right strategy and approach. Here are ways you can acquire the necessary talent you need to ensure your company’s stability in the years to come:

Create Relationships with the Education Community

It is likely that your desired candidates are still studying in the classroom. To increase your hiring success upon their graduation, you should consider building relationships with multiple universities and colleges. 

An excellent partnership with colleges will enable you to market your company to students early on. Connecting with schools may even give you the opportunity to conduct a seminar and attract promising graduates. Consider participating in campus recruitment programs and tie-ups between your company and the university.

Develop and Maintain a Training Program

Over time, the skill requirements of your job openings will change according to the demands of your industry. Invest in learning and developing initiatives to attract candidates who are hungry for career enhancement. 

You can also implement a mentorship program designed to map out your employees’ career paths and identify the kind of training they need. Such programs show candidates that they will have career growth opportunities in your company.

Harness Technology to Enable Lifelong Learning

The fourth industrial revolution (the future of work) may have its own set of challenges, but it also provides several opportunities. To keep your company relevant for years to come, you need to adopt the latest tech to acquire maximum efficiency. Investing in learning platforms can give your employees control over their training and task automation software can improve their overall productivity.

Outsource and Look Outside Your Usual Talent Pools

If your company is constantly facing all sorts of recruitment issues, it may be time to look for solutions outside your organization. Acquiring recruitment process outsourcing (RPO) services can be a very valuable investment. Aside from cutting down company expenses, partnering with the right agency can improve your productivity and allow you to focus on the more critical tasks. 

READ THIS RELATED ARTICLE: Top Three Benefits of Outsourcing Recruitment Processes to the Philippines

Improve Your Compensation Package

Your employees are your most significant investment. At the end of the day, the pay and benefits you provide will determine if a candidate chooses to begin or continue his career with you. 

Improving your compensation package isn’t only limited to a higher salary or medical benefits—if the nature of work allows it, you should consider adopting a flextime policy or provide work from home perks.

Bridge the Gap

The skills gap and the challenges brought by technology may feel very intimidating, but with the right strategy to optimize your recruitment efforts, acquiring top candidates and future-proofing your business will be a lot easier to accomplish.

In case you need help acquiring the right candidates for your company, contact SuperStaff to learn more about our RPO Recruitment services.