Recruiting

5 Industries Facing Talent Shortages

With the rise of artificial intelligence and automation, many industries are facing talent shortages right now and will continue to do so over the next decade or so. And current studies and research indicate that the skills gap is widening and that this will cost companies over $8.5 trillion in economic opportunity.

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However, there are five industries facing worse talent shortages than others—industries where learning and development (L&D) professionals will need to be the most innovative and proactive.

1. Business and Finance

According to recent information, the business and finance industry could acquire a deficit of around 3 million workers by 2020, with the United States being hit the hardest.

With the rise of fintech-specific technologies, bitcoin and cryptocurrency, and technology platforms that are specific to banks and businesses, employers are now requiring that their employees have very specific fintech-related knowledge. Additionally, the ManpowerGroup 2018 Talent Shortage Survey revealed that there will also be talent shortages for office support, sales representatives, and executive managers for businesses, too.

2. Skilled Labor and Manufacturing

Manufacturing will face a deficit of nearly 8 million workers by 2030. And according to the ManpowerGroup 2018 Talent Shortage Survey, trades that entail specialized labor like those of welders, electricians, and mechanics are currently the most difficult roles to fill in the United States.

However, these are also the types of roles that are best suited for apprenticeships, and many L&D professionals and organizations are starting to take notice.

3. Supply Chain

According to an Oracle brand article, the supply-chain industry is also in danger of a sincere talent shortage because it’s not viewed as being “sexy” to younger people who are entering the workforce.

But individuals who know how to use sophisticated technologies to organize manufacturing, retail, logistics, customer service, and delivery processes in an innovative and effective way will be critical to our economy and businesses moving forward.

4. Technology, Media, and Telecommunications

Per research, the digital skills gap is already hampering digital transformation at 54% of companies. So, moving forward, all companies across the globe will need to attract the appropriate talent to aid them in their technological innovations and execution, as well as how they will communicate with the outside world.

5. Cybersecurity

According to research, there will be as many as 3.5 million unfilled positions in the cybersecurity industry by 2021. The bottom line is that as hackers continue to get more advanced in their malware and hacking practices, so must organizations and their staff. L&D professionals across the board should invest in attracting and developing cybersecurity talent for every type of organization moving forward.

As you work to recruit and develop talent this year and beyond, be sure to consider the five industries facing extreme talent shortages.

Learn how your company’s current recruiting practices are helping or hurting your goal of attracting talent when you attend the session, “The Rules of Engagement for Candidate Attraction: How What You’re Doing—Or Not Doing—Could Be Sabotaging Your Recruitment Efforts,” at TalentCon 2019 on March 12—13, 2019, in San Antonio, Texas. Click here to learn more or to register today!