Article: Is talent shortage brewing the perfect storm for the year 2023?

Talent Acquisition

Is talent shortage brewing the perfect storm for the year 2023?

The game is changing for Talent Acquisition leaders and with talent shortage, one of the biggest challenge today, People Matters brings to you Talent Acquisition Conference 2023 where the rule is to ‘Bring Your A-Game’.
Is talent shortage brewing the perfect storm for the year 2023?

The pandemic brought with it a host of new phenomenas such as remote work and hybrid work models. And as we moved into the post-pandemic world of work, we were introduced to the great resignation where employees were looking beyond compensation to find meaningful jobs, where they wanted the flexibility to work at their own pace with more value and recognition. As employees started looking for better job opportunities with growth prospects, the war for talent ensued with organisations scrambling to attract and retain top talent.

In 2022, talent won the battle with the power shifting from the employer to the employee but newer challenges emerged on the horizon for organisations as they turn the tide with recession, layoffs, quiet quitting, moonlighting, productivity paranoia, etc.

While workplaces are changing rapidly with the emergence of automation and AI in every aspect of business, the newest challenge we are facing today is talent shortage. According to the Korn Ferry Study, by 2030, there will be a global human talent shortage of more than 85 million people. And if left unchecked, in 2030 that talent shortage could result in about $8.5 trillion in unrealised annual revenues. 

As organisations are bringing forth innovative methods to hire the right talent with the adoption of skills-based model as opposed to the earlier role-based model, they are also investing heavily on reskilling and upskilling their employees to get them future-ready for the unprecedented disruptions. As per the World Economic Forum’s Future of Jobs Report, 50% of all employees will need to reskill by 2025.

In such a tense climate, everyone is looking for answers but they seem to be asking the wrong questions. For any organisation to succeed in today’s competitive market, the basic foundation (which is people) needs to be stronger before they delve deeper into building the strategies and framework for compensation, branding, tech adoption, L&D, HR, rewards, recognition, employee experience, etc. Placing the right people on the right seats within the organisation can bring about a transformation as revealed by Jim Collins in his book, Good to Great: Why Some Companies Make The Leap And Others Don’t. With the right people, you don’t have to worry about motivating them with incentives or hefty bonuses because they have the intrinsic drive to build something bigger than themselves. They know what’s at stake and work with a passion that can’t be concocted. And once you have the right team, half the battle is already won. 

That's the reason why this year, for People Matters Talent Acquisition Conference 2023, we chose the topic, ‘Get Your A-Game’ as we together find answers to what is it that today’s talent is looking for, what kind of career development will help engage the new workforce, what can TA leaders do differently when it comes to hiring and onboarding new talent, how can we include underrepresented talent, how much does experience count today, what role do CEOs and CHROs play in talent acquisition, what are the new and upcoming talent assessment tools in the market, how are organisations gearing up for recession and so much more. 

So, join us to gain insights from the best Indian and International speakers at the People Matters Talent Acquisition Conference 2023 on February 9 at Ritz Carlton, Bengaluru because while talent has won the battle, the war is still on. To register and block your seat, visit our website

 

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Topics: Talent Acquisition, Skilling, #PMTAC

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