Talent Crisis – Need for Retraining and Upskilling

The talent war is real! Many organizations are finding it difficult to acquire talent to fill their openings. Are you chasing the purple squirrel? The term “purple squirrel” is a distinctly recruiting vernacular used in the staffing and workforce solutions industry to describe a candidate that’s perfect for one job. These candidates bring the exact requirements and highly specialized qualifications, experience, and salary expectations for a position. Companies and organizations succeed when they can find workers with strong knowledge and skill sets. But it’s become increasingly clear that in a tight labor market, those workers are not always easy to come by.

The evolution of the U.S. workforce is driven in large part by changes in the general population. A recent Pew Research Report notes1:

  • Without immigrant workers, the population of working-age U.S. adults will shrink by 2035
  • In 2016, Millennials (nearly 80 million, aged 18-35) surpassed Baby Boomers (approximately 74 million, aged 52-70) as the largest living generation in the U.S.

Further complicating this talent shortage is the Science, Technology, Engineering, and Math (STEM) shortage. Findings in Emerson’s survey indicate2:

  • Less than 50% of parents say their daughters are encouraged to pursue a STEM career
  • 62% say manufacturers should do more to train and prepare their STEM workforce
  • Only 33% believe teachers currently have the resources they need to provide a quality STEM education

Creative Options

Some companies are getting very creative with recruiting. A re-emerging trend in our culture recognizes that college may not be right for everyone after high school. Like in years past, companies are developing apprenticeship and earn-and-learn programs. The DOL suggests that apprenticeships work for many industries, such as Manufacturing, Construction, Energy, Healthcare, Hospitality, Information Technology, Telecommunications, and Transportation. With college costs and student debt increasing, these solutions are becoming more popular. Other progressive organizations, such as Google, Apple, and IBM, no longer require that applicants have a college degree.Organizations understand that turnover is costly and are adopting the upskilling method to retain and re-train. Companies are learning that they can invest in their current best employees by teaching them new skills to help retain them. The result is that they are creating their own top talent within their organizations.

Let ClearPath assist your organization with contingent worker employment. By using ClearPayroll as your Employer of Record (EOR), we employ your W-2 contingent workers, and take over Human Resources and Payroll functions. We manage all paperwork, including employment agreements, worker eligibility, and statutory enrollment documents.

Contact us to learn more about how our expert personalized service can let you get back to focusing on your business goals. Work with a leader in the industry for outsourced Human Resources and Payroll functions associated with W-2 contingent workers. Get the benefits of hiring contingent workers without the potential risks.Let ClearPath be the path to your peace of mind.

1http://www.pewresearch.org/fact-tank/2017/04/27/10-demographic-trends-shaping-the-u-s-and-the-world-in-2017/

2https://www.emerson.com/en-us/news/corporate/2018-stem-survey

3https://www.cnbc.com/2018/08/16/15-companies-that-no-longer-require-employees-to-have-a-college-degree.html

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