To fulfill their hiring goals, companies are looking to development and upskilling programs to draw in new hires.
With labor shortages at unprecedented levels, US companies are seeking out talent, according to ManpowerGroup's U.S. Employment Outlook Survey for Q4 2021, which includes some global data. Nearly 60 percent of employers are expecting to hire in the final quarter of the year compared to 13 percent that are planning to lay off workers. That results in a seasonally adjusted Net Employment Outlook of 48 percent, the strongest since the survey began in 1982 and 34 percentage points higher than this time last year.
Pursuing talent is not without its challenges. Despite companies' intentions to hire, 69 percent—the highest figure in 15 years—are struggling to find candidates with the right skills. Filling roles has been harder on large companies with more than 250 employees than on organizations with fewer than 10 workers.
To attract and retain talent, companies around the world are taking a multipronged approach. In addition to wage increases, more than one-third in North America; Asia Pacific; and Europe, the Middle East, and Africa are offering training, mentoring, and skills development. Similarly, they are offering flexible work schedules. Additional incentives include flexible working locations, sign-on bonuses, and increased nonfinancial benefits such as vacation time.
For those boosting their training offerings, they are focusing on leadership development; diversity, equity, and inclusion; and compulsory and compliance training. Still, despite the increased focus on training and development, companies face financial and time barriers to upskilling employees. Additional barriers are a lack of access to the right training partners, lack of knowledge or areas to skill the workforce, lack of leadership commitment, and lack of desire to increase upskilling program.
Talent development professionals have opportunities to make training programs a powerful perk to entice new hires. By working with organizational stakeholders, the talent development function can ensure the right resources are in place for training, conduct thorough needs assessments to identify skills gaps, and secure leadership buy-in.