A new research programme to understand the impact of a skills shortage on business performance has revealed that the combination of technological development, weak economies and an aging workforce is escalating the ‘war for talent’.
Conducted by SuccessFactors, the survey showed that last year, in the UK, 43% of surveyed managers felt they did not have the skilled workforce they needed to fulfil their business goals. Executives in Germany were unable to find 92,000 qualified engineers. By 2030 an additional 45 million employees will be needed in Western Europe. This gap will not be filled by current population growth.
In addition, the survey reveals France is losing 600,000 retirees from its skilled workforce every year, and watching their valuable skills and experience walk out the door with them. In the next decade, the median age in Germany and Italy will be 47, while in the US the number of workers over 55 has increased 60% yet the number of new workers a mere 3.5%.
The survey findings go on to suggest that many organisations will face serious business challenges as a result of the probable skills shortages and advocates a greater focus on talent management methodologies and issues.