Earlier last year the World Economic Forum issued a report indicating long-term talent management issues were actually being concealed by high levels of unemployment.
“In today’s global and fast-changing business environment, access to highly skilled people – not just top talent, but also people who possess essential expertise – is crucial to succeed and grow,” Hans-Paul Bürkner, Global Chief Executive Officer and President of The Boston Consulting Group, Germany commented. “Some industries, such as business services, IT and construction, are likely to experience significant skills gaps, regardless of geography. At the same time, certain countries, such as Japan, Russia and Germany, will face shortages of highly skilled employees in many industries.”
The report calls for increased geographic mobility among countries as part of the solution. Anyone involved in executive search or recruitment will be familiar with the complex issues involved in enticing potential candidates to be internationally, regionally or even locally mobile. There are many factors in the frame: cultural issues, language and education system considerations, commuting times, childcare support and custody matters, dual career families – to name but a few.
However, the report suggests that the talent crisis will start much sooner than anticipated. With an aging population of hitherto unrecorded levels, the 60 + demographic is projected to exceed the under 15 demographic , for the first time ever in history by 2050. It is anticipated that in order to sustain the economic growth of the past 20 years, the United States, for example, will need to add 26 million workers to its talent pool by 2030. Most developing countries can expect large skill deficits in a range of categories. The report calls for a number of eminently sensible strategic measures to extend the talent pool by developing the skills of migrant workers, tapping into 2nd and 3rd tier universities and encouraging companies to extend the reach and creativity of their recruitment practises.
So far so thoughtful.
Imagine my surprise therefore when this little gem drifted onto my screen a few weeks ago. Another think tank report from The World Economic Forum report on 5th January 2011, Global Talent Risk analysing projected talent shortages in 25 countries, 13 industries and 9 occupational clusters between 2020 -2030. If you peer hard and long enough, one of the reports suggestions, last at number 7 is “Extend the pool by tapping women, older professionals, the disadvantaged and immigrants”
So despite the fact that women comprise a significant global economic demographic, they are for some reason grouped with other seemingly marginalised categories. Is this the best our brightest can do? Fewer than a fifth of leaders present last year at the World Economic Forum at Davos in 2010 were women. This year efforts are being made to increase the number of women representatives at the 2011 conference, by insisting on attendance quotas for women. This is possibly designed to revamp the Forum’s alpha male image. But will that be enough?
Women represent 60% of today’s graduates and therefore a major segment of a top talent pool. I am always astounded why our leaders seem so resistant to reviewing our current talent management strategies to maximise their contribution to the workplace, to the point where governments are talking about a need to impose quotas. It has to make economic sense to maximise the potential of our workforces. Yet this significant qualified and skilled demographic, is lumped together with the “disadvantaged and immigrants” ( whoever you are, I’m sure you are very nice indeed and no offence intended at all) by some of the supposedly leading intellects and the brightest and most creative brains in our global economies. It’s hardly surprising that we find ourselves in this situation.
So perhaps before we start uprooting and whizzing people around the globe to fill these gaps, one approach might be to ask how can we tap into the talent we have on our doorsteps? What do organisations need to do to maximise the potential of this key sector of the talent pool sitting there in the wings?
Now is the time to reinvent, rather than react. Perhaps we also need to re-think our think thanks.