A new Hays report outlines which countries boast the strongest talent profiles, which are struggling with the biggest talent deficits, and where organisations can find the most cost-effective talent networks to hire the skills they need.
- USA and China dominate the top of the charts for both supply and demand of key talent.
- New Zealand, Portugal, and Canada among countries struggling with a talent deficit.
- India, Romania, and Malaysia emerge as the most cost-competitive talent networks across five industries.
- Colombia is set to be a future powerhouse of tech talent, with over half of candidates recording between 0-3 years of experience.
The report, ‘The Workforce of the Future: Navigating the Skills Disruption', examines five sectors - technology, engineering, banking, financial services and insurance (BFSI), manufacturing and life sciences - in over 30 countries.
Skills shortages has been negatively impacting organisations for years, leading to an inability to leverage key skills which results in stagnant productivity, missed opportunities for innovation, and hindered long-term growth.
To address the growing skills gap, organisations must understand the global supply and demand of skills and take proactive action to ensure a steady future pipeline of talent. Organisations who implement a global talent strategy will broaden their pool of skilled candidates, dramatically boosting their chances of finding the skills they need.
USA, China, India, and Germany, rank among the top five talent networks across all highlighted sectors. Brazil feature in the top five in the technology, engineering, and BFSI sectors, and Japan are among the top five for manufacturing and life sciences. This indicates that these countries have the largest supply of professionals available for jobs within the five identified industries.
New Zealand, Portugal, Canada, the UK, and Switzerland frequently appear in the top five for talent deficits, indicating that organisations in these countries may face significant challenges in finding the necessary talent.
Colombia, Malaysia, Hong Kong, and Singapore are emerging as top talent networks across all five industries. These countries have the potential to support organisation’s long-term growth plans, positioning themselves as key talent producers of the future.
India, Romania, Mexico, and Hungary are among the most cost-effective talent networks. Organisations can expect to find the talent they need at a lower cost compared to countries where skills are at a premium due to ongoing skills shortages.
For organisations that are looking for robust talent profiles and consider; cost and experience, the most resilient locations for tech talent are India, Romania, Mexico, Hungary, and Malaysia.
In many countries, a large proportion of the workforce has over eight years of experience, with some exceeding 75%. This serves as an early warning sign: without a robust pipeline of emerging talent countries could become less competitive as their skilled workers age out of the labour market.
“Business leaders are facing many challenges when trying to find the talent needed to help their organisations thrive. Skills shortages, ageing populations, differing expectations from workers, the ever-evolving gig economy, and the emergence of skills-based hiring, are some of the trends adding toward a complex set of decisions for business leaders as they look to acquire talent”, says Nigel Kirkham, CEO of Enterprise Solutions at Hays.
“It is essential that organisations learn how they can find and utilise the right talent, for the right work, in the right location. Business leaders need to create a workforce planning strategy that considers not just the type of talent they need, but where they can source it from, the level of experience needed, and the cost to acquire.”