02 Jan How Trymax is navigating the talent shortage?
Global Talent Shortage is a buzzword; everywhere, everybody is using this nowadays. But what does it really mean? The most used definition we could find was: ‘Employers cannot find the people they need with the right blend of technical skills and human strengths.’
The talent shortage is a significant concern in the U.S. economy, with the overall talent deficit expected to reach 600,000 by the year 2030 in the financial and business services sectors alone. This issue is closely followed by China, Japan, Germany, and the U.K.
The Semiconductor Industry Association (SIA) released a study on July 25, 2023, which highlighted a pressing issue: the United States is currently grappling with a substantial shortage of technicians, computer scientists, and engineers. According to the study, there is a projected shortfall of 67,000 workers with these skill sets in the semiconductor industry. This scarcity of talent is not limited to the United States alone, as evidenced by ASML’s quest to hire an additional 4,000 engineers. It is clear that this issue is not confined to one region but can indeed be classified as a global shortage.
The impact of talent shortage can have far-reaching consequences. This shortage can lead to a series of challenges, including increased costs, decreased productivity, and missed opportunities for growth. It can also create social unrest as people who are unable to find good jobs become frustrated and angry. Fortunately, there are strategies businesses can use to overcome the talent shortage, such as:
- Look beyond the resume and the available position. At Trymax we look for hidden talents, potential for growth, and the broader contributions an applicant could make to the organization, rather than just matching their qualifications to the job description at hand.
- Nurture existing talent within the company. We invest in the growth and development of our employees to help them reach their full potential while contributing to the company’s long-term success. It’s a proactive approach to talent management that benefits both the individual employees and the organization as a whole.
- Take a data-driven approach to recruiting, e.g. sourcing analysis. Data-driven methods can enhance recruitment by improving decision-making, efficiency, and candidate experience while reducing costs and biases.
- Involve employees in the process of finding new team members. This can be achieved through initiatives like an employee referral program, and also by including employees in the interview process. Their insights are invaluable for describing the job responsibilities and providing a glimpse into the work culture at Trymax.
Once hired, the next concern is how to avoid that talent leaves.
It is widely acknowledged that top-notch professionals are more likely to leave an organization if they find the company’s processes disengaging. Top-notch professionals are driven by a combination of challenging work, opportunities for growth, recognition, and a positive work environment. This is precisely the ethos we uphold at Trymax. We ensure that talent feels responsible, well-accepted, and respected in their team and in the organization. In other words, every person is seen and recognized.