The HR Forecasting Process and Addressing Skill Shortages
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The HR Forecasting Process and Addressing Skill Shortages
One of the critical problems of human resource management is labor supply and demand, as the policies of government and businesses primarily aim to provide the required skills in society. Employers may apply different measures to manage the shortage of skilled labor effectively. Using machine learning models enables employers to change skill needs, and employers can make timely adjustments in their talent acquisition and development strategies (Dawson et al., 2020). This method is used to extract historical labor market data so that the role of skills can be in high demand to optimize recruitment and training programs.
Another tactic that has helped overcome the skill gap is hiring skilled immigrants. Establishing policies for immigration that would woo highly trained professionals to bridge short-term talent gaps, especially in the areas of acute shortage, is done by employers. This method suits industries requiring specific technical knowledge beyond the domestic labor market.
Besides, the industry could engage nearby educational institutions to develop courses that comply with the industry’s needs, thereby equipping students with the required skills. These partnerships include internships, co-op programs, or special academic programs focusing on specific abilities. Employers can fill immediate skills gaps through holistic development and training programs. Such programs should concentrate on tech skills and soft skills like communication and teamwork. Proper training teaches workers necessary skills and retains them by offering them development career opportunities (Ibrahim et al., 2017).
However, others require more than employer-led initiatives. These strategies could fail to address macroeconomic and social factors behind the gap, such as wages, working conditions, and policies (McGuinness et al., 2017). Furthermore, the overreliance on internal training may crowd out companies’ resources, especially for medium and small businesses, which may need more capabilities to launch public training programs.
In conclusion, workplace initiatives undoubtedly play a critical role in bridging the skills gap, but an all-encompassing approach involving government policies, educational reforms, and employer engagement is also needed. The most efficient ways employers can be proactive are through strategic partnerships, predictive analytics, and comprehensive training programs. However, other structural changes accompanying the supply and demand balance in the labor market are also needed.
References
Dawson, N., Rizoiu, M., Johnston, B., & Williams, M. (2020). Predicting Skill Shortages in Labor Markets: A Machine Learning Approach. 2020 IEEE International Conference on Big Data (Big Data), pp. 3052–3061. https://doi.org/10.2139/ssrn.3681132.
Pedron, Z. (2022). Small Businesses to Overcome Skill Shortages and Talent Mismatches. In Small Business Management and Control of the Uncertain External Environment (pp. 111–135). Emerald Publishing Limited.
Ibrahim, R., Boerhannoeddin, A., & Bakare, K. K. (2017). The effect of soft skills and training methodology on employee performance. European Journal of Training and Development, 41(4), 388-406.
Mcguinness, S., Pouliakas, K., & Redmond, P. (2017). How Useful is the Concept of Skills Mismatch? https://www.ilo.org/wcmsp5/groups/public/—ed_emp/—ifp_skills/documents/publication/wcms_552798.pdf