Manufacturing Talent in the Human Age

The world stands on the brink of a global employability crisis—an over-supply of available workers and a undersupply of qualified talent. Faced with the most acute talent shortage since 2007—before the start of the world’s first global recession—one in three employers worldwide confirm that they cannot find the talent they need to fill key vacancies within their organization. This is a frustrating and complex conundrum for job seekers in the short-term as unemployment remains high, and employers in the long-term as forces, such as the demographic landscape, dictate the availability of talent. Therefore, the key question becomes: How can employers “manufacture” talent for the Human Age?

What can employers do to navigate this complex and challenging landscape?

As talent becomes increasingly difficult to find, we are heading toward a global employability crisis. Employers must reconsider their work models and people practices, and develop a robust workforce strategy that in a sense “manufactures” the talent they need to execute their long-term business strategy. Sticking to old assumptions on how to structure and organize work, how to develop talent and where to source it, will leave businesses in peril.

Talent simply cannot be “manufactured” in the short-term; it can, however, be “manufactured” in the long-term by developing a robust workforce strategy. Organizations need to re calibrate their mindsets to move away from only hiring just-in time talent to predicting long-term talent needs.

Their approach must go beyond an internally focused workforce plan to a holistic workforce strategy that balances external supply with internal demand. According to Manpower Group research, only 13% of HR leaders say they have a documented workforce strategy beyond their business plan. A robust workforce strategy should be based on the company’s business strategy, and identify the gaps between the talent that is available and the talent that will be needed. Further, it should consider important external factors that could affect future talent sources, such as demographic shifts, the rise in emerging markets, and rapidly evolving technology.