Our 3 solutions to tackle the global skills deficit - Viewpoint - careers advice blog Viewpoint careers advice blog

Our 3 solutions to tackle the global skills deficit - Viewpoint - careers advice blog As a global recruiter, my business understands the challenges that organisations face as they look to build and grow their businesses. One key challenge they continue to face is the struggle to find the skilled workers they need to succeed. The global economy is in better health today than it has been for many years In order to better understand the skills landscape and be able to provide our clients with strategic recommendations, we collaborate with Oxford Economics on an annual basis to develop the Hays Global Skills Index. Analysing 31 countries, the Index throws a spotlight on issues such as education policy, wage pressure, labour market participation and talent mismatch. It aims to equip employers, policy makers, regulators and workers to build great careers and great businesses now and in the future. The global economy is getting stronger I’m pleased to say that the global economy is generally in better health today than it has been for many years. Strong economic growth, led by developed markets in Europe and the US, has boosted employment and wage growth to new heights. We’ve seen that certain countries have fared particularly well over the last year. In the US, for example, the growth in earnings relative to the cost of living has risen significantly, particularly in skilled industries. We are seeing a similar story in Australia and parts of Europe. In the UK alone, almost 2 million new jobs have been created and unemployment has fallen steadily. However, there’s no room for complacency There are still worrying signs of the lasting impact of the financial crisis. The ‘employment gap’ â€" the jobs lost since the start of the crisis â€" is significant. Although employment levels are rising, there are still 11 million fewer people in work today than would be if unemployment and participation had remained at pre-crisis levels. This is equivalent to one in 20 workers across all markets. Meanwhile many countries are struggling with employee productivity, with people working longer hours but not necessarily getting more done. We feel that more needs to be done by governments and businesses There is no room for complacency. As companies look to hire more people, the global skills shortage shows no sign of easing â€" labour markets are still under strain in a world of continuous change. Economic slowdown in China; high unemployment in continental Europe; an ageing workforce in Germany and Japan; and the UK’s low productivity. These macroeconomic developments have ramped up the pressure on labour markets across the world. We feel that more needs to be done by governments and businesses to address the issues that are still prevalent in labour markets. Based on the findings of the Index and  insight from our team of experts across the globe we have developed recommendations that outline some practical solutions to address the global skills deficit. 1. Enable more and easier skilled migration to allow  businesses access to workers with key skills Each country needs to look beyond its own borders  to allow businesses to access the talent they need.  While self-sufficiency in skills is a worthwhile goal for any  economy, it is wrong to restrict a business’s ability to grow  by restricting its access to talent globally if the necessary  skills are not available locally. Skilled migration is a vital  short-term solution to filling specific skills shortages  where suitably qualified local workers are not available. Governments must therefore make a clear distinction  between general immigration and the movement of skilled  workers across borders. This should include fast-tracking  visas for roles that can’t be filled by local workers  and showing clear public support for the mobility  of skilled labour. 2. Ensure better training for employees and closer  collaboration with schools, universities and technical  colleges to deliver the skills pipeline of the future Structured training is essential at all levels, from graduates  and apprentices through to the oldest workers. There are  huge economic gains at stake for countries that raise their  standards of education and training to better prepare young  people for the workplace. It is clear that in the long term,  education, training and apprenticeship schemes to  up-skill  employees is the best way of boosting productivity and  the pool of ‘home-grown’ talent. 3. Encourage businesses to embrace technology and  maximise the skills at their disposal Education, training and apprenticeship are  the best ways of boosting productivity Finally, governments and business leaders should consider  how investment in new and advanced technologies can  help employees work more efficiently and thereby boost  productivity. People being able to work smarter, rather than  longer, will make the most of the skills a business has at  its disposal. People must feel empowered to invest in and  embrace new technologies to make this happen. I firmly believe that investment in these three areas will have a dramatic impact in easing the skills shortage, boosting the competitiveness of firms worldwide and securing an even stronger recovery for 2016 and sustainable growth beyond. Visit the interactive Hays Global Skills Index 2015 here. //