There’s a talent crisis looming. Our research predicts that by 2030 demand for skilled workers will outstrip supply, resulting in a global talent shortage of more than 85.2 million people.
At the same time, organizations are finding it difficult to attract and retain the right talent with real wages, adjusted for inflation, up an average of only 1% globally.
All this suggests that companies won’t be able to rely on sourcing talent in the external market to fill skill gaps in their organizations. Instead, there’s a need for HR teams to mitigate this risk by becoming more agile in developing talent from within. And this includes looking at developing employees at all levels, not just critical segments.
In our eBook Broadening the Development Lens, we look at the issues underlying poor-performing development initiatives, and identify the four approaches that best-in-class companies use to optimize their talent development throughout the breadth and depth of the organization to set themselves up for success in this talent crunch:
1. Apply insight to focus development.
2. Train managers to be talent managers.
3. Embrace the 70/20/10 rule.
4. Balance development for tomorrow as well as for today.
To learn more, download the new eBook.