FORWARD THINKING ON LABOUR MARKET

11:44 pm
March 16, 2022
cogent infotech
Human Resources
Dallas, TX
Cogent Staffing
Blogs

FORWARD THINKING ON LABOUR MARKET

Job openings are everywhere, and millions of unemployed people are looking for jobs. However, the gap between skilled jobs and employable people keeps getting wider. This doesn't mean that there aren't enough experienced people for the positions. 

Businesses are missing out on an adequate talent pool because they don't follow a forward-thinking approach. The traditional hiring process is now obsolete because people are forced to take jobs that don't match their skillset.

 The current Covid-19 pandemic has paved the way for corporations to hire people from remote locations for a much lower salary. 

Factors influencing the future of work

The way jobs are created and filled is changing rapidly in developed G20 countries and developing economies. Organizations must recognize and understand this change to hire skilled people to complete the tasks. 

Advancement In Technology

Latest advancements in technology have enabled the automation of several tasks. Routine and repetitive tasks are now easily automated. The development of AI and the availability of Big Data allow various tasks to be automated. Advanced economies have more resources to automate multiple tasks. Many traditional jobs are de-bundled, and freelancing options have increased multifold. 

Demographic Shift

The working-age population has been undergoing a massive change in recent years. As a result, many nations now have an aging population more than working-age people. The developing countries are likely to take over developed countries with their rapidly expanding working-age population. 

Globalization

The internet's ability to connect people across borders has wholly revolutionized the labor market. It allows distant economies to have a significant influence on the global market. Global outsourcing and offshoring tasks are now standard. 

Shift In Values

People are no longer looking at jobs as the ultimate goal. Work-life balance is now considered a high priority. Remote working has blurred the line between work life and personal life. Job seekers are looking for job opportunities that help them to integrate professional and family responsibilities without compromising either. 

The way the organizations have adapted to the pandemic has created a new perspective on the labor market. Instead of focusing on whether the candidate has a college degree, organizations have started to look for candidates with specific skillsets.

 The skill requirements of jobs take precedence before the educational qualification. Those who have the skills developed by other means can climb the employment ladder quickly. Understanding the shift in the labor market, employers must change their hiring process to create an agile and resilient workforce.

How Your Business Can Become A Forward Thinking Organization?

Employers are struggling to hire and retain a skilled workforce despite the abundant unemployed people. The gap between the supply and demand of skills keeps increasing as the labor market undergoes a massive change and skilled labor becomes increasingly hard to find. Forward-thinking is the way to go if you want your organization to follow the path of growth.

Understand Essential Skills In Demand

Your organization must analyze and categorize the skillset needed to effectively use the available skilled workforce. Some skills must be maintained in-house, and some can be outsourced. You want to keep in-house skills nurtured to meet your business goals. To use the existing labor market, accept the idea of contractors and move forward. 

Adopt Flexible Working Trend

Automation has eliminated the need for certain skilled people. It has also created an opening for different skills. Talented and skilled people now have the power to choose their employer. Permanent employees are becoming a rarity because the skilled workforce is constantly looking for upgrades. A flexible working trend will help your employees to take advantage of technological advancement and enjoy a peaceful work atmosphere. 

Encourage Employee Learning

The only way to drive your business forward is by encouraging your employees to take steps in the forward direction. Invest in your employees by offering training programs to improve their skillet. Your organization should take steps to ensure the continuous development of your employees.

There is a risk that your highly trained employee may quit and work for your competitor. However, this fear should not stop your organization from improving its existing skillset. 

Workforce planning is the need of the hour for organizations to meet their financial and operational objectives. Focusing on what your customers want and training your employees to meet customer demands is crucial to staying ahead in the competitive market.

Cogent Infotech can be of great assistance if your organization needs to help develop a forward-thinking strategy. 

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