Back to the overview
Skills shortages in IT and Engineering pose a significant threat to corporate growth and prosperity. In a world characterized by increasing technology and a seemingly insatiable appetite for innovative engineering, companies in every corner of the world are struggling to meet the demand for IT and engineering skills. The problem is particularly acute in developed nations, whose role in the globalized economy is to produce highly value added and innovative new products. The demand for IT and engineering skills is being driven by four forces: 1. Increasing demand for automation 2. Increased rates of change in the IT and Engineering arenas 3. Globalization 4. Demographic changes in the workforce Against a backdrop of escalating demand, developed nations are seeing the IT and Engineering workforce shrink at the margins. As populations age, experienced and skilled IT and Engineering workers are retiring, taking their skills and expertise with them. And the pipeline of new workers, itself shrinking, has a smaller and smaller population of IT and Engineering graduations. The combination of rising demand and shrinking supply is creating a perfect storm for companies increasingly dependent on IT and engineering skills for their very survival. The paper outlines the causes and effects of IT and Engineering skills shortages, and outlines six practical steps that companies can take to thrive despite these challenges: 1. Analyze the age structure of your workforce: Take steps to determine the age of the key people and key skills in your workplace. Armed with this knowledge, companies can better prepare for their departure, and won’t be caught flat-footed when key skills and/or information is unavailable when it is needed. 2. Increase human resources (HR) planning horizons: Establish realistic expectations for how long it will take to replace key talent, particularly if the skills take months or years to acquire. Today’s planning horizons are far too short to adequately prepare for training or re-skilling needed replacements. 3. Improve career management: Effective career management tools will help build employee loyalty while ensuring that the goals of the corporation are met. Balancing employee needs and desires with corporate goals will ensure an active and engaged workforce that will willingly retrain for key positions.
Download entire study
English
Back to the overview