Re-skill | Re-deploy | Re-tain | Re-connect

Recent geopolitical tensions, Slower economic growth, Rising cost of living for consumers, Ongoing impact post pandemic, Supply shortages, Digitalization, are the major drivers of expected job destruction and widening gap between employment demand and supply.

To navigate the growing employment demand-supply gap, organizations need to look beyond traditional hiring practices. This includes focusing on upskilling and reskilling current employees, leveraging technology to enhance productivity and fill skill gaps,
exploring alternative talent pools and focusing on creating the employable pipeline through academia partnership.

Here's a more detailed look categorised in 4 different pillars:
1. Reskilling and Upskilling:
Companies should invest heavily in training and development programs to equip their workforce with the skills needed for future roles. This includes retraining existing employees and hiring entry-level candidates with the potential for growth, encourage a culture of continuous learning and development, empowering employees to embrace new technologies and methodologies. 

2. Redeploy and think beyond traditional Hiring:

Focusing on internal promotions and lateral moves can help address skill gaps within the organization. We should encourage Internal mobility for cross functional and experimental roles where the roles can be filled and nurture the top performers.
Organizations should consider hiring from unconventional talent pools like Alumni group, abroad returns, contract and contingent workers for specific projects, and talents with non-traditional backgrounds, and develop programs to integrate them effectively.

3. Retain Talent and Digitally enable them:
Investing in employee well-being, fostering a positive work culture, offering competitive salaries, benefits, performance-based rewards and ensuring fair treatment can improve employee satisfaction and reduce turnover.

Prioritize the adoption of digital technologies like big data, cloud computing, and e-commerce platforms to streamline operations and enhance efficiency.  Organizations should strategically adopt automation and artificial intelligence to improve productivity and fill labor shortages, especially in roles with high demand and low supply. 

4. Rigorously Collaborate and Anticipating Future Needs:
Working with educational institutions and industry partners can help create talent pipelines and address skill gaps more effectively. Not only support strongly internship programs but also curriculums which will build future ready talents. Organizations should proactively assess future skill requirements and plan their workforce strategies accordingly.

By adopting these strategies, organizations can not only address the current challenges of employment demand-supply but also build a more resilient and adaptable workforce for the future.