Amit Duggal, (Chief Operating Officer) Meraqui Ventures Pvt. Ltd.
Member , Indian Staffing Federation
In a world marked by rapid advancements, dynamic market shifts, and changing employee expectations, there is a growing challenge in bridging the employment demand-supply gap.
India holds the highest position for having the world’s largest youth population but unfortunately, only 48.7% of total youth is employable. India is witnessing a sharp mismatch between the worker’s skills and job availability. That’s why there is a 21.1% of tech talent demand-supply gap. (Source: Indian staffing federation)
Organizations are not simply searching for temporary solutions or just following outdated practices. They are thinking beyond to rise above these challenges and embrace future possibilities.
To address the growing challenge in the employment demand-supply, organizations can think beyond & adopt several Strategies. Some of them are as follows:
1. Invest in Upskilling of Workforce
Organizations can consider Upskilling and reskilling their existing workers, rather than sole dependence on external hiring. This will allow them to acquire new skills that align with the company’s needs and job requirements. This will also boost employee engagement and loyalty toward their organization.
2. Remote & Flexible Work Option
Organizations should allow remote work options along with flexible arrangements. This will allow far-located, talented individuals to work without any hassle. It ensures job satisfaction and can improve the productivity of the employee.
3. Collaborate with Colleges
Organizations can collaborate with educational institutes to bridge the gap between academics and corporate work. They can train their future workforce by collaborating on curriculum development, apprenticeship, mentorship, and internships.
4. Encourage Diversity & Inclusion
By fostering diversity and inclusion, organizations can attract talent from diverse backgrounds. Organizations can leverage different perspectives from innovative thinkers and problem solvers. This will open the door to innovation and thus create a healthy workspace.
5. Implement Talent Management Strategies
Organizations can implement talent management strategies to focus on attracting new talents and developing and retaining existing ones. This process includes an efficient recruitment process, performance management, and providing opportunities for their growth.
In the phase of a growing demand-supply gap, organizations (Meraqui Ventures Pvt. Ltd.) should think beyond traditional and approach innovative strategies. There are certainly several ways to address the challenge. Embracing remote work culture, Upskilling the existing workforce, etc are some of the ways to tackle this problem.