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Over the last few years, you’ve probably noticed a disturbing business trend for organizations interested in continued growth: Hiring has been getting harder. For the first time, the number of job openings exceeded the number of unemployed workers in the U.S. In order to fill vacant positions in such a competitive environment, companies need to look beyond traditional candidate pools to keep the talent pipeline flowing.
The shortage of skilled workers is affecting all industries, but a few are being hit particularly hard. According to data from the Korn Ferry Institute, the financial and business services industries will be lacking as many as opens in a new window10.7 million workersopens PDF file by 2030, costing a staggering $1.313 trillion in unrealized revenue. The same research projects a shortage of 4.3 million workers in the technology, media, and telecommunications industries by 2030, which will cause these industries to lose out on $449.7 billion of unrealized output.
While technological innovations in automation, artificial intelligence, and machine learning promise serious productivity gains, these gains won’t materialize without skilled human workers. For companies to maintain a growth trajectory and keep critical positions filled, they must supplement old sources of talent that are now drying up. By thinking creatively and engaging employees with the following four strategies, businesses can continue to grow despite constricting labor markets.
1. Partner with educators.
Most companies wait until students are graduating to begin the recruiting process, but getting an earlier start can provide big benefits. In some cases, employers can partner with educators to teach specific skills needed in their business, increasing the likelihood that students go into careers utilizing those skills.
According to MDR, the education division of Dun & Bradstreet, nine out of 10 teachersopens PDF file think that proficiency in STEM (science, technology, engineering, and math) subjects leads students to pursue employment in STEM fields. When companies step in to help teach skills and donate resources, such as JPMorgan Chase’s opens in a new window$350 million investment in community college curricula, they get to groom potential job candidates while students gain valuable skills that improve their job prospects.