With the Government urging businesses to make decisions around furloughed employees, and many organisations looking at significant restructuring, there can be little doubt that large scale unemployment is on the horizon. Whilst it could be argued that the increase in unemployment coupled with reduced economic growth as a result of the pandemic could reduce the talent shortage, at Hamilton Forth we take a different view. In this blog, we look at the potential for acute talent shortages, and the onset of rapid digital transformation, as a driver to invest in talent.
Acute Talent Shortages
Whilst it is inevitable that there will be an increase in the number of people looking for employment, it is unlikely that the skills profiles of those individuals will fit with organisations’ current and future plans, particularly because those with the skills required for future growth are likely to be retained despite downsizing.
Pre-COVID 19, many organisations were already aware of the need to recruit from within a relatively small pool of talent in order to achieve the change required to thrive in the future. The increased focus on automation and digital transformation as a result of the pandemic, is likely that to compound the issue of talent availability, resulting in acute talent shortages.
The Impact of Rapid Digital Transformation
As we have seen from discussions arising at our Virtual Networking events with digital, change, and transformation professionals, the pandemic has already accelerated the pace of digital change within organisations of all sizes and sectors as they have striven to overhaul their business models to adapt to the new working from home models.
As businesses continue to alter their operating models in response to the economic crisis and to customer demands, more organisations will be prioritising digital transformation, pushing the demand for talent with skills to implement the change, and those with the skills to deliver services following transformation.
Having considered the impact of the pandemic on the talent shortage, and on the pace of digital transformation, it is essential that organisations give serious thought to their workforce strategy, and review what changes the business is going through or expected to experience and consider the talent gaps within the organisation. The time to strengthen the digital and transformation talent within your business is now.
To discuss your transformation and change recruitment needs contact [email protected]