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July 31, 2013

War for talent is back on the horizon

The war for talent is back on the agenda with many commentators suggesting that having endured a new industrial revolution over the last five years, and seeing the resourcing landscape fundamentally change, we are now entering a new “war for talent” over the next five to ten years.

Only last month the CIPD’s chief economist Mark Beatson indicated that the War for Talent was set to intensify. In addition in recent months several reports by the IMF, the EU and Accenture support this view. In recent research by 360 the volume of permanent IT vacancies has risen for the fourth year in a row and is set to continue.

The demographics in many developed and developing, countries mean they will be facing declining skilled workforces and populations over the next 10-20 years. As a consequence severe skill shortages are inevitable in these economies. Recently the Telegraph highlighted this issue further in an article: “Britain’s baby boom will affect our economy more than anything Mark Carney does” by Alistair Heath.

In the case of China the issue is so large that the IMF claim, it will have a 140m-worker shortfall of skilled workers by 2030 which could have strategic implications for the security of the Pacific Rim.

Therefore against this backdrop where demand for skilled labour will exceed supply, how are you preparing to compete? Investing in your employer brand, setting a stake in the ground that will now position you as an employer of choice will ensure that you will win in the next war for talent.

Roger