Hot jobs turn cold much faster now

Firms that resolve talent shortages will emerge winners.

In a world of huge demand for talent and scarce supply, those employers who can find the best ways to confront and resolve the talent shortage issue will be the winners, as will those employees who can best equip themselves with the right skills for the emerging future world of work, according to a Manpower Inc study.

There are shortages not only in the overall availability of talent, but also"" and more significantly"" in the specific skills and competencies required in industrialised, emerging and developing economies alike, the report says.

It adds that demographic shifts, (ageing populations, declining birth rates), social evolution, inadequate educational programmes, globalisation and entrepreneurial practices (outsourcing, offshoring, on-demand employment) are causing the shortages.

Governments and employers around the world are taking steps to counter the effects of these shortages by improving educational and vocational training provisions, bringing the economically inactive into a more inclusive labour force, and encouraging skilled and experienced older individuals to remain in employment. But more needs to be done, the report says.

As a result of technological advances and productivity gains, many low-skill routine jobs are being eliminated and once in-demand skills are rapidly becoming obsolete. This leaves employees potentially jobless, and individuals must take advantage of all available opportunities for reskilling and retraining, the report says.

The accelerating pace of technological and entrepreneurial change has caused many once 'hot' skills to go rapidly past their peak and grow 'cold'.

Today, hot jobs turn cold almost as fast as a product's life-cycle changes. A skill-cycle that once ran for three years now lasts for just for nine months, the report says. This makes employee retraining vital.

Individuals will need to realise that the skills with which they enter the labour force will not necessarily be sufficient to take them through their entire working life, it says. They may have several different jobs, even careers, during their working lives, and this trend will grow.

Continuous skills development and training will be the order of the day, and this will be the joint responsibility of governments, employers and individuals.