The Talent Blueprint: Will we ever close the skills gap?

Hays

Published Jul 31, 2024

Welcome to the first edition of our new monthly newsletter, The Talent Blueprint.

This month, we’re looking at the data behind the global skills crisis.

Having kept business leaders awake at night for many years, we’re digging deeper to find solutions to close the gaps – including the hope that can be found in unusual places and with new techniques.

Harry Gooding, Skills Director for Hays UK&I thinks skills-based hiring is the way forward but “a big shift in both mindset and company culture,” is required if organisations are going to take full advantage.

“This is simply because current processes are littered with bias, that will ultimately mean you're making decisions based on who already works in your business and who you've interviewed previously”, Harry adds.

We’ve been talking about skills-based hiring for most of 2024, but the reality is that a lot of organisations are still searching for talent relying on tried-and-tested methods. As Amanda Whicher, Hays UK&I Technology Director explained during a recent webinar:

“When you look at skills-based hiring, it makes sense. It seems simplistic, but actually for a lot of organisations, it really is about upending all of your existing hiring practices and we just haven't really changed to accommodate and find that alternative talent.”

So, what can be done to change this?

An infographic illustrating concepts for organisational hiring practices, featuring bold headings about skills-based hiring, updating processes, adapting culture, and investing in skills-mapping against a vibrant blue background with a male figure standing confidently on the right

The traditional way of filling roles isn’t working...but there is another way. Expanding your talent networks through skills-based hiring and casting the net to countries beyond your own borders has the potential to futureproof your organisation.

Future focus: The emerging talent hubs your organisation needs to be aware of

Talent is out there, but with the world your oyster, you need to know where to focus your search.

This is what our report, The Workforce of the Future: Navigating the Skills Disruption uncovers. We deep-dived into the data surrounding five resilient industries; technology, banking, financial services and insurance (BFSI), life sciences, manufacturing and engineering, and found talent networks across the globe that deserve a place on your radar.

For example, did you know that Chile has a healthy pipeline of talent in engineering? Or that Romania has the most cost-effective talent in BFSI? Perhaps you didn’t realise that Colombia could well be a key location you should consider when building your skills pipeline?

During our research, we found that the five sectors had common challenges they needed to address. These were:

An infographic image featuring a list titled ‘FOUR CORE CROSS-INDUSTRY CHALLENGES’ on a blue background with white and light blue accents. To the right, there is a woman wearing a denim shirt and standing with crossed arms. The challenges listed are: ‘Managing a more complex workforce,’ ‘Fighting for the same highly skilled talent, in the same networks,’ ‘Keeping pace with digital transformation,’ and ‘Understanding evolving employee expectations.

Dig deeper into the resilient sectors, the emerging talent hubs across the world and insights into how you can access them in our report.

Career corner: Showcasing your skills to employers

You may be asking yourself, if skills are the currency, how do I show my worth?

Skills-based hiring not only offers a chance for organisations to plug gaps - it’s also paving the way for people to progress up the career ladder and take on opportunities they may have felt were beyond them.

Want to know how to show off your skills in this new era of work? Watch our helpful video below.

Leading with Pride: A recap of Pride Month

Opening your talent networks to help solve skills gaps means not only looking further afield and using skills-based hiring as a method for talent attraction. You also need to consider under-represented groups such as the LGBTQ+ community.

Many of us celebrate Pride Month in June. At Hays, we celebrate the LGBTQ+ community all year round, through employee resource groups, events for colleagues across the world, and much more.

In June 2024, Hays offices across the world celebrated Pride Month with in-person events, talks and the launch of a special thought leadership series, #LeadingWithPride.

Hays UK&I interviewed LGBTQ+ leaders from NatWest, AWE, HSBC, KPMG and more, about their career journeys and advice they had for others on the inclusion of the LGBTQ+ community.

You can watch the video series on the Hays UK&I YouTube or listen to the episodes on Spotify.

The CEO of Enterprise Solutions at Hays, Nigel Kirkham, also interviewed Erica Webber of IBM, who offered fascinating insights into how leaders can be truly inclusive, as well as inspirational advice to young members of the LGBTQ+ community entering the workforce.

You can watch the full interview here.

We’d love to hear your thoughts on how skills shortages and skills-based hiring are impacting your organisation and career. Join the conversation in the comments section below.

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