Jeffrey A. Joerres, ManpowerGroup Chairman and CEO, will today participate in the WEF 2014 Annual Meeting session "Three Human Capital Challenges for the 21st Century", examining the conundrum of the global oversupply of labor and undersupply of talent. Ever-changing technology, labor market bifurcation between highly-skilled individuals and those whose opportunities to participate in the workforce are limited, and shifting demographics have contributed to a marked imbalance. In a world where talent has become the major agent of economic growth, this imbalance is adding pressure on the labor market.
"Understanding how to unleash human potential is no longer a one-size-fits-all approach. Business leaders must consider which skill sets they need to execute their business strategy, and how best to close existing gaps," said Joerres. "Employers that tap into a wider range of skills across the entire talent ecosystem — full-time, part-time, contract and virtual — will maintain a competitive advantage in the marketplace."
Economic disruptions, compressed business cycles and the need to do more with less have strained existing work models to breaking point. Forward-looking employers who optimize diversified talent sources will remain agile and flexible which will enable them to respond faster to ever-changing market demands. They will build strong talent benches by drawing talent from undertapped resources including youth, women, migrants and older workers.
ManpowerGroup's 2013 Talent Shortage Survey found that 35% of global employers are struggling to fill open positions despite continuing high unemployment. Faced with such a quandary, CEOs expect their chief human resources officers (CHROs) to be the organization's "economists", providing market intelligence on talent supply and demand. CHROs must align workforce strategy with business strategy through planned workforce allocation that includes engaging and developing existing talent, as well as seeking out future talent sources.