3 Ways to Bridge the Skills & Talent Gap in Workforce Planning

Looking to hire the best talent for your company? If yes, you need to focus on strategic workforce planning.

Done well, workforce planning can ensure that you have the right people in the right roles with the right skills to achieve your strategic objectives. It can also help you optimise your workforce for cost and efficiency, identify risks and opportunities, and develop a talent management strategy.

But this is easier said than done – finding the right talent is an uphill task for most businesses.

Before we talk about how to find the right talent for your company, let’s first understand what workforce planning is all about.

What is strategic workforce planning?

Workforce planning is the process of forecasting future employee requirements and determining the most effective way to staff a company or organisation.

It involves analysing future business needs and developing strategies for recruiting, screening, and selecting employees.

While hiring the right people is imperative for businesses that are looking to differentiate themselves, recent statistics highlight the alarming skills gap.

The Great Resignation in Asia

Across the world, millions of people quit jobs during the pandemic, leading to the ‘great resignation wave.’ In Singapore, the average monthly resignations of technicians, managers, executives, and professionals reached a seven-year high in 2021.

According to a Korn Ferry study from 2021, resignations are set to increase in 2022 across Singapore. The spate of resignations is compounding the existing skills gap across most Asian countries.

For instance, Hong Kong is facing a talent deficit that is slated to deteriorate further by 2030. That brings us to the question of which skills are in the highest demand in Asia. Let’s take a look.

Skills in the Highest Demand

According to a 2021 survey, technology skills are the highest in demand across Asia-Pacific companies, followed by business development and sales.

In Hong Kong, some of the skills in demand are:

  • Finance and accountancy
  • Data analysts
  • Structural/civil engineers
  • Business development professionals
  • Customer relationship managers

In Singapore, these are the top skills in demand:

  • Technology development
  • Data engineering and data science
  • Internet of Things

3 Solutions to Bridging the Skills and Talent Gap

#1: Remote Hiring via PEO Secondment

One of the key takeaways from the pandemic is that skills shortages can occur without warning. Given the challenges of quickly finding the right talent in times of need, taking the help of PEO/EOR services is the easiest way to bridge short, and long-term skills gaps.

PEO/EOR services providers hire employees remotely on the company’s behalf and second them back to the company. This solution not only helps you hire the right talent immediately but helps you save the costs of hiring. For businesses that are looking to expand into new locations, PEO secondment is a streamlined way of hiring without having to set up a legal entity in the new location.

#2: Recruitment Process Outsourcing (RPO) Services

With more and more roles being handled remotely, companies need to refine their workforce planning strategies. One way to do this is to cast a wider net to recruit the right talent from across the borders.

As not every business has the time, resources, and bandwidth to do so, outsourcing your hiring needs to an established recruitment services provider is a proven way of bridging the skills gap. Recruitment services providers that have a multi-country presence are well-positioned to quickly find the best candidates that match your requirements.

#3: Employer Assistance Programmes

One of the most effective ways to retain your best employees and attract the right talent is to demonstrate that you care about their well-being. Among the top reasons for the great resignation wave, are:

  • Increased work-related pressure
  • Exhaustion
  • Boredom at work
  • Lack of engagement
  • Burnout
  • Mental health issues

Many companies are offering employer assistance programmes (EAP) to boost employees’ mental and physical well-being which in turn boosts engagement while reducing absenteeism and stress levels.

Retain and Attract the Best Talent with Links International

Talent shortages are becoming a common problem for businesses all over the world. The good news is that there are a few ways to bridge the talent gap.

If you are looking to fill a vacancy or find a better way to retain your current employees, Links International can help.

We offer a range of services, including recruitment, PEO/EOR, and Employee Assistance Programme that help you find and retain the right talent.

Contact us to learn how we can help you bridge the skills gap and stay competitive.

Related Articles:

Links International is an industry leader in innovative HR outsourcing with services such as payroll outsourcingvisa applicationPEO/EOR Secondmentoutplacementrecruitment and more! Contact us for more information on how we can help leverage your HR function.