Companies Find It Difficult To Attract 'Right Talent'

by CXOtoday News Desk    Jan 20, 2014

skills shortage

The industry is experiencing considerable Skills shortage, according to a new survey by global recruitment firm ExecuSearch Group. The skills shortage is especially prevalent in the IT, healthcare and financial services sectors, according to the report.

While releasing its 2014 Regional Hiring Outlook whitepaper, Edward Fleischman, CEO of The ExecuSearch Group, in the current economic scenario, it was important to inform our stakeholders of these findings, so they had a stronger understanding of what they may need to emphasize or improve upon to put their best foot forward.

The report also found that almost half of all respondents said that attracting the right talent is one of the biggest challenges in growing their business, while 26% named a ‘skills shortage.’

The IT sector where skills gap is highly prevalent sees a major shortage of skilled employees in the area of Big Data, security, and analytics. Cisco’s 2014 Annual Security Report suggests that shortage of nearly a million skilled security professionals is impacting organizations’ abilities to monitor and secure networks, while overall vulnerabilities and threats reached their highest levels in the last one decade.

Read: IT Security Skills Gap Leads To Massive Cyber Threats

Similarly a recent Gartner study predicts that a key challenge facing companies is the lack of big data specialists. Gartner predicts that over 44 lakh IT jobs will be created globally to support big data by 2015, who can truly be called Data Scientists, and can evaluate business needs and impact and write the algorithms and program platforms such as Hadoop, believe analysts. In such as scenario, the industry and academia should support IT professionals to acquire advanced skills in data analytics to cater to the growing demand of this market.

ExecuSearch finds besides IT, sectors such as banking finance, with each new federal mandate, employers require a new set of specialized employees to keep their company compliant or drive the business forward

One significant finding is that the executives who are making hiring decisions are now putting greater emphasis on “soft skills” in their hiring strategy. The top four most in-demand soft skills according to the report include problem solving and analytical thinking skills, the ability to act as a team player, initiative/drive, and effective communication skills.