How To Increase Your Talent Pool in Times of Skill Shortages

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by Dean Callaghan, C. Psychol., Ps.S.I, Managing Director at Aon’s Human Capital Solutions

Talent needs are changing faster than ever, and increasing your talent pool may seem like an impossible task when the labour market is constantly evolving and the great resignation continues.

The World Economic Forum estimates that 85 million jobs may be displaced by digital transformation while an additional 97 million new roles may develop by 2025. The rapid pace of change drastically affects the skills organisations need to adapt and thrive in the new economy.

A comprehensive talent strategy combined with a strong employer brand can keep your business functioning at a competitive level. While external talent pools for highly skilled talent keep shrinking, you have a wealth of untapped skills potential brimming beneath the surface of your existing workforce.

Skill shortages in the labour market don’t have to hold your business back. By developing a workforce reskilling program to hone the skills you need internally, you can increase your talent pool to include qualified internal candidates and high-potential external candidates.

Inventory Current Workforce Skills and Pinpoint Gaps

Before developing a reskilling program, you need to identify the skills you have in your current workforce. Use assessments to inventory your company’s organisational capabilities. Individual assessment data —viewed in the aggregate—provides a complete picture of your current workforce’s skills and abilities.

Project Upcoming Talent Needs

Review your company’s business strategy to identify the talent and skills you need to build internally. Consult with business leaders to determine their specific talent needs and pinpoint the skills gaps that could undermine your business plan.

Develop Upskilling and Reskilling Tracks

With a comprehensive portfolio of skills you have and the skills you need, you can develop upskilling and reskilling tracks designed to fill the gaps. Attach reskilling tracks to specific career pathways and let employees gravitate towards routes that match their aptitudes and interests.

Lay the Groundwork for Internal Mobility

Develop clear career tracks for each role. These tracks should provide insight into options for growth within the company and remain flexible enough that employees can customize their own paths through collaboration with their managers.

Train Managers as Career Coaches

Direct managers are your best resource for developing employees. Educate managers on the reskilling programs your company offers so they can help employees find the right tracks to align with their aptitudes. Provide first time managers with necessary upskilling for managing in the current environment, including promoting wellbeing and inclusion and managing a hybrid workforce.

Elevate Top Talent Internally

Your company probably already employs high-potential individuals for specialized roles. By giving them opportunities to grow and move within the company, you can engage and retain your top talent for more extended periods.

To help employees find their potential within your company, make it easy to cross-train in other roles. Assessment reports can provide recommendations for positions where employees can excel.

Aon’s Human Capital Solutions provides clients with powerful tools and insights to help them make better talent decisions at every stage of the employee lifecycle. This includes assessments for skills and behaviour, rewards benchmarking, wellbeing, identifying future leaders, and AI-enabled solutions. To learn more please contact [email protected]