Talent Shortage: WHAT WORKERS WANT
57 % companies in Slovakia are struggling to attract talent
Bratislava, March,11th 2020 – ManpowerGroup published the results of the Talent Shortage 2020 survey. Our unique insight, ongoing 13 years , is considerd to be the largest human capital study of its kind.
“ Unprecedented times are the new normal. Globally, the labor market is tight. Talent shortages are at record highs, unemployment at multi-decade lows. The voice of „the consumer“ – employee and candidate – is ever stronger and the role of organizations under increasing scrutiny. We need new solutions for the future of work and the future for workers,” presents Zuzana Rumiz, General Manager of ManpowerGroup Slovakia.
We asked 24,419 employers across six industries in 44 countries:
- How challenging, in comparison with the last year, is to occupy job vacancies?
- What are the most in-demand roles and why?
To find out What Workers Want, we surveyed 14,000 individuals across 15 countries to understand what attracts them to an organization, what keeps them there and how that varies by geography, gender and at different stages of their career.
Situation in Slovakia
57% of employers in Slovakia is unable to find enough suitable candidates in the long term. In terms of employer size, the differences are abysmal. Large companies have the biggest problem: 83% of Slovak employers with more than 250 employees report that they cannot fill their vacancies, for medium-sized companies (50-250 employees) it is 68% and for small companies (10-49 employees) 46% . The smallest problem to fill jobs (35%) is reported by micro companies up to 10 employees.
The global average has reached a record level since 2006, with 54% of companies facing talent shortages, mainly due to changing position structures and new skills needs. Worldwide, employers in Japan (88%), Romania (86%), Taiwan and Greece (77%) have the biggest problems with filling vacancies. In Japan, the situation is exacerbated by labor shortages, population aging, and barriers due to labor immigration from other countries.
Most in-demand roles in Slovakia
Artificial intelligence is rapidly evolving in the field of automation, and technology is now defining rather than replacing desired jobs. The high demand for sales representatives, marketing specialists, assistants and drivers is due to the ever-increasing volume of online sales and logistics. However, these jobs have changed over the last 10 years and continue to change, while requiring new skills.
A growing shortage of suitable workers for unskilled jobs such as construction workers, warehouse workers or staff in accommodation and catering is still a persistent trend in the labor market.
“Lack of suitable talent reduces companies’ ability to satisfy customers, extends delivery times for goods and services, and at the same time, decreases corporate productivity and competitiveness,” points out Zuzana Rumiz.
What Workers Want: Throughout Their Career
What Workers Want varies by age, gender and geo, and where they are in their career lifecycle. More pay, flexibility and challenging work are non-negotiables to all. Of course, every employee wants something slightly different. This is influenced by the age, gender and stage of his career:
Generation Z (age 18–24)
Money Matters Most, Especially to Women
Gen Zs are ambitious, hungry for cash and career development, yet already, women and men have differing desires. Women rank pay twice as much as their next priority — developing skills — while men say skills and career matter almost as much as pay. As more college-educated women than men enter the workforce for the first time after decades of unequal pay, women know their rights and money matters.
Millennials (age 25–34)
Flexibility Is Critical for Her and Still a Nice to Have for Him
Millennials want the same, same but different. Both women and men want flexibility and challenging work. They understand they have a career ultramarathon ahead of them and want to achieve a One Life balance for the long run.4 For women though, to pursue challenging work, it must come with flexibility. They continue to do most of the emotional labor and unpaid work at home – balancing work around commitments.
Generation X (age 35–54)
For Anyone Who Cares:Flexibility = Well-being
This is when the quest for balance starts to kick in. Men prioritize flexibility as much as women. They want a flexible start and finish to their day, the ability to work remotely some, not all of the time and they want their share of parental leave. With 52 million U.S. working parents, 65.4 million EU households with children and with elder care on the rise, flexibility is more than a hygiene factor for both genders.
Baby Boomers (age 55+)
Loving Leaders and Teams, Learning Less So
Boomers are also driven by pay, challenging work and flexibility though they place highest priority on leadership and teams. The boss they work for and the people they work with matter a great deal. Older workers want to pay it forward: those over 65 are most motivated by purpose. What matters less they say is learning new skills – boomers want to grow as individuals, not just employees.
How to give workers what they want
„Talent can call the shots and employers need to shift their demand closer to match the supply. They need to understand people’s needs and desires to attract, engage and retain the best talent while others are trying to do the same in a tight labor market. Getting it right up front brings return on investment and retains and develops talent for the long term,” dodáva Zuzana Rumiz.
Get creative about compensation
Pay matters but so does quality of life. Reward people well to help meet their needs wherever they are in their career journey.
Assess for fit and potential
Provide people with the insight they need to thrive and you’ll end up with more motivated and satisfied workers.
Build a Culture of Learnability
Give workers the challenge they crave and the support they need to grow and succeed.
Create Flexibility for One Life
Wherever people are in their career life cycle — it drives well-being and productivity too.
Be more than transparent about your Why
Be explicit and authentic about the purpose and meaning in your company’s mission and ensure leaders live it.
„Nearly half of the companies in the world cannot find the employees with the skills they need – nearly twice as much as ten years ago. Along with the increasing speed of technological development, digitization and automation, most employers plan to increase or at least maintain their vacancies. Desired skills and roles are changing faster than ever, and the need for the Skills Revolution, which we predicted four years ago, continues to be a major challenge today. In order to find, cultivate and keep the best talents, companies, in a very competitive environment, need to know what employees want. They need to change their workforce requirements to match the needs and wishes of the talent they want, and to expand the territory from which they bring their talents. Organizations need to change their behavior. Growth of the company value is only possible if it goes hand in hand with care for employees, customers and the community. This also includes the responsibility to help people acquire new skills, adapt to future business needs, and become talent creators,“ Zuzana Rumiz says.
For more information on what employees want, see the brochure Closing the Skills Gap: What Workers Want