Minimise the future impact of skills shortages

The global financial crisis (GFC) gave employers a breather from the skills shortage - there were a large number of candidates available and so employers wanted proven performers. Now, in line with the market’s steady recovery, the number of highly skilled candidates has reduced and skills shortages are starting to emerge.

A number of sectors such as Accountancy & Finance, Banking and IT are experiencing a shortage of highly skilled and specialised candidates. The good news for employers is that there are steps you can take towards minimising the impact.

1. Train entry-level candidates: There was very little investment in recruiting and training entry-level candidates during the financial downturn as employers opted for proven performers. Graduates and less experienced candidates are often highly motivated and work hard to prove their ability, making them a valuable commodity.

2. Consider transferable skills: Don’t immediately turn away a candidate because they don’t have industry specific experience. If the applicant is from a related field, for example from other heavy infrastructure projects, check to see if their skills are transferable.

3. Consider overseas candidates: Singapore is fast becoming a hub for global business. Combined with the global nature of the oil and gas industry, you might consider talent from other countries.

4. Look ahead: We also advise employers when recruiting to look ahead at what a candidate can offer in the coming three to five years, rather than just the next two years. This will also have a positive effect internally, with staff valuing the potential for future opportunities with their employer.

5. Partner with a recruiting expert: As economic conditions continue to improve, competition for the best talent will only increase. Finding the right candidate with the necessary skills and experience will take significant time and resources. Working with a recruitment firm will save you time, money and effort.

For more advice, please visit www.hays.com.sg.