Widening Skills-Talent Gap Amidst Today's Workforces
With a rising talent shortage in the region, CFOs are seeking a broader range of skills among the professionals they hire. Surveys show that nearly 83% of companies in Singapore have reported talent shortages in 2023 following the pandemic. Employers are struggling to locate and attract qualified candidates, particularly in the Accounting and Finance sector.
Furthermore, as a new generation continues to enter the workforce, they are embracing a different approach to work, coupled with a rise in new skill requirements due to the increasing prevalence of AI and technology tools.
Given these rapid changes, businesses can no longer afford to adopt a "WAIT AND SEE" approach.
What can you do to tackle Talent Shortage?
By adopting a balanced mix of the following 6 strategies, HR leaders can ensure that their workforce is prepared and resilient to meet the growing demands of the market space and close skills gaps.
![1. Upskill your people 1. Upskill your people](/images/librariesprovider7/default-album/110e00e499f344e1a86eb26041071e05d.png?sfvrsn=a9d4400e_2)
![2. Reskill or “Rehaul” your people 2. Reskill or “Rehaul” your people](/images/librariesprovider7/default-album/2acec014ee6e040e3866679d2d710f577.png?sfvrsn=330c41da_2)
![3. “Buy skills” from the expert 3. “Buy skills” from the expert](/images/librariesprovider7/default-album/3fd254edc7f1f4d239d1550125d2bdecd.png?sfvrsn=d23a0332_2)
![4. Borrow external resources to “Assign Temporary Talent” 4. Borrow external resources to “Assign Temporary Talent”](/images/librariesprovider7/default-album/4ecf774f7e444427bb3f80b7f38f333c4.png?sfvrsn=3b33648_2)
![5. Embrace Task-based talent flexibility 5. Embrace Task-based talent flexibility](/images/librariesprovider7/default-album/5c6b7c42bdea7411c88751ed2d4c957be.png?sfvrsn=6108589_2)
![6. Acquire talent 6. Acquire talent](/images/librariesprovider7/default-album/6.png?sfvrsn=52143188_2)
In the realm of talent strategy, a one-size-fits-all approach falls short. To address talent gaps effectively, businesses must blend and tailor these strategies to their unique requirements. A harmonious fusion of strategies, strategically crafted, empowers your workforce for peak performance, boosting overall productivity.
Discover the RIGHT MIX for your HR needs today. Contact our specialists for more information -
Yang Li Lian
Partner, Accounting & Staffing Services
T: +65 6594 7897
YangLiLian@RSMSingapore.sg
Tan Sock Huan
Director, Staffing & Recruitment Services
T: +65 6594 7947
TanSockHuan@RSMSingapore.sg
Fionn Shoo PY
Director, Accounting & Staffing Services
T: +65 6594 7946
FionnShooPY@RSMSingapore.sg