As National Apprenticeship week kicks off across the country, it’s a good reminder the best talent pipelines are built, not bought.
The most competitive businesses have always understood that success rests in the quality and skills of their workforce. The labor market is constantly changing. No longer do businesses have their pick from an array of talented applicants. Job vacancies outnumber available workers by 4.5 million, which translates to 1.7 job vacancies for every available worker.
Traditionally, the way to attract talent in a tight labor market was to increase wages. For many companies, however, this is not an option as they face increased competition and ongoing supply chain issues. In any case, there aren’t enough skilled workers to fill available jobs.
This skills gap has been around for some time, and the Covid pandemic amplified that gap. Young workers, in particular, want a better work-life balance, with flexible schedules and the ability to work at least part-time from home. And workers who were in sectors shut down by the pandemic, such as hospitality and tourism, opted not to walk back into jobs with low pay, no flexibility, and little room for advancement. Those jobs aren’t viable in the long run, and many will be overtaken by automation and technological change. Now, workers are looking for jobs with decent pay and room for advancement along a defined career path. They want to learn and keep learning on the job.
