Hello Folks, with number of open job vacancies, you no more have to crib for lack of job vacancy and blah blah…; but yes, there is something else, more serious, probably more disastrous. It’s the “Skill Gap”.
A recent study by CareerBuilder on growing skills gap, gives some shocking stats.
-More than 50% of employers fail to find qualified candidates for the vacancy
- 8 out of 10 employers find it difficult to fill the positions.
So that means, jobs are there and so is the opportunity to get hired; but you might skip that in case you lack the required skill.
Let’s first have a look at the cause behind the crisis:
To bridge the skill gap, three solutions were identified, i.e. on the job training, competitive compensation, & career preparation. However, to the shock, these are making the situation worse. Here are survey findings
Failures with on-the job training
It’s true that on the job training can make the employees learn necessary skills & tricks to match any on-the-job requirement, but what if this isn’t done properly. Here are some shocking results from the survey.
- No serious investment in job skills: 60% believe necessary job skills — which half of employers think applicants lack — will be learned once on the job, though that’s usually not the reality.
- What institutes think? 73% Colleges and universities say on-the-job training is a major ﬁx for the skills gap.
- Misconception of academies: 73 % of academia believes companies oﬀering more training opportunities will get more job applicants.
- Lack of critical Skills: 24% Employers are missing critical skills in their workplaces — but refuse to train employees.
- Lack of promotion opportunities: 35 % of employers think posting more stringent requirements for entry-level jobs contributes to skills gaps at their own companies, yet only 33 percent say they oﬀer internal re-skilling or cross-training to help ﬁll these gaps.
Failures with Competitive Compensation
- Unemployment as an excuse not to pay: 35 percent actually believe they can pay people less.
- Wages Adjustment: 37 percent of employers think a gap in wage expectations is one of the biggest causes for the skills gap today, yet some say they’ve actually adjusted wages down.
Failures with Career Preparation
- No Career Path Guidance: 23 percent of workers say they received no information or help in deciding which career path to pursue after high-school graduation.
- No teaching of right skills: 45% Academic institutions aren’t teaching the right skills — because they don’t know what they are.
- Expenses are barrier of training: 61% Workers aren’t learning new skills
- Hiring unskilled candidate: 61 % of employers claim to have hired a person who they knew did not fully meet the stated job requirements.