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75% of companies globally reporting talent shortages

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Tech and Telecoms challenged by migrations, inflation, and cost of labor

The ManpowerGroup Talent Solutions 2022 Total Workforce Index™ (TWI) has revealed the U.S., Singapore, and Canada as the highest-ranking labor markets across the globe for sourcing, hiring, and retaining talent. The ninth annual TWI report has analyzed more than 200 factors to evaluate skills availability, cost efficiency, regulation, and productivity. These findings were combined with big data and expert analysis to assess the workforce engagement of 69 global markets.

The current labor markets are characterized by intense competition for skilled workers, with 75% of companies globally reporting talent shortages and difficulty hiring — a 16-year high according to ManpowerGroup’s 2022 Talent Shortage Survey. This year’s revamped TWI places more emphasis on the impacts of remote work, the growing willingness and flexibility of employers to scale back education requirements and choosing to skill candidates on the job.

The ages of the workforce

There’s also heavier focus on the age of the workforce. As older workers leave the labor market, more companies are cultivating sustainable populations of talent by prioritizing the availability of large pools of Gen Z and millennial workers. Additionally, cost-of-living indices, wage inflation rates, and exchange rate volatility are new factors introduced into the TWI based on the significant impact of these issues on organizations and their workforces. This helps to provide a clearer picture of economic stability as companies make workforce mix and location decisions.

Dave McGonegal, Vice President of Talent Solutions Consulting & Advisory commented: “In a digital-first global economy, skilled talent is the new currency for business and economic growth. Organizations looking to separate from the pack turn to the Index to help them navigate change in real-time. This includes navigating new markets that will enable companies to compete for much-needed talent proactively and creatively, while still meeting business objectives. Companies need to become employers of choice, regardless of location, and factor in the needs most important to employees.”

When it comes to Technology and Telecommunications, organizations have been challenged by migrations, inflation, and cost of labor. This is causing them to heavily weigh a range of factors that contribute to long-term sustainability, productivity, and cost efficiency. In heavily regulated industries such as Pharmaceutical, Biotech, and Medical Device Manufacturing companies are finding challenges with cost efficiency and talent availability as specialized skill sets, certifications, and background checks are required for producing medical devices.

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