Finding Hidden Talent to Close the Skills Gap

UpwardlyGlobal careerbuilder The Untapped Talent Pool: Finding Hidden Talent to Close the Skills Gap It doesn't seem to make sense: In a country with high unemployment rates, how is it that the majority of employers still have unfilled positions? Despite less than ideal economic conditions, employers are adding jobs. More than half of employers, however, claim they cannot find skilled workers to fill those jobs. The problem, businesses are finding, is that today's working professionals do not have the required skills to meet employers' workforce needs. What's the reason for this mismatch? More importantly, how can we overcome it? This e-book explores the causes of the skills gap, the challenges employers face as a result of it, and possible solutions for overcoming the skills gap - so we can work together to create a stronger economy as a whole. Background on the Skills Gap: A Growing Concern The skills gap isn't a myth. According to the 2014 Skills Gap study, the majority of employers have trouble finding the qualified talent they need. Eight in 10 employers claim they have difficulty filling job vacancies, and more than half of employers say they have an open job for which they cannot find qualified candidates. 8 IN 10 EMPLOYERS Despite their struggles, 75 percent of employers believe they can afford to be selective in their recruitment process because of the high unemployment rate. CLAIM THEY HAVE Not only are employers struggling to find the right talent – they're losing money because of it, too. According to a recent survey from CareerBuilder, employers estimate DIFFICULTY FILLING POSITIONS that, on average, they lose more than $14,000 for every job that stays vacant for three months or longer, and 1 in 6 companies say they lose $25,000 or more. Demand Continues to Grow in STEM STEM has consistently seen growth in job numbers since 2000. While the demand for workers with these skills is growing, there is a shrinking or flat supply. Naïve thinking about the high unemployment rate and the increasing competition for in-demand fields, coupled with the shrinking or flat supply of talent, is directly leading us down the road of a dangerous skills gap. So let's talk about truths vs. myths in this complex understanding of the skills gap and what you as an employer can do to help close it. Demand in STEM Jobs Computer and Mathematical Occupations 71% In 2013 there were 7,726,675 full and Architecture and Engineering Occupations 70% part-time jobs in the technology industry." By 2018, there are projected to be 8,224,362 jobs, representing a growth of 6.4 percent in the industry as a whole. Management Occupations Health Care Practitioners and Technical Occupations 56% Installation, Maintenance and Repair Occupations 55% The chart to the left shows which areas employers who are hiring in 2014 said they are experiencing the most difficulty filling Legal Occupations 53% Business and Financial Operations open positions. 52% Personal Care and Services Occupations 50% Sales and Related Occupations 47% *From Technology Insights Report Production Occupations 41% Meanwhile, Qualified, Skilled Immigrants in the U.S. Struggle to Find Work of educated, skilled immigrants in 20% the U.S. are currently unemployed or Hlo underemployed. How Can We Bridge the Skills Gap? +.... Employers are looking for experienced global talent. Upwardly Global brings them together. Immigrants want to rebuild their careers in the U.S. Upwardly Global is a national nonprofit organization that provides free mentoring and job-search training to skilled, work-authorized immigrants to help them rebuild their professional careers in the U.S. Nearly One-Third of Upwardly Global Job Seekers... have backgrounds in high-demand stem fields. (921 Job Seekers Upwardly Mobile Highest Demand These five U.S. metropolitan areas have the highest demand for computer software engineers, application candidates. 1. Greater Seattle area 2. San Francisco Bay area 3. San Jose, California area 4. Greater New York City area 5. Greater Boston area These U.S. metropolitan areas have the highest concentration of Upwardly Global Job Seekers with technology backgrounds and expertise. HALF of current Upwardly Global job seekers in the technology field would be willing 1. Greater San Francisco Bay Area to relocate for a position in their field. 2. San Jose, California area 3. Greater New York City area 4. Greater Chicago area 5. Greater Washington, D.C. area The Value of Upwardly Global's Job Search Training Upwardly Global offers employment training specifically for global technology professionals. Participants receive free job coaching, skills training, and assistance in connecting to top tech employers. Program participants who re-enter technology fields experience an average annual income gain of nearly $50,000. For more information, visit www.upwardlyglobal.org UpwardlyGlobal careerbuilder