Talent Shortage and Its Remedies: Strategic and Integrated Talent Management and Talent Development Approaches

Abstract

The purpose of this paper is to explore the causes and effects of talent shortage, which has become a pressing issue for every sector and worldwide. Talent shortage is not about the number of people available in the workforce. It is about the availability of the right skills and talents, which are needed in the workforce in order to drive the economy in the right direction and to the prosperity. The causes and factors that have intensified the severity of this phenomenon to be discussed in this paper are unprecedented demographic shifts, economic conditions, technological progresses, and quality and congruence of education with the demand in the labor market. The potential remedies presented in this paper are workforce assessment, integrated succession planning and career planning, knowledge transfer and learning and development. These approaches are based on strategic and integrated talent management and talent development, as the key element of the talent shortage is the human capital. It is crucial for an organization to confront this crisis strategically and proactively by making sure that they have the right talent in their talent pools. Moreover the presented approaches should be taken as on going process for the long-term result.