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Widening Skills-Talent Gap Amidst Today's Workforces
With a rising talent shortage in the region, CFOs are seeking a broader range of skills among the professionals they hire. Surveys show that nearly 83% of companies in Singapore have reported talent shortages in 2023 following the pandemic. Employers are struggling to locate and attract qualified candidates, particularly in the Accounting and Finance sector.
Furthermore, as a new generation continues to enter the workforce, they are embracing a different approach to work, coupled with a rise in new skill requirements due to the increasing prevalence of AI and technology tools.
Given these rapid changes, businesses can no longer afford to adopt a "WAIT AND SEE" approach.
What can you do to tackle Talent Shortage?
By adopting a balanced mix of the following 6 strategies, HR leaders can ensure that their workforce is prepared and resilient to meet the growing demands of the market space and close skills gaps.
1. Upskill your people
Enhancing the technical and transferable skills of employees will enable employers to boost efficiency in job roles, especially considering that transformative advancements have made many of their current skills obsolete.
2. Reskill or "Rehaul" your people
A stellar approach to building personnel is to focus on developing adjacent skills within the organisation to complement specific roles. This approach also creates opportunities for improving internal mobility within the firm, which can subsequently bridge competency gaps and help prevent talent shortages.
3. "Buy skills" from the experts
Engaging outsourced experts to fulfill job requirements allows businesses to save both time and effort that would otherwise be required for hiring full-time employees. Outsource models are particularly suited for businesses seeking talent to handle specific tasks for a fixed duration or on a contingent basis.
At RSM Stone Forest, AccountServe provides specialised outsourced accounting services. Distinguished as a Total Finance and Accounting Staffing Solutions Partner and linked with RSM Singapore, the largest professional service firm outside the Big Four, our experts are deeply familiar with the accounting industry.
4. Borrow external resources
To address talent shortages, businesses can collaborate with service providers offering contractual staffing solutions tailored to meet specific demands or skill sets required for designated durations or projects.
Our contract staffing solutions at AccountStaff enable you to promptly secure high-caliber and suitable candidates across various functions, including Business Development, Information Technology, Customer Service, Human Resources, and Administration, to fulfill your urgent staffing needs
5. Embrace task-based talent flexibility
Dividing technical and non-technical tasks may enhance the flexibility of acquiring different levels of skilled personnel, allowing businesses to hire accordingly. This is particularly relevant in the case of accounting professionals, where certain routine tasks may not mandate academically qualified individuals. Businesses can opt to re-skill, acquire skills, or seek expertise from external sources to fulfill these tasks.
6. Acquire talent
Companies will consistently need to seek fresh talent to fulfill the essential skills required by the company on an ongoing basis. However, the search for high-caliber talent can prove to be time- consuming and challenging. Our permanent recruitment services at AccountStaff match you with talent that not only meets technical requirements but also aligns with your corporate culture.