Digital technologies are making sweeping changes to the business world at a pace that organizations are finding hard to match up. This change has created demand for a whole new set of skills that didn’t exist a few years ago. Termed as niche skills in the IT world, SMAC and AI skills are gaining ground making other technologies obsolete. The demand for these skills is increasing in leaps and bounds and organizations are grappling with the challenge of meeting this demand. The demand and supply gap is continuing to increase although organizations are trying hard to beat competition in the recruitment market for resources with niche skills. This acute shortage has resulted in multitude of problems.
This acute shortage of niche skills results in unfulfilled demands that are long overdue which finally end up getting cancelled. Owing to this, revenues get impacted in the short term. If this becomes a persistent problem, it could impact the firm’s ability to win new business resulting in slow overall business growth.
As these niche skills are exclusive, talent economics comes into play leading to high cost of hiring this category of talent. Besides being expensive (in terms of compensation), organizations would also need to invest in making themselves attractive for such talent to choose them over others in the recruitment market.
When the organization is facing a shortage of niche skills, there’s a cascading effect on multiple HR factors: upskilling existing talent and keeping them engaged, allocation via the hiring manager will be a distant dream, correcting the skills mix in the talent pyramid and more.
While this may seem like a dooms day scenario, organizations can cater to this demand and create a buffer too – all that is needed is to look inside. Large organizations, especially, have a large resource pool that can be leveraged. The icing on the cake is that it is a cost effective solution.
Organizations could identify resources with related skills, train them on niche skills, provide job opportunities so these resources get practical experience in using these skills, upskill to keep up with the advancements in technology. These resources could be further utilized to train another set of resources thereby ensuring a positive supply of resources with niche skills. By keeping track of the technological advancements and trends in skills, organizations could ensure they have a ready resource pool to cater to any sudden spike in demand for niche skills.
By leveraging trained internal talent pool, organizations not only reduce time and cost of hire but also benefit from deploying resources that reach 100% productivity quickly and fit culturally. Besides, the organization has a captive set of resources that is assured for deployment anytime resulting in happy customers and improved revenue. Most importantly, there is no need to grapple with competition in the recruitment market. On the contrary, this could act as a magnet to attracting new-age talent.