Managing talent shortage for advantage

"WHAT is the range of your expected salary?" Asked the HR executive to James, a senior data analyst from the banking industry, during a recruitment scouting dinner. Despite enjoying his job and dedicating personal time to solving work-related problems, he is dissatisfied with his manager. Their conversations focused on firefighting issues, leaving little room for career development. He questions his superior's claims of valuing honest and open communication, as he ignored James's recommendations. Lately, James has been considering seeking a better-paying role due to the rising cost of living.

His story resonates with The World Economic Forum's Future of Jobs Report 2023, which revealed that over 80 percent of companies operating in the Philippines anticipate a talent shortage by 2027. Adecco, one of the world's largest human resources providers, uncovered that 44 percent of workers will only stay within their organizations if they are reskilled or have experienced career progression. Additionally, 48 percent of the workforce feels pressured by inflation to find higher-paying jobs. Moreover, the Society for Human Resources Management, in its 2022-2023 State of the Workplace Report, stressed the critical need for training people managers to attract, develop and retain their employees. However, the challenge of offering competitive compensation exacerbates the situation, as organizations often cite a lack of funds.