Adapt to Survive: Global Economy Misses Out On $150 billion Due To Talent Mismatch
Most recruiters are grappling with talent shortages due to the widening skills gap. LinkedIn asked PwC to uncover what’s contributing to the skills gap, and how it’s affecting recruiters, employers and economies. The study, called Adapt to Survive, analyzed millions of interactions from LinkedIn’s network of 277 million professionals and information on 2,600 employers from PwC’s Saratoga database across 11 countries (Australia, Brazil, Canada, China, France, Germany, India, the Netherlands, Singapore, and the US and UK). Learn more about LinkedIn Talent Solutions: http://linkd.in/1bgERGj Subscribe to the LinkedIn Talent Blog: http://linkd.in/18yp4Cg Follow the LinkedIn Talent Solutions page: http://linkd.in/1cNvIFT Tweet with us: http://bit.ly/HireOnLinkedIn
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Adapt to Survive: Global Economy Misses Out On $150 billion Due To Talent Mismatch
- 1. Adapt to Survive Global economy misses out on $150 billion due to talent mismatch
- 2. We set out to ask two key questions 1. Why doesn’t talent always find the right home? 2. How much is this poor alignment costing economies?
- 3. To answer these questions PWC, commissioned by LinkedIn, analyzed two of the most comprehensive sources of talent data in the world. PwC’s Saratoga database - more than 2,600 employers across the globe LinkedIn’s network of 277 million professionals
- 4. 4 Key Take Outs
- 5. We set a new benchmark for evaluating a country’s ability to match talent with opportunity – a Talent Adaptability Score* ( and found significant variations in 11 countries ) *Based on five key behavioural factors such as a professional’s industry switching rate and number of positions held. *Scores are relative (a score of 100 would mean a #1 rank in each of the five variables) 1 CHN BRASGP CAN UK NLD DEU FRA US AUS IND
- 6. What if we were all like the Dutch? The adaptability upside: The benefit that could be achieved if each country became as adaptable as the Netherlands 2 $16.02b $65.58b 80 70 60 50 40 30 20 10 CHN US $2.37b $29.34b $.37b $3.65b AUS $0b $3.23b FRA $.07b $11.71b BRA $.11b $1.86b CAN $.38b $8.61b IND $.43b $1.44b UK $0b $4.92b DEU $.06b $.22b $0b $0b SGP NLD *Source: PwC Saratoga Productivity opportunity Potential recruitment cost savings
- 7. The total potential for these 11 countries to unlock productivity and save on recruitment costs is huge. $130 $20 better productivity potential recruitment cost saving 3 billion billion
- 8. Greater visibility leads to better talent fit of HR Directors say that social recruitment networks have improved their ability to fill vacancies more quickly and effectively 4 69%
- 9. But what can be done about it?
- 10. Professionals _ Employers __ Educators __ Governments Have a longer-term view of a career, remain open-minded and embrace change. Seek out, nurture and reward adaptable talent. Offer courses and job training that produce adaptable people. Create a climate of adaptability.
- 11. For more information on the findings please go to www.pwc.com/talentadaptability Adaptable talent Better hiringVisibility+ + = More value