You can enable subtitles (captions) in the video player. Businesses are facing a skills shortage as our working age population is expected to decrease by 25% over the next 20 years. This means that the pool of talent available to employers will continue to shrink. In addition, there is a rise in generative AI, which further complicates recruitment efforts. Isabel Berwick, host of the FT’s Working It podcast and workplace newsletter writer, explores how employers are trying to address this issue.
Recruiters are struggling with an influx of applicants for every job opening. Sorting through thousands of applications is time-consuming for hiring managers. The use of AI-driven recruitment has created a competition between employers on both sides. However, there is concern that relying too heavily on AI may lead to a loss of human connection in the hiring process.
Various industries, such as law and accountancy, are experiencing talent shortages and fierce competition for top candidates. Older workers leaving the workforce contribute to this challenge. Lyndsey Simpson, founder and CEO of 55/Redefined Group, works with companies to attract and retain talented individuals aged 50 and above.
The declining birth rates contribute to an aging population and shrinking working-age population over the next two decades. As a result, businesses need to consider how older workers can contribute in order to fill talent gaps.
Siemens has partnered with Arctic Shores, a recruitment company that uses AI-powered psychometric assessments based on tasks rather than qualifications or experience when recruiting for certain roles.
AI tools have made it easier for job seekers but have also flooded recruiters with CVs that often lack quality candidates who meet their requirements.
Novartis has developed Talent Match, an internal platform that matches employees’ skills and interests with opportunities within the organization.
While AI can assist in finding suitable candidates or upskilling existing staff members through training programs like Talent Match at Novartis or psychometric assessments at Siemens via Arctic Shores; it cannot replace human judgment entirely when it comes to assessing applicants’ suitability for specific roles.
