According to the latest survey from the World Economic Forum, 8 in 10 CEOs of global enterprises share the concern about the availability of candidates with the skills to match their hiring needs. The current response has been a ‘War on Talent.’ This war has led to ever-escalating hiring and recruiting costs, creating, as the authors Seth Harris & Jake Schwartz term it, a tragedy of the commons: employers searching for job-ready talent and willing to offer more and more for it, providing the talent the power to switch jobs at ease for higher sums. There is, however, increasing evidence that a de-escalation of the War is occurring across the world thanks to public and private initiatives. In Singapore, since 2015, the government has provided grants to qualifying firms to help pay for the training of existing employees to expand their skills for the jobs of tomorrow.
Check out the full article here: Why Competing For New Talent Is a Mistake