Critical Job Shortages

Why can't more companies get together and invest to promote their industry's critical needs? Many times we see reports about the shortage of skilled workers from industry associations, but not too frequently do we see targeted meaningful campaigns promoting certain career verticals.

So let´s start with critical job shortages. Everyone knows the North American healthcare market is a mess. There are critical labor shortages, rising costs, and scandals all over the place. One of the most important roles in health care is the nurse. Why is it that only Johnson and Johnson has truly stepped up to the plate (as far as I have seen) and is running major campaigns to support people considering the nursing field? I think their ads (available on late night TV!) are one of the most innovative, effective and powerful advertising messages I have ever seen. Unlike most people, who run ads for their immediate needs, these ads are very forward-thinking and proactive.

Why can´t more companies get together and invest to promote their industry´s critical needs? Many times we see reports about the shortage of skilled workers from industry associations, but not too frequently do we see targeted meaningful campaigns promoting certain career verticals.

In the near future health holidays will not be a luxury, but a reality. Not just the wealthy individuals looking to obtain A care will be heading to India, Cuba (not for our American friends) and the Philippines, where they can get elective and required surgery at a fraction of the price, in a nicer facility with more educated and experienced healthcare professionals. And if you can´t travel, why not have that doctor beamed in to perform the surgery remotely? Don´t laugh, it is already happening. We think this concept will be refined over the next 10 years to include virtual personalized shoppers. Imagine being greeted at your local Best Buy by your personal assistant. They look like you, are knowledgeable, help you around the store and can answer all your questions in your native language. This can and will be done by a person from India.

With the unemployment rate approaching 4% (the lowest level since the dot-com days), an estimated 10 million job vacancies open in 2010. With only 3% of the available labor force sitting short term in the North American  and European markets, the war for talent is just hitting its stride. You can see the effects in Monster´s stock, the dominant job board in the US. Its revenue has gone from $679,650 (2003), $845,519 (2004) to $986,917 last year, while net income has risen from $81,864 (2003), $73,104 (2004) and $107,432 (2005) and look at the stock performance in the last 24 months more than doubling. Click  here   to see for yourself.

Monster continues to be the largest job board in the world, it also continues to expand its reach and depth in content which will significantly help global firms with their recruitment and sourcing needs internationally. Others such as DICE (IT and Software Engineering) and CareerBuilder remain local US players.

With the majority of US consumers who are in the workplace, it is a great place to mine data, start thinking about building talent pools and more importantly, getting your employment brand in front of millions of potential consumers/job seekers.

We are impressed with the efforts that Monster has made in integrating to some of the major talent acquisition vendors and their commitment to helping recruiters find the best talent. We do not see another vendor poised to be a strong, international competitor to Monster.

Your comments and feedback are always appreciated. Email me at dmcgrath[at]hr.com, call me at 905-727-1340, ext. 104, or post a comment on my blog.

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