There is a critical worker shortage that is threatening to cost enterprise businesses as much as $8.5 trillion in unrealized annual revenue. This ground-shaking number comes from a report recently released by Korn Ferry which analyzed several industries, including telecommunications, to reveal that there is a human talent shortage of 85 million people.
In the United States, this gap is attributable to baby boomers moving out of the workforce by 2030 and younger generations not taking on the training needed to replace these workers. So how do we solve for this crisis?
Werner Penk, president of Korn Ferry’s Global Technology Market practice, sees only one solution: "As with many economies, the onus falls on companies to train workers and also to encourage governments to rethink education programs to generate the talent pipelines the industry will require."
Always deliver more than expected. – Larry Page, Co-Founder of Google
Companies that will experience the most significant impact of resource shortages must begin training new workers, encouraging governmental support of education programs, and rethinking the way they manage projects.
To meet the demands of educating a new workforce while maintaining existing business growth and even expanding, companies must turn to experts in efficiency who can breathe new life into old processes.
Relying on Center of Excellence
One way that telecommunications carriers are preparing for this skills gap is to partner with vendors that have the in-house capacity to manage projects effectively. Companies with a fully-functioning and experienced Project Management Office (PMO) provide the extra bandwidth needed to support project managers that are already carrying a large workload and need assistance to accomplish large-scale projects.
Fully-staffed PMOs provide a full cycle program management model to bring projects to organized and effective completion. By identifying bottlenecks early and planning mitigation into the process, projects are completed on-time and on-budget.
In large-scale carrier projects, a construction oversight company with an in-house PMO provides carriers with:
- Site upgrade solutions
- Advice on best fiber paths
- Proactive schedule management
- Program and project cost management
- Scalable staffing models
- Vendor coordination
Companies with evolved and mature Centers of Excellence provide customers with an opportunity to improve their current projects and prepare their workforce for the demands of tomorrow.
You will be defined not just by what you achieve, but by how you survive. – Sheryl Sandberg, COO, Facebook
Utilize Your Vendors to Fill Talent Gaps
Wireless carriers rely on a broad group of vendors to complete projects. Each vendor brings a specific set of skills to fill in gaps and complete the project efficiently.
Whether your team is missing specific skill sets in a geographic region or simply does not have the in-house talent to manage a task, partnering with the right vendor can solve for both current and future needs.
Utilize vendors that routinely train their own employees and provide internal mentorship programs to ensure that the latest technological advancements and skillsets are employed on all projects. Not only will project success soar, but your in-house teams will gain the benefit of working alongside highly-skilled experts.
Companies that prepare their workforce and processes now for the emerging skills gap and worker shortage are poised to capture the onslaught of new opportunities that will result when supply can no longer keep pace with demand. Secure reliable, experienced vendors now to ensure that your company is prepared to benefit from the demand for highly-skilled workers.