Why low unemployment requires new talent strategies

Switzerland’s unemployment rate for this May is at 1.9 percent -?the lowest rate recorded for this month since 2001. While that’s good news for employees, it’s only adding to the troubles of many employers.

The talent pool is drying up – and hiring oneself out of a knowledge gap no longer remains an option. In addition, new technologies change traditional job profiles faster than ever before.

“Hiring oneself out of a knowledge gap no longer remains an option.”

That’s why upskilling existing talent – something HR professionals also call talent transformation – remains the only alternative. This will require business leaders to commit to stronger investments into training employees and their talent strategy in general.?

Upskilling in traditional jobs

Healthcare is one of the areas where digital technologies have seen a breakthrough in recent years. Obviously, this leads to new requirements for those working in the sector; and it’s important that there are common training standards. That’s why upskilling initiatives, such as the motion by National Council member Andri Silberschmidt, are very important.

“We need upskilling initiatives across sectors to teach digital skills.”

In his motion, the FDP politician proposes that training for medical personnel should incorporate a stronger focus on the digital aspects of the medical profession. While not adopted yet, it’s important that lawmakers do their bit to make healthcare professionals fit for the digital future of medicine through having mandatory training in this field. In my opinion though, this shouldn’t be limited to the healthcare sector, but deserves a rollout across other disciplines.??

Which role do parents play?

Upskilling inside companies and revised legal frameworks to future-proof essential sectors are two very important aspects when tackling the challenges of tomorrow’s job market. But there is a third estate in this discussion alongside the state and industry – how do we make sure that young people choose the right career paths?

“The role of parents in the job decisions of young people is often overlooked.”?

That’s where one factor comes into play that is often being overlooked: the advice of their parents.?According to a recent study by the Swiss State Secretariat for Education, Research and Innovation (SBFI), 88 percent of adolescents say that their parents support them when it comes to making choices on job or further education paths. Enabling parents to understand the needs of tomorrow’s job market is therefore a vital condition to ensuring a highly qualified Swiss workforce in the years to come.??

In other words, demographic shifts which lead to positive headlines on record lows in terms of unemployment can and should be celebrated. However, when thinking about the future success of Switzerland as a nation of highly skilled workers, it is essential that we look beyond today’s good news and instead focus on taking on the challenges that lie ahead.?