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Financial Times Podcast Episode: Navigating the Skills Shortage

Monday 7th October

Financial Times Podcast Episode: Navigating the Skills Shortage

Arctic Shores was recently featured in the latest episode of the Financial Times podcast 'FT Working it', and in this episode host Isabel Berwick discusses the issue of the skills shortage facing businesses today, posing the question ‘Recruitment is broken, what are businesses doing to fix it?‘.

The episode explores the predictions about what a 25% average decline in the working-age population over the next two decades (thanks to an aging population and falling birth rates) means for the future of recruitment, how the emergence of generative AI is transforming recruitment practices and sparking an "arms race" between job seekers and employers, and what forward-thinking businesses are doing to overcome skills shortages. 


Here are the key takeaways.

1. The Recruitment Conundrum: Despite a surge in job applications, hiring managers are overwhelmed and are still finding it difficult to recruit qualified candidates. The episode highlights the paradox of having thousands of applicants yet facing significant talent shortages, particularly in sectors like law, where high salaries drive competition.

Skill based recruitment offers a valuable solution, find out more in the TA Disruptors podcast with Arctic Shores CEO and Co-founder Robert Newry, alongside Ben Williams, a Chartered Psychologist and Associate Fellow of the British Psychological Society with nearly 25 years in the assessment industry. Together, they explore skills-based hiring and the necessity to redefine our understanding of skills.

 
For a deeper dive download ‘The pragmatist’s playbook for skills-based hiring: helping TA leaders navigate a new era of recruitment’. If you're keen to make the transition to becoming a skills-led organisation, this playbook offers a seven-step, pragmatic, research-backed guide to embracing skills-based hiring. With tonnes of practical advice curated from the likes of Siemens, Molson Coors, the Department of Education, and many more.


2. Innovative Recruitment Approaches: Companies like Siemens are exploring alternative recruitment methods by partnering with Arctic Shores that assess candidates based on their skills and potential rather than traditional qualifications. This approach aims to expand the talent pool and find candidates who fit the organisational culture and required behaviours. 

Find out more with Siemens’ Head of Talent Acquisition Gemma Aldridge and James Higgins, Head of Systems Delivery – Systems GB&I at Siemens Electrification & Automation who share their experience of working with Arctic Shores. In this discussion they provide insights into a pilot that filled technical roles 5x faster than before, achieved a 50:50 gender-balanced shortlist, and unlocked phenomenal talent - despite the skills crisis. 



3. AI in Recruitment: The use of AI in recruitment is evolving. While some companies are leveraging AI to sift through applications, there are concerns about bias in algorithms and the quality of candidates. Many employers express frustration with the generic applications generated by AI tools, leading some to reconsider traditional application processes.

Watch Robert discuss our comprehensive AI report on the impact of Generative AI on Talent Acquisition and Early Careers selection, with insights generated from a survey of 2,000 students and recent graduates, as well as data science-led research with UCL postgraduate researchers. 

And download ‘The ultimate guide to managing candidates' use of GenAI’, giving you context, advice and templates to help you understand how to define and communicate your position on candidates' use of GenAI.It’s curated from best practices in the TA Disruptors community and insights from the likes of Siemens, HelloFresh, The Institute of Student Employers, the Government Skills and Curriculum Unit, UCAS, and many more.

 

 

Getting started with skills-based hiring

As the FT suggests businesses need to navigate this evolving landscape, embracing diverse talent and innovative recruitment strategies will be essential for overcoming the skills shortage.

If you’re convinced of the power of a skills-based hiring approach and if you’d like to get started get in touch with our team today.

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