The implication of the signal to organizations in Thailand
Productivity loss due to skill shortage and mismatch
From noise to signal
2-3 Year
Impact to organization
H
H
M
M
Signal #4
Small/Micro
Not-for-profit
Large /MNC
Medium
Key questions for the organization to consider
Thailand grapples with chronic fundamental issues exacerbated by a demographic shift towards a super-aging society, posing a significant challenge to workforce availability and quality. At the national level, the pursuit of high-income status becomes increasingly arduous, with businesses facing difficulties in securing qualified talent. Doubts surround the readiness of the future workforce, partly due to limitations in the educational system. Moreover, the current workforce leans towards non-traditional models. Skills have a shorter half-life. The shift to virtual classrooms during covid, raising concerns about the quality of graduates. This multifaceted scenario marks Signal 4 as the most worrisome among all,
Have organization conducted a comprehensive assessment of the current skills gap within your organization, considering the evolving needs of the digital economy? How is your talent acquisition strategy adapting to incorporate alternative work arrangements, such as gig workers, human-machine augmented roles, and outsourcing?
Is recruitment process valid to identify the right fit for the organization?
Instead of leaving L&D to solely own initiative, are HR systems integrated around the skill shortage issue?
Is performance management designed in a way that encourages and recognizes skill enhancement ?
How does your organization ensure knowledge transfer and retention of institutional knowledge, particularly when engaging with gig workers and outsourcing partners? Are there established transition paths for individuals in alternative work arrangements to move into more traditional roles or vice versa, promoting career development?
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