Innovating with the Right Talent

A shortage of people in skilled manufacturing and the need for faster innovation are two of the most important factors that will affect the growth of manufacturing around the world.

That was the conclusion of a recent report by the World Economic Forum and Deloitte Touche Tohmatsu Ltd.

According to the report, about one-third of all companies around the world are having problems finding people to fill jobs because of the talent shortage. There are about 10 million skilled labor jobs vacant around the world because of the shortage. Companies in the United States, Japan, Brazil, and India were at the top of the list of places having problems.

In achieving prosperity for the future, nothing will matter more than talent, according to officials at the Forum.

Companies that can find solutions to the skilled worker problem will outpace their competitors, according to the report. And some companies are forming partnerships with educational institutions to try and fill the gap.

Moreover, not only must companies continue to innovate, they have to do it at a faster pace to stay competitive, says the report. Research and development will play a key role in innovation, but there are other factors that will affect innovation as well, such things as education, infrastructure, and public policy.

To encourage companies to invest in research and development, legal regulations that protect innovation will be needed, such as patent processing, tax codes and intellectual property protection.

The report noted that countries that are successful in the innovation race will be the ones that fund research and development that fit with the country’s strategic priorities. China, for example, is investing in biotech, energy efficiency and information technology.

But companies’ ability to hire skilled researchers and engineers will be a major influence on their ability to innovate. Companies that were more innovative increased their net income about two times as fast as those that were not as innovative from 2006 to 2010, according to the report. In addition, countries that were better at encouraging innovation saw their gross domestic product and their GDP per capita grow faster than countries that could not innovate as well.

What about your Inland Valley firm? Have you noticed a shortage of skilled workers? If so, give us a call here at Arrow Staffing. We can help you find skilled and reliable professionals for your company’s temporary as well as direct-hire needs. We look forward to hearing how we may be of service.

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