Lack of talent: Greece in 4th place in the countries with the largest percentage
Greece is among the first four countries in the world – along with Japan, Germany and Israel – in which there is a higher percentage of talent shortages internationally, as 82% of employers in our country declare serious difficulty in finding specialized talent. This is one of the most important findings of the ManpowerGroup Annual International Talent Shortage Survey for 2024 with the talent shortage in Greece marking an high 11-year record, while the percentage appears 7% higher than M.O. worldwide (75%).
The year-over-year evolution of the number of employers struggling to find talent is steadily increasing as from 42% in 2014, the percentage surges to 61% in 2018 to rise by 16 percentage points in 2023 (to 77%) and peak to 82% in 2024.
Talent Shortage by Industry
The sectors in which there is a greater lack of talent in Greece are Communication Services and Industry & Manufacturing with 89% of employers reporting difficulty finding talent.
In the Energy and Utilities sector, 88% of employers report difficulty in finding talent. Additionally, 85% of employers are having trouble finding talent in the Consumer Goods and Services industry.
In the field of Transport and Supply Chain, 82% of organizations cannot find the talent they need. In Health and Life Sciences, the percentage of employers facing difficulties amounts to 81%. In the fields of Finance and Real Estate, the corresponding percentage reaches 79%.
Demand for talent in IT outstrips supply, with 74% of organizations reporting difficulty finding the talent they need, and Job Outlook in the industry reach +11%, down -21% compared to the previous quarter and -16% from the same period last year.
Big business, big difficulties
Greek employers in large businesses with 250-999 employees face the greatest difficulties in finding talent as almost 9 out of 10 (87%) state that have difficulty. 84% of employers of businesses 1,000-4,999 people also encounter serious difficulties while the percentage (82%) of employers who have difficulty finding talent in businesses with staff of 5,000 people and above. An equal percentage is also reflected in msmall and medium enterprises employing 10-49 people. The smallest percentage of employers struggling to find staff is found in companies with fewer than 10 employees (78%).
Key factors of human resources strategies to 2024
As Greek employers plan their strategic HR priorities for the coming year, they reported that employee well-being (24%), hiring skilled workers (21%) and green transition (21%) influence their plans the most. 20% mention Artificial Intelligence and technological transition, 18% forced layoffs due to a difficult economy, also 18% retaining talent when they are not absolutely necessary and an equal percentage the threat of recession. 17% the “big resignation”, 16% the initiatives of diversity, equality and inclusion and an equal percentage the possible optimization of human resources.
Global & Greek organizations identify the top 3 challenges when considering artificial intelligence (AI) jobs that require AI skills: TTraining staff to leverage AI in their roles, Finding suitable Employees and Identifying roles that can benefit from AI.
How Greek employers address the talent shortage
As the talent pool shrinks in 2024, employers are reshaping the benefits they offer to retain top talent. 44% of employers offer more flexibility about where and when employees work, 31% will choose to offer a participation bonus, 28% consider new talent pools, e.g. mature workers. 25% will use increasing salaries as a tool, while 24% will use talent retention even when they are not absolutely necessary. 18% state that they will reduce qualification requirements, 16% that they will prioritize automation for selected tasks/processes and 9% that they will recruit internationally.
Commenting on the findings of the talent shortage survey Mr. Charalambos Kazantzidis, CEO of ManpowerGroup Greece said: “The lack of specialized talent is a serious challenge for entrepreneurship in Greece. The reshuffles caused by the pandemic over the past two years have increased the degree of difficulty in finding talent. At the same time, an important challenge is the frequent movement of talented human resources where businesses for protection must adopt a talent retention strategy with strong motivations. At ManpowerGroup, we offer specialized finding and staffing services while providing solutions for upgrading the skills of employees (upskilling) through the Right Management guarantee and methodology in training programs as well as through Tech Academies, intensive study programs in technologies aimed at either STEM graduates or company employees”.