In the current drive to increase automation and digital transformation, particularly in engineering and manufacturing, a skills gap is increasing. This fourth revolution in industry, Industry 4.0, is unprecedented. According to a study by PWC, 45% of jobs in Thailand will be automated in some way and the talent shortage caused by widespread digital transformation could cost the Thai economy34 billion USD by 2030.
This gives employers two options: to upskill their existing workforce, a strategy which has many benefits but can be slow. Alternatively, businesses could consider hiring new staff with experience in the required technologies who could hit the ground running, however, hiring at scale can be time consuming and costly. Successful businesses will be those that combine both strategies for a holistic solution to the talent shortage.
Whichever strategy your business chooses, you’ll need a dedicated recruiting partner who understands the manufacturing and engineering sector and the technological trends that influence the skills you need. A recruiting provider like JacksonGrant can help you build a long-term strategy that will future-proof your business.
Upskilling advantages and disadvantages
Investing in your current workforce and building training and development plans for upskilling is an attractive prospect for many employers. Not only is it a cost-effective means of acquiring new skills, but it allows you to focus on obtaining only the skills and abilities you need both now and in the future.
Upskilling has other benefits too. By showing commitment to your current workforce you:
- Reduce hiring costs
- Improve staff engagement and morale
- Reduce turnover and staff attrition
- Attract new talent
- Provide a better quality of service
However, upskilling can be a slow process. Training employees up to a high standard in new skills takes time and sometimes results in pushback from staff who don’t embrace change. The other danger is that your employees become increasingly attractive to your competitors, meaning you may have to work harder to retain key employees.
Recruiting advantages and disadvantages
Hiring for the skills you need is a quick way to target candidates with the expertise and technical experience in the required technologies who can provide strategic insight for your business. It allows you to address skills gaps instantly and reduce pressure on your current workforce.
Hiring new employees can also:
- Introduce new perspectives
- Boost employee morale
- Grow your business and reach new clients
- Provide support to internal training programmes
To achieve maximum success when deciding to bring new employees into your business you must ensure that your onboarding procedures are robust and capable of bringing new employees up to speed with your corporate practices, systems, and values. Hiring new employees is costly and you want to ensure you get the quickest return on your investment.
Finding new talent for in-demand skills can also be a challenge, as competition is high. Many candidates may simply not possess the skillset you need. Only by providing an attractive environment to the most desirable candidates will you beat your competitors.
Build a long-term strategy and meet Industry 4.0 with a recruitment partner
Whether you choose to focus on upskilling, are committed to hiring for new skills or are considering a blended strategy JacksonGrant can act as your dedicated Recruitment as a Service (RaaS) partner.
At JacksonGrant we focus on providing the best solutions to fulfil your recruitment needs. Combining knowledge of the manufacturing and engineering industries with experience of the Thai hiring market and the latest recruitment technology we offer adaptable, agile RaaS solutions.
This unique RaaS model is sustainable and holistic, helping you integrate every aspect of your recruitment processes. From optimised hiring lead times and streamlined onboarding to increasing candidate engagement to ensure long-lasting placements. We aim to act as an extension of your business and to ensure that you are ready for whatever the future of industry in Thailand holds.
Get in touch to set up a free consultation, submit a job vacancy or explore other existing content on our insights page.