Why preparing a talent pipeline is key for the future of Gloucestershire businesses
According to recent population projections by the Office for National Statistics (ONS), Gloucestershire is predicted to witness a 7.1% increase in its population by the year 2041, slightly surpassing the national average. While this growth may appear promising for businesses and local development, the report highlights a significant rise in the population aged 65 and above. By 2041, it is projected that the proportion of individuals in Gloucestershire who fall into this age group will sharply rise from 20.8% to 28.9%.
For businesses, building a solid talent pipeline is the top of recruitment and managers' priorities to invest in the present and future of an organization.
What is a talent pipeline?
A talent pipeline consists of pre-engaged passive candidates who are suitable for future roles in your company. To create an effective pipeline, you need a clear understanding of the roles you'll need to fill in the coming months, years, and extended future. This proactive approach saves time and resources by allowing you to quickly fill positions with pre-qualified candidates in your business. Investing in talent pipeline development aligns your recruitment strategy with long-term goals and helps build a resilient workforce.
Creating a talent pipeline for a sustainable future
Gloucestershire, like many regions globally, is experiencing an aging population. The proportion of individuals aged 65 and above is projected to rise from 20.8% to 28.9% by 2041. An aging population can mean many implications for businesses in the region, including:
The likelihood of a talent shortage increases as both the number of available working-age individuals and the number of skilled workers in the job market decreases, making it more challenging for businesses to recruit qualified candidates to fill their positions.
A skills gap occurs when there is a shortage of individuals with the necessary expertise to fill critical roles. With Gloucestershire's population aging and as more younger people move out of the county, they take valuable skills, knowledge and experience with them.
Increased competition for talent
With a smaller pool of working-age individuals, recruiting skilled workers will become more of a challenge. Businesses may have to compete more intensely to attract and retain top talent in the Gloucestershire area.
For all businesses, succession planning is a vital part of development and future-proofing the company. An aging population can have effects when identifying and developing future leaders and providing them with the skills necessary for growth.
How can I future-proof my business?
Future-proofing a business ensures its long-term success and adaptability. Taking proactive measures to ensure the long-term success of your business is always worth the planning, time and effort to see results. But how can you future-proof a business and develop a talent pipeline to adapt to social and economic changes?
Recruiting new apprenticeships
With no upper age limit, apprenticeships are an affordable training option for many business owners and training leaders. They are a tried-and-true method of developing skilled tradesmen. New apprenticeship recruits identify and attract young, motivated individuals willing to learn and develop their skills that also align with your company's objectives.
This allows you to cultivate a pool of talented individuals who can easily transition into full-time positions in your business, a process that can be maintained to keep the talent pipeline of skilled workers. With so many apprenticeships offered in a variety of industry sectors and levels, new apprenticeship recruits can be from entry-level up to degree apprenticeships.
Upskilling existing staff through apprenticeships
A simple mistake many businesses make is to believe apprenticeships are only for recruits but upskilling your existing members of staff provides routes of progression to people well-aligned with your business's goals and vision.
As employees gain new skills through apprenticeships, they become equipped to take on more challenging roles and responsibilities in your organization. This can also help increase retention and fill skills gaps that are difficult to recruit for. This saves on the time and costs associated with external recruitment while also allowing a smoother transition into high-level positions.
Supporting local businesses with skilled talent pool
As the go-to training provider in Gloucestershire, particularly in sectors like Construction, IT and cyber security, engineering, and business, our primary focus is on nurturing local talent and fostering the growth of businesses in the county and the wider South-West region.
Our apprenticeship programs have consistently achieved remarkable results, with an achievement rate that surpasses the national average by 18%. Additionally, 95% of our apprentices secure ongoing employment upon successfully completing their programs, and 12% further their education by progressing to higher-level programs at the College. This outstanding pool of skilled and motivated workforce makes a significant and invaluable contribution to local businesses, enabling them to remain competitive, up-to-date with industry trends, and well-prepared for the future.
Discuss your training needs
Now is the time to discuss your training needs. If you're considering recruiting a new apprentice or if you have a member of staff with the potential to grow, get in touch now with our Employer Training & Apprenticeships team to discuss your training needs and the funding available.
Contact our Employer Training & Apprenticeship on email@example.com or 0345 155 2020