The Economics of skills gaps and training in the B&MT sector 06 July 2015
The Economics of skills gaps and training in the B&MT sector
Lorenzo Zanni - IABM Research Analyst (lorenzo.zanni@theiabm.org)
As shown by past and most recent IABM research, broadcast and media technology companies are suffering from skills gaps due to the changing nature of the technological landscape, both on the supply and the demand side. The convergence between IT and broadcast is influencing the combination of skills employers in this sector are seeking to acquire. In employers' minds, advanced technical skills in managing emerging technologies make up the ideal skillset of a potential new employee. Candidates should also show strong business skills as the sector moves to an uncharted territory where the capacity to understand the most successful business model may become more relevant than making the best product/service in terms of quality.
Some recent reports analysing wider sectors are pointing to the same direction. In the UK, the Commission for Employment and Skills (UKCES) has recently published a report on the digital and creative industry which highlights the need for 1.2 million new workers between 2012 and 2022. UKCES question the ability of the current education system to provide graduates the necessary skills to keep up with the technological transition happening in the industry. The full report can be found here. In the US, Bullhorn report that Engineering and IT jobs are some of the occupations with the highest shortage of supply. The figure below shows the percentage of recruiters with shortages by open position. Aside from the industry-specific characteristics of the B&MT sector, high-skills jobs in developed economies are generally becoming more specialized. More specialization increases the intensity of supply shortages as employers seek more specific skills that are not easily acquirable by graduates.
Percentage of recruiters with shortages by open position (Source: "The 2015 North American Staffing and Recruiting Report" by Bullhorn)
How should B&MT companies tackle this issue?
Economic theory suggests that higher formal education and training both represent an effective method to narrow skills gaps as graduates are equipped with the up-to-date skills required by employers. However, higher formal education often lags in picking up the developments of a fast-changing industry such as broadcast and media technology because university curricula need time for approval and consequent content update. Training might constitute a more effective solution in the short-term: graduates who acquire specific certifications in newly relevant broadcast technology issues such as IP may stand out and represent a better match for employers.
Many executives appreciate the different benefits of on-the-job and off-the-job training but there is maybe a lack of awareness on the general versus specific distinction. Empirical evidence shows that general training may bring more significant productivity increases as employees perceive general skills as more useful for them in the future. In fact, a new employee offered a specific training scheme may regard it as a waste of time if the event of separation from the offering firm is taken into consideration. In case the same employee is dismissed by the firm, the specific skills acquired from the training programme may result irrelevant in our specialised job market. Therefore, employees are usually more prone to commit to general training. However, as pointed out before, B&MT companies require specific skills which can be instilled in graduates only through targeted training.
This asymmetry of interests constitutes a difficult hurdle to overcome. The trade-off between graduates' incentives and employers' thirst to acquire specific skills may be addressed through more collaboration between firms and training institutions. In order to make the training general and targeted , partnerships between these two entities would be beneficial as the training curricula provided would both reflect the changing skillset needed by employers and accommodate the expectations of graduates. This is easier to say than to do, however, an effort in this direction should be made.
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The Economics of skills gaps and training in the B&MT sector 06 July 2015
