European countries are facing lack of skills required to fill the jobs they have. After five years of economic crisis job market is facing the issue of talent crunch which h is not able create the talented skilled people for the job opportunities they have. Thousands of job seekers are looking for good job opportunities but their skills are not matching with the employer’s sklillset. A labor economist from the Organization for Economic Cooperation and Development says that In all countries, there is an expectation that many of the new jobs created will be in the knowledge-intensive economy. It clearly shows that large numbers of unemployed jobseekers are mismatched with list of jobs in job market. Employers are worrying that they are not able to find the right talent with required skills and academic qualifications they need.
A recent study in Europe also reveals that nearly 40 percent of organizations are not able to find qualified candidates for the vaccines they have and it was 35% in 2005 and grown to 37% in 2008. Government and companies are taking immediate measures to retrain the employees to increase their skills and started campaigns in universities. Even the government launched some retraining programs to enhance the skills of students for mathematics degree students. Social media companies have been selected the people who have good communication skills in English and corporate tax in Ireland. Because of this many jobs in Dublin are being filled with the workers from other countries and 4500 IT jobs are remained unfilled because of getting skilled people.
International labor organization has stated in a report that talent crunch which rose due to the unskilled jobseekers and mismatching with skills have made the prospective candidates to shift their career. Many people were terminated from their jobs especially in some sectors like finance; construction and few of them are sent for long term retraining to brush up their skills. If we see in USA, it has created a phase of joblessness. Statistics says that around million jobs are vacant in Europe from the sectors like Hotels to computer programming because low level talent. Because of this very few graduates have chosen engineering and computer science technology based jobs to enter in to the innovative job market. It has given a space to increased 12% unemployment rate. Europe countries making policies to create sustainable job generation by increasing the skill rate.