Valuing Industries: A Promising Approach to Tackle Talent Shortage

It’s no longer a secret that today’s economy faces a major challenge: the shortage of talent. In fact, we are about to plunge into a skills mismatch abyss that could reach 85 million people by 2030 in Canada.¹. We also learned from a conversation a few days ago with Francis Gosselin, Ph.D. economics: “We have more talent available now than we will ever have in Canada for the next 20 years.” The impact? Potential revenue losses of up to $8.5 trillion globally. Figures that make you dizzy.

It is in this context that many companies have embarked on a real race for attractiveness by implementing the employer brand. But could we not go even further in this quest for talent? If the ultimate goal is to build a dynamic, resilient economy capable of innovation, wouldn’t it be in our interest to broaden our perspective? Each company, no matter its prestige, history or financial results, is only a small part of a larger whole. Its industry. What if we put as much energy into promoting this industry, highlighting its specificities, its richness, its ambitions, as we put into building an organization’s employer brand? Wouldn’t there be an even more strategic way to address the talent shortage challenge?

From industrial clusters to valued industries
There is no denying the efforts already undertaken to respond to common business challenges. Initiatives by groups such as theAssociation of Francophone Colleges and Universities in Canada (ACUFC) for the promotion of early childhood professions, the Quebec Employers Council (CPQ) for the promotion of construction trades or theAssociation of Creative Communication Agencies (A2C) for the promotion of communication professions have emerged and play a significant role in the sharing of issues and solutions. Associations and industrial clusters have multiplied, weaving networks of solidarity and innovation within the different sectors of the economy.

The industry as a piece of the puzzle
Every business, regardless of size or status, is a segment of a gigantic puzzle — an industry. The picture one gets when all the pieces are put together creates an overall picture, a representation of the global economy in all its complexity and interconnectedness. It’s an ever-changing puzzle, fueled by innovation, creativity and diversity of talent, allowing each industry to develop its own identity and thrive.².

People at the heart of the industry
Let’s take a fresh look at our puzzle. Let’s see the industry as a whole, which lives and breathes thanks to its human capital. Structures and organizations are important, but it is the individuals, their talent and their creativity that truly move an industry forward. It is a vision that places people at the heart of the industry. American sociologist Edgar Scheinnotably considered the “father” of organizational culture, has among other things written on the subject indicating that the alignment of human and industrial ambition highlights not only the value of each company, but also the intrinsic value of the industry as a whole was essential to create a powerful and lasting synergy that promotes prosperity and continued development³. In other words, and without making it simplistic, the human capital of an industry is essentially the source of its sustainability, its innovation and its growth.

Towards a valuation of industries
It is high time to give our industries the recognition they deserve. This means giving them a real brand identity, with clear values, mission and vision, just as we do for our organizational employer brands.

Whether in aeronautics, engineering, IT, education, healthcare or any other sector, each industry has a unique value to offer. By extending this value beyond individual companies, we can attract talent that is aligned with these values ​​and mission, leading to a more engaged and productive workforce.⁴.

Rethinking the future of industries
The valuation approach by industry is certainly a solid strategic avenue. By promoting them in the same way as we do for our organizations, it is possible to shape a more attractive environment for talent, forge a more engaged workforce and, ultimately, guarantee a more prosperous future for our industries. and for the individuals who drive them. And it’s also an approach that makes it possible to attract and retain a whole generation of talent that potentially wants to specialize. In short, it is a promising collective track that the industries between them should consider.

_{1 – Korn Ferry, 2021
2 – OECD, 2012
3 – Schein, E. (2004). Organizational culture and leadership (3rd ed.). San Francisco, CA: Jossey-Bass.
4 – Backhaus, Stone & Heiner, 2002}