Introduction
In the past decade, we have experienced a steady erosion of skills amongst people working in various industries, professions and businesses. This includes many large industries like chemicals, petrochemicals, oil refining and the like. This is a very provocative statement which will, no doubt be hotly contested by some people, but nevertheless it is true, like it or not. This is the reason why one often hears a cry amongst HR professionals, business leaders and management gurus of a worldwide talent crunch. A side effect of this skill erosion has been an increase in salaries and benefits in many companies to those employees who have retained or enhanced their skills ( as contrasted with the pay cuts seen everywhere not so long ago), as well as concrete steps to stem attrition at all levels. This paper attempts to provide an insight into the issue as well as provide a solution for companies and businesses that are suffering from this problem.
History of the problem
The problem of the skills shortage can be directly attributed to three reasons. The first and primary reason is the Downsizing effect. The second reason is Demographics. The third...
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