It seems to me that they're not contradictory. A "talent shortage" would be if, when you consider all roles requiring some particular qualification or experience, there aren't enough people to fill them.

If there aren't many people that meet the requirement, but there are at least as many as jobs that need to hire them, then there's no shortage - that small number could even be too many, if some of those people are overqualified for the jobs they end up doing.