The Great Resignation. The Great Reshuffle. The Big Quit. Whatever you call it, employers are no longer in control. More and more, candidates are analyzing the possibilities before making any commitment to a job – or walking away. The pandemic has made obvious that things like remote work can be a long-term possibility, for example, and skilled workers are demanding change.
While companies complain of the resulting talent shortage, the actual problem is that most of them are short-sighted. They are unable to see that many employees are likely to leave their jobs if they are not provided more flexibility for work. The older workforce is retiring, and the young workers lack sufficient experience, training and skills — exacerbating an already existing talent shortage. Let’s check out some solutions for getting around this problem and staying away from short-sighted recruitment.
Build the skills you need. We know there’s a shortage now. In the US alone, more than 6 million unemployed people searched for work last month. The number of open jobs available during this period was 7 million. But by 2030, according to recent research from Korn Ferry, there will be more than 85 million job vacancies. This will lead to a whopping $8.5 trillion in unrealized revenue every year. A great deal of the vacancies is actually a skills shortage. Forward-thinking organizations are getting ahead of the curve by developing their own training programs or partnering with companies that have established such programs.
Widen your net. If there’s anything the pandemic has taught us, it’s that work can be done from anywhere, meaning you don’t have to limit your search to certain geographies. This can get tricky with regard to legal compliance – your HR department would be challenged to know all the laws of various jurisdictions. This is where staffing and payroll providers can help. International staffing firms would have the infrastructure in place to facilitate your hiring needs and have the recruiting footprint in those areas as well.
Create a talent pool. Another way to avoid short-sighted hiring is by creating a supply chain for pipelining the available talent. A talent pipeline is a pre-emptive recruitment strategy used for overcoming the upcoming staff requirements that may be developed via strategy formation, connection building and branding metrics. A talent pipeline identifies all the top talent via employee referrals, network connections and shortlisted candidates for a position.
The whole purpose is to establish relationships with the prospective candidates. Use expert posts, newsletters and personal emails to interact with your identified talent pool. This can accelerate the hiring process when there are vacant positions available.
Talent needs forecasting. You can further resolve your talent supply issues by estimating your future hiring requirements, increasing the visibility of your company culture and adopting a proactive attitude for recruitment.
Although the talent shortage is real, it is not insurmountable. Remember, the pandemic has left its mark and has transformed the recruitment scenario. For hiring top talent, you need to provide geographical mobility, flexibility and a better work-life balance to the candidates.