Most of us are well aware of rising water scarcity, lack of pure and breathable air, and most of the natural resource-draining, and thankfully, we are trying to resolve this one way or another. But are we conscious of the alarmingly growing talent shortage which could directly affect our economy! The Talent Shortage 2020 survey was detailed and vast research conducted through a global level survey which included 14,000 respondents from nearly 15 countries. The percentage has increased as compared to last year as 2018’s report showed only 54 percent talent shortage in companies. Yes, it is happening rapidly. But this dangerous phenomenon should be ground to a halt and we have gathered 6 solutions to overcome this.
1) Have direct or indirect access and association with the nearest talent hubs
The term “campus recruitment” is quite familiar to us. Let us consider universities and academic institutions as incubators where newborn talents are being trained. A company that is searching for young and vibrant freshers must make a map of all talent hubs near you and notify them of your talent demand.
When companies are ready to provide training and adequate internships for the professional and personal growth of these qualified, and enthusiastic talents, they are more likely to work at the organization. Therefore, such strategic partnerships with the nearest talent hubs can be invaluable in this highly competitive hiring environment.
2) Let your internal talent shine
It is true what they say, ‘old is indeed gold. As an organization in need of talent acquisitions, you may have to give more attention to what you already have. when you have the right fit inside your walls, why do you look outside for someone new? Your existing employees, who are already familiar with your company and culture, would make it a lot easier for you to cut back on onboarding hours.
Invent creative tools to analyze your employees’ skills and qualities and help them acquire the new skills that are required for the open positions. It not only helps to overcome your talent inadequacy but improves your employee retention.
3) Associate with Recruiting consultancies
An instantaneous requirement for candidates could make a mountain out of a molehill. Therefore, you always need a backup to face this situation. Hiring a recruitment consultancy is one of the best options available. Their extensive and sophisticated network of candidates will be an asset to your company.
4) Make decisions fast and careful
Due to the high demand for talent, whatever is your decision, you will have to make it fast and carefully. as per recent studies, nearly half of the employers are using assessment data versus the gut instinct to predict performance and potential. Keeping the candidate on wait could take a toll on your time, money, and most importantly future performance. when you find the one, go for it without scanning forever.
5) Know the dynamic trends happening in the recruitment world
keeping yourself updated is very necessary as an employer. the recent changes in the process of recruitment could benefit your hiring plans. In a recent study carried out globally among the employees, 73 percent of workers say they like their jobs yet half of the workers are interested in finding a new one even higher for millennials and Gen Zs at 60%. Considering millennials and Gen Zs, their approach to having a job is very different from the boomers. Therefore, as a recruiter, you have to know the needs and interests that this generation is looking for.
There are several ways a company could influence job seekers or passive talent and one of the several methods is by drawing them through showcasing the company culture and concentrating on work-life balance. The Harvard Business Review noted that 70 percent of Americans struggle to balance their job and family life. Companies that provide remote working, paid family leaves, adjustable hours, and other associated benefits usually more to talented applicants than companies that simply promote more high-priced wages.
6) Organize and manage an employee referral program
The existing team members are a great resource for finding new talent. Who can tell more passionately about what you do or what you provide other than your current employees? In fact, according to CareerBuilder, 82% of employers rate employee referrals as the top source of ROI when it comes to hiring. Therefore, a strong talent pipeline can be obtained by creating a structured system of employee referral programs.
Attracting the right talent can be very challenging nowadays. However, there is no problem without a solution. A strategic, organized, and innovative initiative regarding your recruiting endeavors by having direct or indirect access and association with the nearest talent hubs, letting your internal talent shine, knowing the dynamic trends happening in the recruitment world, and Organizing and managing an employee referral program, you keep expanding your business and receive the hires you want.