When it comes to recruiting and job markets in general, there are a few worldwide themes that constantly seem to dominate every discussion. It’s been nearly hard to ignore a number of them in recent years.
The first is AI, machine learning, and automation, as well as the ostensibly cataclysmic implications these technologies will have on future employees. For many individuals, this is a frightening prospect, but it isn’t the first time they have been concerned about new technologies and habits wrecking their life.
Another huge story we’re seeing these days is the skills shortage that’s afflicting specific businesses and is becoming more visible. This is the story we’ll be telling today, with an emphasis on the implications for recruiters and the recruiting business.
Today’s Talent Shortage
The talent deficit that many companies are facing now is more difficult than it was in the past when some types of organizations were short on trained personnel. More specifically, the industries that are now facing skill shortages span the whole range.
For one thing, there is a scarcity of workers in conventional trades. Barbers, tire repairers, and electrical repairers were among the jobs that took the longest to fill, according to Fast Company. Among the jobs with more openings than job searchers were pile-driver operators and power dispatchers.
Healthcare is also experiencing a severe skill shortage, particularly among nurses and other care providers. As the world’s population ages, the shortfall will become increasingly apparent. More than 400,000 new nursing positions are predicted to be created in the United States by 2024, when more than 700,000 current nurses will retire, leaving a large gap. Healthcare and nursing positions in the United Kingdom are already taking a long time to fill.
The New Reality
These shortages, it goes without saying, have already had an impact on how recruiters in those areas function, with more obvious repercussions expected in the future.
As it becomes increasingly difficult to explain to managers and the C-suite that there just isn’t any talent out there, in-house recruiters are under significantly more pressure than ever before. Things get extremely serious very quickly in firms where skill determines success.
Clients frequently begin to reconsider their connection with recruiting firms as a result of the skills scarcity. Once again, there will be a lot of explaining to do, especially if specific posts remain unfilled for months at a time, as is the case now and will be in the future.
Recruitment Strategies to Manage Talent Shortages
In today’s job market, top talent holds the cards. According to a recent assessment on the consequences of the current candidate-led market, 58 percent of hiring managers have found it difficult to find applicants with the necessary hard skills or expertise. The ramifications for certain firms might be severe.
Even with the best in-house HR assistance, these numbers show that in a talent shortage, many businesses aren’t necessarily employing the best techniques to recruit people who will help them expand. They also warn that tried-and-true strategies, such as giving greater pay packages, may no longer be enough to attract the finest individuals.
As a result of the skills scarcity, 36 percent of organizations say it has damaged staff morale, and 46 percent say they are having more difficulty achieving deadlines and fulfilling customer expectations.
Look for talent in-house
To counteract the consequences of talent shortages, many recruiting managers focus on getting more out of existing personnel. 21 percent say they’ve given employees opportunities for training or additional duties, while another 38 percent say they’ve implemented flexible working arrangements. Overall, this is an effective method for keeping employees and avoiding the formation of new skills shortages. Most workers will value possibilities for advancement, which has the added benefit of fostering employee loyalty to a firm or brand.
Adjust your hiring criteria
Despite the fact that talent shortages are harming their organizations, 22% of hiring managers seldom hire experts who do not fulfill all of the job’s main requirements. Holding out for the best-fit individuals might result in job openings remaining available for weeks or even months. Existing workers will have to work harder to provide the necessary coverage, perhaps lowering morale and rising turnover rates. Changing the recruiting criterion and selecting less qualified people may frequently result in a slew of benefits, including increased workforce diversity and new approaches to issue resolution.
Use of interim professionals
Interim or contract hires are frequently utilized to fill skills gaps created by a lack of qualified permanent workers. With a pool of highly trained individuals available to start work or a project on short notice, several enterprises in the Belgian market have turned to an interim solution.
Reduce the time to hire
A quick recruiting procedure reveals a company’s mindset and beliefs from the start, ensuring applicant buy-in from the start. To do this, all decision-makers must agree to a pre-determined recruitment schedule. Greater consideration of the candidate’s demands, such as interview scheduling flexibility, will also assist to sell the company. Companies that fail to decrease the time from interviews to offer are already losing out to more flexible competitors as the economy improves.
Transferring people (inter)nationally or from another division of the organization is another way to deal with talent shortages that are often disregarded. This not only provides simple access to a pool of applicants who are familiar with the company’s principles and practices, but it also provides various benefits to the personnel involved.
In a recent applicant poll, the majority of professionals stated that increased work possibilities and international exposure are their primary motivations for relocating overseas. To deal with talent shortages, 27% of the organizations polled employ overseas transfers.
Consider how you can make the most of foreign networks; in certain circumstances, especially for difficult-to-fill positions, the cost of visas and relocation will be less than the cost of failing to locate the appropriate candidate.
How Marfa Overseas Employment Promoter Can help?
Marfa Overseas Employment Promoter is one of the most trusted and well-reputed manpower consultants in Pakistan. Being a reputed recruitment company, Marfa overseas has successfully served hundreds of clients in the Gulf, European, and North American regions. From Executive Search to Contact or temporary recruitment, Marfa overseas will assist you in all types of recruitment for your next project. We recruit top executives & professionals.