When we speak about talent, we don’t mean simply finding employees to fill in a position. You see, talent is about quality individuals who possess the right hard skills and experience needed in the workplace. These individuals are crucial to the progress and success of modern companies. And, they are an essential ingredient for the 21st-century business world. All this implies that lack of talent or more accurately talent shortage is a big problem!
In fact, a new report by Koren Ferry estimates that by the year 2030, over 85 million jobs will be unfilled due to talent shortage. This means that the job market is facing a real crisis in terms of finding skilled employees for filling positions. And, this will definitely have a negative impact on the state of businesses & companies worldwide.
Also, another study conducted by ManpowerGroup, reveals that 75% of companies have reported difficulty finding & hiring skilled employees (talent). This is another example that showcases the current epidemic of talent shortage in the business world.
Now, you clearly see that “talent shortage” is a real issue that threatens organizations all over the world. So, as recruiters & hiring managers, how can we combat this big issue?
This article will attempt to answer the above question. We’ll provide 5 effective strategies to combat talent shortage.
Read on!
Search for internal talent
Usually, when looking for talented & skilled candidates, we tend to look outside the organization. Thus, we neglect the powerhouse of talent of existing employees that already work in the company. However, the best talent can sometimes be found in the in-house employees working with you.
So, instead of wasting plenty of time & money on attracting new candidates, why not look for talent internally among your existing employees? In truth, you might get surprised at how much talented your employees are when it comes to filling in a new position.
First off, your employees are already familiar with the company’s culture, values, and mission. Also, when you offer your existing employees an opportunity to advance their careers like a promotion - this makes them more motivated and loyal to the company. As a result, this improves employee retention while decreasing the impact of talent shortage!
In a way, seeking internal talent allows you to identify high-performing individuals with the needed skills and experience promptly. Imagine how much time, money, and hustle you can save just by adopting talent internally.
Re-evaluate your hiring criteria
We understand that as a hiring manager or recruiter, your job is to find the best candidate for a particular position. This means the candidate must meet all the criteria of the job description. However, finding the right candidate with all the required skills & experience can take weeks or even months.
This can put tremendous strain on other employees. That’s because they will be working harder for longer hours to make up for the vacancy. As a result, it can lead to employee burnout and a decrease in morale.
So, to avoid this, you need to reconsider your hiring criteria. Accordingly, it won’t harm to hire less qualified candidates from time to time. So, although they wouldn’t have all the required skills, these candidates can bring in new perspectives & creative ways to deal with problems. And, you never know, you might find a hidden gem that only needs to be polished a bit.
In other words, hiring less qualified candidates and providing them with training can help you grow talent & have a bunch of skilled employees. This seems to me a great strategy to build your own talent and counteract the lack of it at the same time.
Employee transfers
When it comes to dealing with talent shortage, there’s an effective strategy that usually goes unnoticed. If you haven’t made a guess yet, I’m speaking about employee transfers.
Transferring employees internationally or from a certain department to another is a great solution for talent shortage. Ideally, this provides you with a source of qualified employees who are aware of the company’s values & processes. At the same time, it makes employees more motivated and engaged, leading to high employee retention & satisfaction. This is similar to seeking & growing talent internally. The only difference, in this case, includes transferring employees internationally or across different branches & departments.
Build your talent community
In today's competitive job market, it is essential to find new & innovative ways to attract and retain top talent. Thus, building a talent community is one such solution that can help you and your organization overcome the challenges of the talent shortage.
A talent community is a group of people who are interested in a certain company and its industry - even if they are not actively looking for a job. So, by fostering a relationship with these individuals, you can build a pool of qualified and engaged candidates who are more likely to consider job opportunities in the future. This can help you reduce the time and resources required to find and recruit new hires.
Put differently, building a talent community provides you with a rich source of qualified candidates to fall back on. So, you don’t have to waste a lot of time & resources to find, attract, and hire new employees. Think of your talent community as a group of benched players who are ready to jump into the game once they’re needed.
Upskilling & reskilling
Although they’re usually overlooked, upskilling and reskilling can be effective strategies for companies to deal with the talent shortage. This involves investing in training and development programs to help employees acquire new skills and knowledge, which can help fill skill gaps within a certain organization.
Apart from this, upskilling & reskilling bring other benefits such as:
- Increased productivity
Upskilling and reskilling current employees can help increase their productivity and performance, which can help companies remain competitive and achieve their goals - despite the problem of talent shortage.
- Improved employee satisfaction
Employees who are given the opportunity to upskill and reskill are likely to feel more valued and satisfied with their jobs. This can help reduce turnover and improve employee morale.
- Cost-effective
Upskilling and reskilling current employees is typically more cost-effective than hiring new employees, especially when the costs of hiring, onboarding, and training are taken into account.
Final thoughts
To sum up, the talent shortage is a pressing issue faced by many organizations today. However, with the right strategies in place, you can effectively combat it. The above strategies are a few examples that can help you deal with talent shortage in your organization.
However, It is important to remain proactive and creative in your approach to tackle the talent shortage and continue to adapt your strategies as the job market evolves.