The ongoing talent shortage is a significant problem for businesses worldwide. As a result, recruiters are struggling to find qualified candidates for open positions, and many companies are forced to expand their search criteria to fill vacant roles.
While there are several possible causes of this shortage, there are also several ways that businesses can deal with it. But before discussing the different ways you can bypass this, it’s crucial that you first understand why it’s happening.
Why is There a Talent Shortage?
The talent shortage results from several factors, but the most common one is simply an imbalance between supply and demand. In other words, there are more job openings than there are suitable applicants to fill them.
This is often due to businesses growing faster than the talent pool can support. Moreover, with more baby boomers retiring and millennials making up a large portion of the workforce, this problem is only expected to grow in the coming years.
Various industries are experiencing a talent shortage. For example, due to the pandemic, the construction industry is undergoing a major skills shortage this year. However, the talent shortage can also be because of the lack of knowledgeable candidates.
Less than half of the entire American population has a bachelor’s degree, while only a tiny fraction has a Master’s or Ph.D. This number is even lower in other countries. As a result, the talent pool is too small to support the current demand.
Dealing with the talent shortage requires you to be more flexible and creative. Here are five ways you can deal with the talent shortage:
Relax your requirements
One way to immediately increase your pool of potential candidates is to relax your requirements for the role you’re trying to fill. If you’re finding that you’re not getting any qualified applicants, consider lowering your qualifications or opening up the position to candidates with less experience.
When hiring candidates with less experience, you should consider training them first. However, ensure you don’t spend too much on training them. The average cost of training is around $1,200 per employee, so make sure not to go over that.
You can also offer internships or apprenticeships to train potential candidates. This is a great way to find talented individuals who may not have the required experience but are willing and able to learn.
You may also want to consider changing the location of the role. For example, if you’re looking for a web developer in San Francisco but can’t find anyone qualified, try expanding your search to include candidates from other parts of the country or even other countries.
Broaden Your Reach
When recruiting, it’s essential to cast a wide net. The more people you reach out to, your chances of finding qualified candidates are greater.
There are several ways you can broaden your reach when recruiting. One way is to use online job boards. Job boards allow you to post your open positions to a large audience of potential candidates.
Another way to broaden your reach is to use social media. Social media platforms like LinkedIn and Facebook have become powerful recruitment tools recently. You can use them to post open positions, connect with potential candidates, and even screen applicants.
You can also use referral programs as a way to broaden your reach. Referral programs offer employees monetary incentives for referring qualified candidates to open positions. This is a great way to tap into your employees’ networks and find qualified candidates who you may not have otherwise found.
However, the main problem with broadening your reach is the capability of managing your recruitments. As more applicants knock on your door, the more hectic it becomes. Experts suggest using a recruitment management system to help your overall recruitment process. This system can keep track of your applicants, help you screen candidates, and even schedule interviews. In addition, by having it around, you can ensure you have no problem managing newer and more qualified candidates.
Get Creative With Your Benefits
Another way to attract and retain top talent is to offer competitive benefits. This includes things like health insurance, retirement savings plans, and paid time off. But you can also get creative with your benefits to make your company more attractive to potential candidates.
For example, you could offer flexible work hours, the ability to work from home, or even tuition reimbursement. You can also offer perks like free snacks and drinks, gym memberships, or transportation allowances.
The key is ensuring that your benefits are competitive and align with your company culture. By offering benefits that appeal to your target candidates, you’ll be more likely to attract and retain the best talent.
The three ways we’ve outlined are just a few of how you can deal with the talent shortage. However, they are some of the most effective and affordable methods. By doing these tips, you can ensure that your company will still get the talent it needs to survive and thrive.