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Trouble Keeping up with the Demand?
Companies are increasing their need for high performing talent, but the supply of skilled candidates has diminished. That makes it harder for employers to satisfy their needs. The economy is hot and organizations want to participate. But, how do they do that when they can’t find enough qualified workers?
This has become a candidate-driven environment. Nearly 40% of organizations couldn’t fill their job openings this month.
Some helpful hints to deal with this employee shortage are:
Extended Hiring Process
Reset your expectations that a longer hiring process is the new normal. It’s been observed that open positions are remaining that way approximately one and a half months. The time to fill a position has roughly doubled over the past 5 years. So you must start your recruitment process earlier and pay particular attention to your job description and your company reputation.
With more available positions and salaries finally starting to rise, employers can expect to see more turnover. That will worsen the hiring crisis. Higher performing workers have even more job opportunities available. So, it’s vital for retention to support current employees’ desire for greater training and career development. That shifts the discussion away from money and toward retention actions.
If an employee plans to leave, the earlier you get this information the more time you have to consider whether or not to counter. The key is learning why the employee plans to quit. Asking the employee if they would consider staying if those areas were improved could make a difference in retention versus back to hiring.
Dissatisfaction causes a worker’s choice to jump ship. In this candidate-shortage environment we advise finding out your top employees dissatisfaction points and presenting them with a counter offer. Your plan is to persuade them to remain with your firm and for you to avoid the cost and hassle of going the new hire route.
Higher wages in your new hire offer is an obvious answer, though painful. But a competitive compensation package can be the solution. Be sure to research what your industry is paying for certain experience, skills, and positions. You can tweak that to make sure you have a solid offer. If a high-performing candidate already has a firm offer from a competitor, consider the components of the offer and make your offer addresses learning, company culture and career advancement as your response.
In the past, there were fewer employment opportunities and more competition for jobs. An organization could list their job opening on its website and multiple qualified applicants would respond. Today, candidates aren’t necessarily proactively seeking new opportunities. But, if an employee recognizes your firm and it has a good reputation then they’re more likely to respond to your job post. So, actions to strengthen your company name and differentiate your firm become an asset in this tight labor market.
There are many other ways to deal with a worker shortage. If you need some assistance in surviving and thriving with recruitment in this tight labor market, contact Flexicrew today.
The increasing talent shortage is becoming a great headache for employers. One argument focuses on problems with the education system. Others focus on technology advancing faster than employees can keep up. The facts remain that many employers are finding it difficult to solve the talent shortage.
Five hiring tactics employers can use to fill talent gaps include:
If a business experiences a skills shortage, hiring contingent employees can help close the gap. Following the increased availability that contingent workers now offer, they can work in any environment and deliver according to their areas of expertise. The strategy has more cost effective benefits and can be done within a relatively small budget. These flexible workers can quickly fill a talent shortage.
The growing skill and talent shortage has made it necessary for organizations to partner with schools to find workers. In some cases this has enabled employers to get tailor-made skills specific for a company. The partnership satisfies the skills mix the talent shortage has left undeveloped and accommodates just what the employer may demand. It will also open the door for skills transfer and industry experience through internship which may result in better distribution and retention of skills.
The talent gap can be minimized by re-evaluating how the interviewers or staffing agency conducts the recruitment. Necessary changes are important to ensure that inefficient recruiting efforts don’t slow down or diminish the company operation.
The move will ensure that you put in place the right practices and employ the most competent workers to overcome a talent shortage. This will also see growth encouraged among employees – better working relationship and satisfaction. Putting better techniques into effect when conducting employee recruitment will lead to getting more of the right skills.
Cross training most employees on basic job duties may lead to effectiveness when it comes to work delivery. In the same manner employers need to realign all the potential skills that are already in the company to ensure the employee skills are being optimized.
This will give more freedom to employees to try out what they understand best in different ways. It can easily broaden and improve their skills.
The foundation of any organization is basically the services offered and the skills used to deliver them. You can bridge any talent shortage by encouraging internal and external training. By putting employee training as an important activity, more talented people are likely to join your company and remain as they gain skills and perform better.
The list can even be longer than 5 employment tactics. Consider other steps employers can take to reduce their skills and talent shortage. When focusing on the talent gap, improve your recruiting to avoid making it a growing problem within your company.
Several of these 5 employment tactics will sacrifice some short-term productivity, but will yield longer term solutions. Research shows today’s recruiting difficulties will not be going away over the next 2-3 years.