Economic drivers, skill gaps, employee expectations, and employer requirements are a few factors that create labor shortages. Here are several strategies for frustrated hiring managers navigating too many open jobs and too few qualified candidates.
Promoting or re-assigning from within is usually the most efficient way to fill open positions. There's no company onboarding required, but orienting people to new roles, supervisors, and possibly different departmental procedures is essential.
Even more important, however, is ensuring an internal talent pool to support a "hire from within" strategy. Investing in professional development and continuing education pays dividends later. Encourage upskilling by implementing cross-functional or inter-departmental training and mentoring programs.
Facilitating internal mobility motivates employees, minimizes your exposure to labor shortages and builds long-term employee retention.
According to an Indeed survey, 92% of people who willingly quit their employment in the first quarter of 2020 believe that life is too short not to appreciate your job. As a result, people are increasingly looking for careers that will provide them with the best work-life balance.
Employers offering meaningful work opportunities that don't compromise employees' personal lives will fill open positions fast, with or without marketplace talent shortages!
If you need a reliable talent pipeline, The Paper Ceiling movement suggests reviewing long-established job qualifications. For example, requiring a bachelor's degree prevents you from considering millions of non-degreed competent workers with proven industry experience. Likewise, if your applicant tracking software blocks candidates with resume gaps, the competition might hire your ideal candidate before you read their resume.
Individuals with transferable skills often bring flexibility and a willingness to learn instead of fixed mindsets out of sync with company goals.
Competitive job markets require quick decision-making. If your screening process is demanding and protracted, you risk losing top candidates to more agile organizations. Skills testing accelerates hiring without compromising quality.
Combine industry-specific assessments and job-based testing to minimize bad hires despite faster screening. Efficient hiring reduces exposure to the consequences of a tight labor market; smart hiring contributes to employee productivity and morale.
Your hiring power and employee retention levels might be fading if you're still measuring job performance by hours on-site or online. Instead, a production-based evaluation might redefine success based on meeting milestones, product quality, or customer satisfaction. Focus on impact and results rather than process.
Also, avoid using too many time-tracking tools unless you want teams reporting more than they're working. Instead, find the best solution for the metric you need to measure.
Robust health care, pensions, paid leave, and matching 401k plans are commonly expected--and provided--employee benefits. But they're not automatically enough to attract or retain top talent during labor shortages. Enrich your offerings with perks like
Discover what your current and sought-after employees value in an employer, then deliver it.
Your company's social media presence can make or break hiring, especially in a tight labor market. A positive presence with regular posts and timely responses to comments tells job candidates you care about your corporate reputation. And that you prioritize communication.
Social media is also the best way to showcase your corporate culture to potential employees, no matter where they live. This is especially valuable if you're hiring globally.
If you're researching top candidates' social media behavior, more likely than not, they're Googling you right back.
The best strategy to outsmart a talent shortage is creating a workplace your best, most productive employees won't leave. Similar to building a desirable benefits and perks program, do some research.
Find out why long-time workers are still with you, then lead with those reasons during recruiting. Conversely, breakdown exit interviews to identify why people resigned and consider addressing those issues.
Employee turnover is expensive in multiple ways. Top talent costs more from the start, and adding rich benefits packages can balloon hiring expenses.
You can grow your company during a labor shortage by revisiting long-standing recruiting strategies. Remuneration matters, but it's not necessarily the singular driving force for accepting a job offer or leaving a current role. People today want employers who value their professional input while respecting personal time. Retaining and attracting great talent necessitates deliberate measures to create a positive employee experience.
Worca provides services, tools, and expert advice to companies looking for the best talent, no matter where they live.