2021 has been another roller coaster year for everyone as the economy is slowly picking up from the lows due to COVID-19 since March 2020. With lockdowns, and travel restrictions easing throughout the year, companies have seen their business increase once again leading to more jobs as well. With vaccinations rates going higher and everyone is eager to get out again, and companies have been ramping up their hiring to staff in anticipation for the increase in business activity in hopes to build on this momentum to kickstart the year in 2022.
Unfortunately, in this competitive job market, we’re seeing increasing number of job vacancies even though businesses are desperately trying to staff their teams. Many employers have reported that it has become increasing difficult to fill job openings and one of the culprits for the slow return to pre-pandemic levels for their businesses.
There are several contributors to the talent shortage that we’re currently faced with:
- We have those who are unemployed, but not actively looking for work due to government assistance benefits that they’re receiving.
- We have those who were laid off at the onset of the pandemic and have decided to go back for education or training to follow a different career path.
- We have the looming problem of a generation workforce of the Baby Boomers who are retiring or entering their retirement ages to exit the workforce leaving a talent gap the younger generations have not yet been prepped to take over
- We have technological advancements which create rapid changes requiring the talent market to obtain newer skills all the time with old skills becoming obsolete.
Here are a few tips for every organization to follow in order to continue attracting talent to their team despite the shortage that we’re currently see:
1) Widen Your Talent Pool
Take a deeper look into what is required for your team’s job openings to widen the options and expand your searches. Upon review, companies will be able to identify “Must Have” requirements from the “Nice to have”. By doing so, you will find that the pool of candidates who could be qualified for the position greatly increases.
You can also start to look for candidates on different platforms that may not have previously been used. Whether it is social media, university networks, virtual / physical job fairs, professional networking events, etc., each source will have its own network of professionals that is unique from each other.
In addition, tap into your own talent network by encouraging your staff to recommend the talent within their personal and professional networks.
2) Make Your Company an Attractive Place to Work
Any company who wishes to attract the best talent at any given time, should always be looking at ways to become an attractive destination to work. Below are a few things that make an organization attractive to job seekers:
- Offering flexibility in work hours and where they work (hybrid work schedule)
- Creating a diverse and inclusive work environment with equality
- Keeping you employee’s safety at top of mind. More than ever before, people are more aware and understand the importance of keeping clean and staying healthy and organizations need to put in the right measures to ensure everyone’s healthy and safety.
- Build a common purpose and goal that everyone believes in and is working towards together
- Offering a competitive compensation package
3) Adapt and Change
When lockdowns spread across the world last year, the companies that were prepared and was able to adapt to a remote working model left behind those companies who unprepared. It is important for every business to be adaptable and understand that what got them through the last decade may be what’s holding them behind in the next.
When it comes to attracting talent, companies need know where talent is looking for work and adjust their recruitment strategies towards methods. In addition, you need to listen to what candidates are looking for and adjust company offerings where possible to attract them.
4) Be quick and decisive
When we’re in a time where a job seeker is getting multiple offers, the companies that act swiftly will secure the talent that they want. Organizations need to bring in their decision makers early in the process so that when it’s time to decide they would have been involved the entire time and it can be done right away.
5) Retaining the Talent you already have
While companies are scrambling to find new talent, often they forget about the talent that they already have. Keep your employees happy and engaged will at least limit the problem of a talent shortage to expansion positions. Regularly check-in with your employees to ensure that they’re happy with the direction of the business and the work environment. Listen to their needs and expectations and do what you can to meet them. For the ones that you can’t, have open discussions so that everyone understands what cannot be accommodated for and why.
Nurturing the existing talent on your team and helping those employees grow with the company to take on bigger roles is a good prevention from exposing your organization to the struggles of the talent shortage.
The shifts in the supply and demand of the labour market are never easy to predict. Businesses must stay alert, and more importantly, be flexible and quick to adapt to changes to build and maintain the talent for their teams.
Contact Us today to speak with one of our Recruitment Specialists and let us help you build your team with talent today!
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