Isn’t finding the right talent is the biggest constraint for your business growth? The current labor market is grappling with the talent shortage problem.
The unemployment rate in the U.S. dropped to its lowest point in the last 50 years. Employers are pouring more and more jobs in the market but finding trouble in hiring the right talent.
“Lacking talent and skills is the top internal constraint to digital business growth,”Lily Mok, VP Analyst, Gartner
Skill Shortage: The technology trends are changing at a rapid pace; job seekers missing to match this pace will not be able to fit the right talent pool. One of the biggest challenges is to find the right talent for the job.
Employee/Employers Ghosting: The unemployment rate has shifted the market in favor of job seekers. They are controlling the job market. Employee ghosting has always been one of the biggest challenges for employers. However, the current market is total employee-oriented, which means they have multiple options to choose from.
Flexibility: Gig economy is growing by leaps and bounces. Job seekers are attracted to freelancing and contract jobs because they get more flexibility. Employers are still pondering upon this issue to understand to what extent they need to give feasibility to their employees.
“In 2027, more than half of the workforce will be or will have been, an independent. ”MBO partners
Proactiveness/ Building Talent Pool: Most of the Human resource managers act in a hurry when it comes to hiring talent. They never proactively build a talent pool, which turns into higher TAT for hiring the right talent.
Candidate Experience: It matters a lot. A candidate wants to be treated affectionally throughout the interview and joining process. Candidate experience is all about how a job seeker perceives and reacts to the hiring process (Sourcing, Interviewing and Onboarding)
“According to a 2019 survey conducted by PricewaterhouseCoopers, nearly half of U.S. job seekers in high-demand industries such as technology, energy, and banking have turned down job offers because of the wrong candidate experience.”
Proven Methods to Tackle Talent Acquisition Challenges
Speed Up The Hiring Process:
- Remove unnecessary steps involved in the process
- Write an unambiguous job description
- Screen Skills Not Resumes
Improve Candidate Experience:
- Treat them professionally from the beginning of the recruitment process.
- Enable easy application process
- Respect candidates’ time
- Communicate, communicate, communicate
- Give and ask for feedback
- Build and Maintain candidate relationship
Build the talent pool:
- Review your organizational strategies
- Assess the company’s current talent to identify any skills gaps
- Prepare a repository of Sourcing Tools (Social Media Campaigns, Referrals, Website, Inbound Recruiting, talent networking events, etc.)
Upskilling/Reskilling of the existing workforce:
- Connect employees with a mentor.
- Encourage self-training (Rewards, pain training time, flexibility to attend training seminars
- Use real-life simulations and case studies.
- Build a Learning Culture
- Online Training Courses