Secure top talent in a skills shortage market
The last year has been one with numerous challenges, but it also gave us the best hiring market that employers have experienced in many years. Instead of facing shortages of applicants and low unemployment that made finding suitable candidates difficult, the situation was reversed.
There were a plethora of high-quality candidates searching for jobs, and the employers who took advantage of this unique situation now had a competitive edge over their rivals. However, this surge in candidates was quickly exhausted, and now we are facing a skills shortage market.
So, how can you find and recruit top talent in a skills shortage market?
The challenges Talent Acquisition teams face
The coronavirus pandemic hasn’t changed the recruitment challenges that Talent Acquisition teams are facing. Irrespective of the difficulties presented by a skills shortage, Recruitment teams still need to:
- Build a strong employer brand
- Identify diverse and present diverse shortlists
- Contend with the lack of qualified candidates applying for roles
- Reduce the time to hire
- Attract suitable candidates for jobs
Additionally, Talent Acquisition teams are facing other pressures that make their roles continually challenging. Recruiters are often working in offices with reduced numbers of staff due to furlough or redundancy. This reduction in the workforce has had the knock-on effect of affecting their ability to feedback to unsuccessful candidates who hadn’t secured an interview. This regrettably created a poor brand impression. Now we are facing a skills shortage market, where the power balance has shifted in favour of job seekers with sought after skills and organisations are working harder than ever to hold onto their employees.
How to stand out in a skills shortage market
Focus on developing your employer brand
When the balance of power has shifted to job applicants rather than companies, employers need to focus on positioning themselves as an employer of choice in their industry. If you are the company that candidates are keen to work for, recruiting who you need becomes far easier.
If you aren’t currently hiring, it may be tempting to put your employer branding strategy on the back burner until you have more time, but employer branding is essential all the time, more so in a market where you may struggle to attract the candidates you need.
The talent market is still attempting to recover from the effects of an ongoing global pandemic, along with calls for greater diversity; your employer reputation has never been more critical if you want to attract high-quality candidates. In this digital age, prospective candidates can quickly look up your company information – from salary and benefits to culture and development, meaning your employer brand must position you as an employer of choice for prospective candidates.
An issue for Talent Acquisition and Marketing teams is that they are smaller than they were before the coronavirus pandemic, and many have seen cuts in their budgets. Additionally, employers face increased scrutiny from prospective candidates who are keen to know how you treated your staff during the pandemic and how you managed to keep your employees working safely. According to Harvard Business Review, a negative employer reputation can cost as much as an additional 10% per hire.
It’s crucial for employers to take the time to revamp their careers and social media pages adding resources videos. Additionally, employers should ask happy staff members to rate their organisation on Glassdoor as this can go a long way to improving the perception of their brand. However, it is important to remember that candidates are also facing significant uncertainty. They need to know that they’re joining an organisation that will give them the stability they need to stay and the capacity to grow in their role over time.
Craft a compelling Employee Value Proposition
Your Employee Value Proposition, not to be confused with your employer brand, though these are, of course, linked, can help ensure that you attract CVs of the right calibre when you choose to recruit.
‘A well-crafted employee value proposition will act as a magnet for top talent. Spend time creating a story that reflects your company’s history, values, and mission, and why the best in the industry want to work with you. This will serve you well in good times as well as bad,’ stated a recent report from Selby Jennings.
When crafting your Employee Value Proposition, it is important to choose optimism and employee empowerment as the key to your organisation’s beliefs.
Focus on staff retention and rethink your workforce for flexible recruitment
Because of the shortage of talent or skill shortage markets, staff retention takes on a new importance. Companies cannot afford to lose the skilled and knowledgeable employees it already has.
Successful companies that work incredibly hard creates a culture that encourages employees to stay. They don’t achieve this by showering their employees with more pay but offer flexible working or increased annual leave, which some employees can be equally attractive.
In a skills shortage market, being creative in how you source skills and experience into a business is essential. There are currently more than 1 million people over the age of 65 who are working on a part-time or consultancy basis. These older workers could be an excellent way to bring the skills and experience you need into your business, even if they’re not employed full-time or on a permanent basis. In addition to providing the expertise required, they can play a valuable role in mentoring less experienced employees.
How Recruitment on Demand can help with a flexible recruitment solution
Skills shortages are affecting organisations and recruiters across every sector and industry, and these shortages impact productivity and business performance.
A recent Gartner survey found that CEOs globally consider the current talent shortage to be the top emerging risk for their companies.
Modelling by the Mckinsey Global Institute on the effects of technology adoption in the UK shows that by 2030, two-thirds of the UK workforce could lack basic digital skills, and more than 10 million people may be under skilled in leadership, communication and decision making.
Innovation and flexible recruitment strategies can help in the way you attract talent to secure the best candidates for your business. Recruitment on Demand could be a part of the answer.
A dedicated Recruiter working on a cluster of roles or within a specialism can generate a wholly refreshed strategy and approach. They can also draw upon their personal networks and flexible recruitment solutions to hiring talent where there is a skills shortage.
Recruitment on Demand has successfully delivered pipelining projects and partnered with businesses to ensure candidates remain engaged. This is achieved both from a digital perspective and a traditional phone call to keep them abreast of future job opportunities and build an ongoing relationship with the candidate to promote the client’s brand and values.
This agile RPO is a flexible recruitment solution that allows you to parachute in resources at the drop of a hat to supplement your Talent Acquisition team. They bring with them a network and a unique approach that can be the key to unplugging your skills shortage challenges.
Discover the benefits of Recruitment on Demand.