Exploring the job searches rarely will now result in talent shortage as the time has gone when the qualified and experienced applicants were vacant. Does a talent shortage exist or are you shortsighted who only hires top talent when needed? The talent shortage is real and worsening slowly but surely, which is creating a high demand for top talent. This article talks about the real issues between talent shortage and short-sighted recruiting and how it can be solved.
The Current Situation of Talent Shortage
Korn Ferry, the US management-consulting firm, conducted research according to which 85.2 million jobs are more likely to be vacant in 2030, leaving behind an eye-popping US$8.452 trillion in unrealized revenue each year. Finding qualified applicants was not challenging but today the candidates lack the expertise required to fill the qualified jobs. In the US, 6.3 million unemployed applicants searched for jobs during January whereas the open job positions were 7 million. ManpowerGroup conducted a survey in the US, which shows three times increased talent shortage in comparison with the previous 10 years. Currently, 69% of the hiring managers are stressed about top talent hiring.
The Real Issue between Talent Shortage and Short-sighted Recruiting
Today, the applicants evaluate the available opportunities by analyzing every possibility before making any job commitment. While in the past, people were only concerned about being hired and reappearing in the labor force, this situation creates a talent shortage. The real issue is that most of the hiring managers are shortsighted to some extent thus; don’t bother to consider the applicant’s needs arising for a long-term position. Access to top talent requires proposing stability and security for permanent opportunities. Due to the outbreak of the pandemic, the employees are more concerned about the stability and security of their jobs, which has changed the way people view job openings. The employers are shortsighted, as they can’t clearly observe that the employees are more likely to leave their jobs after the pandemic if they aren’t offered the flexibility of work. The old workforce is being retired, and the young professionals lack the required experience, skills, and training, which intensifies the issues of talent shortage.
Shortsighted recruiting doesn’t let employers invest in the development and progression of their workforce. They consider informal and fastest ways of solutions before even evaluating and fixing the problematic areas. Thus the hastened retirements, deferred training, and career pausing lead towards talent shortage.
Solutions to Win and Pull Ahead Of the Short-Sighted Recruiting
- International PEOs
The solution to short-sighted recruiting is outsourcing the human capital by electing an international PEO as it intensifies the operational efficiencies by bringing the top and expert talent to the table. With proven hiring procedures and a refined system, the international PEO improves the company’s hiring procedures and manages the entire administrative task effectively. The companies with limited working capital can forgo the costly infrastructure, internal Human Resource team, and lengthy hiring processes by contracting out to PEOs. The services of an international PEO are invaluable for companies with scarce resources to support their entire Human Resource staff. A PEO provides the company with access to skilled hiring experts who have the know-how of hiring strategies to tactically staff up a company. The companies can get access to web-based technologies as well to boost up their online hiring procedures.
- Develop a supply chain
Another solution to short-sighted recruiting is developing a supply chain to pipeline the talent. The talent pipeline is the preemptive hiring tactic to overcome the upcoming employing needs that can be developed through strategy formation, employer branding metrics, and connection building. Employers can recruit and retain experienced employees after developing talent supply chains as they bring better hiring outcomes. The talent pipeline identifies the top talent through employee referrals, strong candidates from the network connections, or the shortlisted applicants for the position. It also plans to maintain the interaction with the expert individuals through personal emails, posts, or newsletters. The sole purpose of developing a talent supply chain is to establish a connection with the potential talent to accelerate the recruiting process whenever the positions are vacant. Further, estimating the future hiring needs, expanding the visibility of the company’s culture, and adopting a proactive attitude while hiring can solve the real issues arising out of short-sighted recruiting.
Though the issues between talent shortage and short-sighted recruiting are real, the companies that want to recruit the top talent and fill the skills gap needs to work smartly, that’s why companies are looking for EOR services to streamline the processes.
As the pandemic has left its severe effects that have transformed the hiring landscape and now, retaining the top talent requires flexibility, geographical mobility of work, and better work-life balance. The recruiting managers need to be foresighted to overcome the vicious circle of talent shortage and to invite the top talent. Those who will take action will be rewarded.