5 Ideas to Address the Growing Talent Shortage
Believe it or not, in today’s world of automated everything, what our global job market needs most is human beings. We need ideas to address the growing talent shortage. According to research from the Korn Ferry institute, by 2030, the global talent shortage could reach 85.2 million people. This would result in trillions of lost dollars (kornferry.com).
The talent shortage is due in part to demand for specialized skills, low unemployment rates, and an increase in baby boomer retirements. Areas of biggest impact include high-tech workers (like IT specialists), skilled technicians, engineers, and highly skilled healthcare workers (pridestaff.com).
In today’s job market, highly skilled candidates call the shots. And employers need to sell themselves to attract top talent.
It’s time to get creative. Here are 5 Ideas to Address the Talent Shortage.
Tip #1: Meaningful Work is Valued
Today’s candidates value meaningful work, and studies show that this is even more important than money. A recent study conducted by BetterUp surveyed over 2000 professionals and found that 9 out of 10 employees “are willing to trade a percentage of their lifetime earnings for greater meaning at work.” Respondents even put a number on this meaning, stating that “they’d be willing to forego 23% of their entire future lifetime earnings in order to have a job that was always meaningful” (Harvard Business Review, Anchor, et all). Opportunities for meaning in a work environment taps into employees’ intrinsic motivation and leads to extra hours worked and increased job satisfaction.
As hiring managers advertise positions and conduct interviews, they should tap into what is meaningful about the position—why it matters to the company, why it matters to the team, and why it matters to the industry and beyond.
Tip #2: Job Description includes Transferrable Skills
Get creative with individual job descriptions. Are you posting descriptions that turn candidates off? Candidates want progressive work environments, meaning, market-value compensation, and flexibility. Could job descriptions change to include candidates with transferrable skills outside the industry like communication, leadership, and organization? These candidates are often overlooked, but with a little training, could become huge assets.
Could the position be described as a long-term project vs. a full-time position? This is a great way to entice a solid candidate without making a huge commitment for either party.
Tip #3: Social Media is a Powerful Tool
Most places of business use social media in marketing, but how often are these platforms used in hiring? With the influx of Generation Zers to the job market, social media should be a big part of any recruiting plan. A full social media hiring strategy should include strategic ways to advertise positions on the company website, on business LinkedIn pages, Facebook pages, and Twitter, along with the use of targeted career search sites. Today’s most popular job search sites include: Indeed, Glassdoor, LinkedIn, Google for Jobs, and Monster.
Remember, social media is highly visual. Add photos and videos to attract attention.
Tip #4: Utilize Current Employees
Networking (and who you know) is a major factor in finding a job, and it is the same in finding someone to hire. Companies should consider directly asking employees for candidate leads. If the workplace is positive, employees will naturally want to bring others into the fold.
Testimonials from current employees about why they choose the company and how they are having success is an excellent way to attract new hires. Creative and fun networking events that current employees can attend along with candidates can offer living testimonials.
Depending on the situation, current employees may also want to share company news and postings on personal LinkedIn pages.
Tip #5: In-House Promotion/ Training
There is nothing better than training someone who already has company experience. Promote from within. Build on employees’ current knowledge by cross-training with other employees. “Focus on upskilling new and current employees, because finding talent with the skills you need will only grow harder and harder” (McLaren, business.linkedin.com).
Ideas for in-house training include mentoring programs, apprenticeships, training seminars, or incentives for self-guided learning.
And when you are in the process of interviewing, it’s important to communicate with your candidates. It goes both ways in a job hunt. Here are some great best practices to help manage communication.
Let Artemis Consultants help you get creative! We offer professional recruiting strategies to help you attract and hire valuable candidates.
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