The finest talent is holding the cards in the present job market. One survey on the impacts of the present candidate-led market suggested that around 58% of hiring managers have struggled to attract candidates with the correct hard skills or experience. For some businesses, the results can be serious.
A lack of proper specialist staff can hamper efforts to boost productivity, turnover, and profitability, hindering the company from reaching its full potential.
Even with the correct in-house HR support, in a talent short sector, these figures suggest that several organizations are not always using the proper strategies to attract professionals who will support their business growth. They also say that established tactics – providing higher salary packages, for example- might no longer attract the best candidates.
Approximately 36% of businesses say that talent shortages have impacted employee morale and around 46% say that they have extra difficulties in meeting deadlines and clients’ expectations as an outcome of the talent shortage.
Trendsetters Facilities and Technical Services, leading manpower outsourcing company shares strategies to manage the talent shortages.
Look for in-house talent
Several hiring managers concentrate on getting more out of present employees to counteract the impacts of talent shortages. Around 21% say they have presented staff with opportunities for training or the opportunity to take on new responsibilities, with another 38% implementing flexible working arrangements. On balance, this is a useful plan for retaining staff and stopping the emergence of further skills shortages. The majority of employees will appreciate development opportunities and this has the extra effect of boosting staff loyalty to an organization or brand.
Utilization of interim professionals
Hires of interim or contract staff are mostly utilized to cover skills shortages done to a lack of available full-time candidates. With a pool of highly qualified people ready to begin work or a project at short notice, it has been seen several businesses turning to an interim solution in the industry.
Alter your hiring practice
Even with talent shortages impacting the businesses, several hiring managers rarely hire professionals who do not meet all critical job description criteria. Holding out for best-match candidates could mean that vacancies stay open for weeks and even months. It means that existing employees are working harder to give the necessary cover, probably damaging morale and boosting staff attrition rates. Altering the hiring procedure and hiring less qualified candidates can mostly deliver a wealth of benefits, increasing the diversity of the workforce and introducing a fresh point of view to problem-solving. It also supports driving innovation as various skill sets and methods are brought together under one roof.
Hiring from a mix of talent pools is also a good way for managing salary inflation. In several cases, candidates looking for the opportunity to step up are more probably to prioritize a fresh challenge over a big pay rise.
Decrease time to hire
A hassle-free hiring process provides insight into the attitude and values of an organization, assisting to secure candidate buy-in from the beginning. To get this, it is essential that all decision-makers have bought into a pre-defined hiring timetable. Greater accommodation of the candidate’s requirements, like flexibility around interview times, will also assist to sell the organization. With the economy growing up, businesses that fail to decrease the time from interviews to offer are already losing out to more flexible organizations.