Surviving the Talent Shortage

According to the Conference Board’s report, “From Not Enough Jobs to Not Enough Workers,” they predict a 15-year period of tight labor conditions. And, the shortage is no longer just in the tech sector but has expanded to include both manufacturing and service industries. In fact, according to the U.S. Bureau of Labor Statistics, for the next 10 years, 95% of the increase in jobs will occur in the service sector, which will only add to the shortage. For hiring managers, this means finding the best talent just got a whole lot more difficult!

Although there are many explanations for the talent shortage, companies need to accept that fact and make changes NOW to be a winner in the hiring game going forward. It’s time to change the way you’ve thought about acquiring great talent and concentrate on these 5 things:

  1. Shorten the Interview Process. Glassdoor.com’s research featured in Forbes Magazine, found that the interview process has doubled in five years, from 12.6 days to 22.9 days. However, right now the best candidates are only are only on the market for an average of 10 days. You do the math. Companies must rethink their processes ? what can you eliminate from your current process that might have worked great during a job shortage, but may be a ?nice to have? now? Limit the number of interviews and/or tests for the applicant. Look within first. Are there employees that could be trained and groomed to take on more responsibility? Consider hiring a professional recruiter to help you screen and narrow down the applicants to only the most qualified ? and do it quickly.
  2. Target Your Competitor?s Talent. While there may only be a certain number of applicants actively looking for a position, many of the best and brightest wait for opportunities to find them. Where better to find them than at your competitors. With LinkedIn, it can be very easy to find names of top talent. This is where your recruitment firm can use its contacts and market intelligence to help you target those passive candidates. Be prepared to be aggressive with a value proposition to lure them to your company.
  3. Adapt to the Millennials? Mindset. With 86 million Millennials, if you haven?t hired many yet, you are sure to in the coming years. There are specific cultures and perks Millennials seek when finding a job. To attract and retain them, a major shift in the hiring mindset is not just needed, but required. To learn more, read our blog ?8 Tips for Hiring Millennials?, for the complete roadmap.
  4. Consider Hiring/Keeping Baby Boomers. The Society for Human Resource Management survey found that 97 percent of employers have no formal strategy to recruit or retain older workers. However, by 2019, 44% of the workforce will be 55 and over and USA Today?s survey of American workers reports that 82% of respondents over 60 expect to keep working past 65, with many planning well beyond that. Enticing older workers and retirees back to work or to continue working may require some non-traditional work arrangements like flexible hours, or even part-time work or job sharing. But don?t overlook the fact that, just as Robert Di Niro showed Anne Hathaway in The Intern, older workers have some very helpful knowledge and life experiences that shouldn?t be ignored and can be shared with younger workers.
  5. Take a Look at Your Company Culture. One very important word ? Retention. Author and business management expert Tom Peters sums it up saying, ?There is a dire talent shortage ? unless you are a great place to work.? What causes a placement to not work? Well you may be surprised to hear that of the 46% of new hires that fail in the first 18 months, only 11% fail due to lack of skill. A whopping 89% fail due to a lack of personality fit, according to this Leadership IQ study. Start building a hiring process that puts more emphasis on screening for the right personality fit, and you?ll increase the quality.

About Adria & Regal Personnel

Adria Pearl, is the President of Regal Personnel, a woman-owned business servicing the Dallas/Ft. Worth Metroplex since 1980. Adria works closely with companies and candidates to make the perfect match based on the specific needs, culture of each company, as well as personality. She is also passionate about working with young Millennial graduates. You can reach Adria at adria@regal-dallas.com or 972-788-0355.

~Not all recruiters are created equal. Recruit to retain with Regal.~

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