Update: New Stats on Candidate Scarcity

All talent professionals, regardless of function, are confronted in some way with the current talent shortage. While recruiters and hiring managers alike can make strides to improve communication to meet and exceed each other’s expectations, the facts make for an uneasy climate.

Latest research from Korn Ferry underlines the severity of the talent shortage, still going strong in the following industries. Awareness of this reality, however, can enable us to get real strategic, real fast.

IT Technology: 42%
Engineering: 34%
Finance/Accounting: 16%

Awareness of this reality, however, can enable us to get real strategic, real fast:

INVEST IN EXPERIENCE
Rather than viewing the recruiting process as a quick sale, recruiters must recognize the value of their candidates in terms of scarcity. When candidates are viewed as individuals with the potential to transform an organization, recruiters are more likely to create a warm, welcoming recruiting experience. Get consistent with communication and an upbeat attitude, regardless of industry stats. Simply presenting the offer at the beginning of the process is not enough for a candidate who is likely to have doubts, questions, or anxieties. A recruiter’s job is to be there along the way to answer questions and add reassurance.

EMBRACE THE FREELANCER
In particularly scarce fields such as IT technology, freelance work is becoming the new norm. Candidates who desire flexible schedules, the ability to shift from one project to another, and relatively high pay are able to choose this route due to their inherent value. This arrangement often benefits the employer, as well: contract workers often cost less in the long run because they enter and exit payroll as needed. Contract workers can help during the most painful times of the year, and the organization has no obligation to keep them past their agreed upon project end date.

VALUE THE HUMAN CAPITAL
A competitive edge not only includes aggressive pay and numerous perks, but it also embodies proper management, company culture, and genuine recognition for hard work. This equates to employees finally feeling truly valued. If an organization fails to provide this sentiment, sought-after employees will get back on the job hunt .