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For years, companies have struggled with a shortage of qualified candidates. Many companies have blamed it on COVID, and expect the talent shortage to ease in the coming years. But according to SHRM, this will be a challenge for over 10 years.
It’s Bigger Than the Economy
When we think about talent shortages, people often assume it’s due to a booming economy, or because of market shifts from COVID.
The reality is it’s something much bigger. SHRM reports that demographic shifts and aging populations mean the talent shortage will persist for at least a decade. The article notes data from the World Bank that indicates the number of working age people in the US will decline by over 3% in the next ten years.
Furthermore, the global labor force participation rate has fallen steadily – making it even harder for companies to find qualified talent.
Thinking Outside the Box
The takeaway for employers is that the talent challenges businesses face now are not going away anytime soon. If you’re serious about gaining a competitive advantage by hiring the best talent for your open roles, now is the time to rethink your whole talent acquisition strategy.
Some big picture ideas include making your workplace more accommodating for a larger talent pool. For example, flexible work scheduling and remote work allows you to hire talent anywhere – and makes your job more accessible to working moms who may need to pick up kids from school or juggle other responsibilities. Another idea is to rethink your job requirements to make sure you’re not screening out any quality candidates.
Likewise, you may want to look into offering education or upskilling to candidates who have been out of the workforce for several years and need help getting up to date with current skills.
Now is the Time to Build a Pipeline
When talent is in short supply, one of the best things you can do is build and nurture a strong talent pipeline. This may include building out new sourcing channels or giving recruiters the time and tools to build stronger networks. In brief, you want to plan for tomorrow’s talent needs today.
For years, companies have relied on social media like LinkedIn to help them connect with qualified candidates. But with the best candidates receiving hundreds of messages from recruiters daily, that approach is getting less and less viable.
Sourcing candidates at in-person events like conferences and meet-ups are increasingly important, while many companies find value in our own recruitment research solutions to uncover hard-to-find candidates.
