As the economy improves, many companies around the world are eager to expand and add more positions to their workforce. However, with an increasing number of job openings, talented workers are becoming harder to find. A recent study released by ManpowerGroup showed that global talent shortages reached a seven-year high in 2015.
Survey: Talent shortage increasing
Manpower surveyed almost 42,000 hiring managers in 42 countries about their experiences so far in 2015. The results showed that 38 percent of companies could not find the talent they needed – a 2 percent increase over 2014. Certain countries reported greater struggles, such as Japan and Peru, where more than 60 percent of employers were unable find the right workers.
Similarly, certain industries have more difficulty filling jobs. The report showed that some of the hardest positions to fill in 2015 were skilled trades, sales representatives, engineers and drivers.
Businesses that are looking to fill jobs in these industries should be prepared to face potential problems posed by the labor shortage. Here are four tips that hiring managers can use to overcome these issues and find the best candidates for their organizations.
Partner with higher education institutions to attract skilled graduates.1. Develop external pipelines
A strong talent pipeline is essential for companies that have many job openings to fill, but when there is a talent shortage, it can be challenging to find workers with the necessary skills and experience. In this situation, companies may benefit from forming partnerships with external organizations that work with budding professionals.
Employers can partner with educational institutions to strengthen their talent pipelines. When companies offer to help with student training or create relevant internships, the graduates are more likely to have the desired skill sets and usually are interested in working at the organization. These types of strategic partnerships can be invaluable in highly competitive hiring environments.
2. Plan for the future
There are many instances when jobs are vacated unexpectedly, and this can leave employers scrambling to fill essential company roles. However, businesses that are proactive about plotting out their hiring needs will be better equipped to overcome candidate shortages.
According to PI Worldwide, hiring managers should identify the success factors and risks associated with their workforce. This includes pinpointing key behavioral traits, effective recruitment strategies and problems leading to employee turnover. Once this data is acquired, companies can use it to quickly find qualified candidates to fill open roles.
Work-life balance is often more important than salary.3. Focus on company culture
Many times, businesses think they can entice job applicants in a scarce market by simply raising salaries. While this strategy may work for some organizations, there are other internal changes that have proven to be more effective in attracting talented workers.
One way that companies can become more attractive to job seekers is to promote the company culture and focus on work-life balance. The Harvard Business Review noted that 70 percent of Americans struggle to balance their job and family life. Businesses that offer telecommuting options, paid family leave, flexible hours and other related benefits are often more attractive to talented candidates than organizations that simply tout higher salaries.
4. Look into new talent pools
Challenging hiring times call for creative measures. When traditional recruiting methods are not delivering the necessary results, companies should look into alternative talent pools. This might include candidate referrals, hiring via social media, recruiting veterans or targeting retirees. Some of the applicants from these sources may not be a perfect fit for the position, but with the right attitude and experience, many talented workers can quickly pick up new skills.
Hiring managers have their work cut out for them when it comes to recruiting and hiring in a competitive job market, which is why smart hiring solutions are essential. Global HR Research offers comprehensive background screening solutions and talent assessments that can help streamline the hiring process.
Hiring is the most important thing you do. Trust it to Global HR Research. Find out more by calling 1-800-790-1205 or visiting the GHRR website today.
