5 Ways to Address the Talent Shortage
One of the best investments companies can make is building up their talent. No technology can match the innovation of the human mind, and no system is as foolproof as putting together a team of competent individuals who know how to do their jobs. Yet one of the most alarming business management trends in 2023 shows that many employers are confronting a talent shortage. In 2022, there were 10.7 million open job positions in the US—almost twice the number of Americans seeking work. This results in limited growth opportunities, along with intensified effects of inflation.
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If you’re an employer gearing up to recruit, you must be creative in addressing the talent shortage. Here are five ways you can do just that:
Strengthen your employer brand
You want to assure possible job candidates that your company is a great workplace. To do that, collaborate with your marketing manager, who’s responsible for overseeing the planning, development, and execution of your organization’s marketing initiatives. While their job ordinarily caters to customer advocacy, you can ask them to focus on your company’s employer reputation and generate initiatives to enhance how your company is seen within the industry. Starbucks, for example, has its social media platforms publicly congratulating employees for their college graduations to display its positive culture and remind people of its free tuition perks.
Upskill your current employees
Your existing employees are already a great source of any talent your company might need. Instead of immediately looking for recruits, consider upskilling your staff. That way, you can keep your employees loyal by providing them with growth within your organization and improving the company’s performance. IT solutions provider ConnectWise did this by crafting a centralized training program that leveraged mobile learning. Their employees can take micro courses containing relevant and updated material at their convenience, increasing their confidence on the job.
Build an employee referral program
Your employees are also likely to know other professionals within your industry who might be perfect for the roles you’re offering. Encourage them to invite those professionals on board. Hiring through your current workers gives you a preliminary way to screen candidates—your workers know your company culture and are more likely to recommend job seekers who fit it—and allows you to recruit more quickly. Try emulating the global technology company InMobi, which motivated employees to refer by including big-ticket gifts and paid vacations in their reward system.
Relax your hiring criteria
Perhaps the issue with your company’s talent shortage lies not in the number of people interested in interviewing but in your organization’s criteria. Your hiring manager, who’s in charge of finding you the best possible candidate, might be unfamiliar with the range of strategic skills information professionals can provide. They might dismiss an otherwise excellent hire because they lack a few parts of the job description. It might be prudent to emphasize to your hiring team the importance of examining a candidate’s skill inventory and testing their familiarity with their industry to have a more holistic view of the job seeker’s expertise. Microsoft’s hiring process aids with this—they share the interview questions with the candidate beforehand and shift between brain teasers and behavioral competence evaluations. Consider doing something similar for your company.
Create a talent pipeline
To get fresh talent, start early and young. Consider formulating a campus recruitment strategy to find the potential of students who’ll soon be up-and-coming industry workers looking for a job. One way to do that is to create a talent incubator, which aims to close the gap between competencies desired by companies and skills possessed by job seekers. Capital One exemplified this by collaborating with the University of Maryland. The company mentored undergraduate interns through its tech incubator, ultimately inviting the students to join Capital One’s talent development program.
The job shortage gap of 2023 is dismaying but surmountable. Follow the above strategies to hire great professionals for your company.
Article written by Ravinia Jaide
Exclusively for
