Navigating the Global Talent Shortage with these Five Strategies

Industries that seemingly have no commonalities, such as software engineering and truck driving, are facing a shared challenge: a severe shortage of skilled workers. Businesses worldwide are grappling with the task of recruiting and retaining employees who can drive their success in the 21st century workforce.

The scarcity of talent has become a pressing issue for organizations across the globe.

According to research, CEOs worldwide view the current talent shortage as the most significant emerging risk for their companies, surpassing other pressing concerns like privacy regulations and the pace of change.

• Gartner

The talent shortage is particularly alarming for over two-thirds of respondents in critical industries such as government, financial services, and manufacturing.

To remain competitive, companies must now focus more than ever on attracting and retaining skilled workers.

What’s Causing the Global Talent Shortage?

The talent crisis has been looming on the horizon for years, but it’s now causing a full-blown storm in 2021 and beyond. We’re facing a 15-year low in available talent, and according to Korn Ferry, it’s only going to get worse. By 2030, we’re expected to see a global talent shortage of more than 85 million people.

Every industry is feeling the impact, with 10 million jobs still unfilled and idle. The talent crisis is complex, and there isn’t one specific cause to pinpoint. Instead, there are various factors contributing to the shortage we’re facing today, including:

• The retirement of baby boomers: Approximately one-third of the workforce is made up of baby boomers, and many are now reaching retirement age and leaving the workforce, causing a mass exodus of workers.
• The Great Resignation: In addition to baby boomers leaving the workforce, many other workers are quitting their jobs, changing careers, or seeking better opportunities post-pandemic.
• The ongoing skills gap: As technology continues to advance at an unprecedented rate, it’s becoming increasingly challenging to find skilled talent to match the evolving technologies.
• The changing needs of employees: The pandemic has shifted workers’ expectations, with many now seeking remote working options, flexible schedules, employee well-being programs, and career development opportunities from their employers.

Organizations must act quickly to mitigate the effects of the talent shortage and maintain operational success. Leaders must reassess their talent acquisition and retention strategies and shift their focus from short-term solutions to long-term talent development strategies. Learn how organizations are navigating this complex and evolving talent crisis to stay ahead of the curve.

What are the Ways to Combat the Global Talent Shortage?

As companies grapple with a shortage of skilled workers, it’s crucial to adopt new and creative approaches to attract and retain talent. Consider the following five strategies to address this challenge:

• Look for local talent in incubators and talent hubs located near universities or other educational institutions.
• Develop a recruitment strategy that targets college graduates for entry-level positions.
• Build an internal talent pipeline by providing training and development opportunities to prepare employees for new and future job openings.
• Foster talent communities to maintain connections with potential candidates interested in your organization.
• Optimize your recruitment process to reduce the overall time-to-hire, streamline candidate selection, and provide a positive candidate experience.

Let’s get going with discovering these in detail:

• Search for Local Talent:

One way to discover fresh and untapped talent is by exploring local talent hubs. While it’s common to associate certain cities with specific industries, it’s important to remember that skilled workers are spread throughout the country. Many cities, both large and small, have established their own business hubs and incubators that cater to particular industries, attracting top talent to the area.

For instance, South Bend, Indiana is known for its tech talent, with local business analysts, data scientists, and software engineers staying connected through the city’s unique business hub. Similar talent communities can be found in towns with strong academic institutions, which are often home to young and ambitious graduates eager to enter the workforce.

By expanding your search beyond the usual hotspots, you may discover a wealth of enthusiastic and qualified talent in unexpected places.

• Prioritize Graduate Talent:

To secure your organization’s future, it’s essential to establish a talent pool that includes fresh graduates. These young professionals are equipped with the necessary skills to thrive in today’s workforce, and they’re eager to make an impact in their roles. Developing a comprehensive campus recruitment strategy can help alleviate the talent shortage, and it’s never too early to start engaging with students.

According to a recent Yello recruiting study, more than a quarter of Gen Z candidates start looking for jobs in their freshman or sophomore year.

Whether your campus recruitment strategy needs a fast-tracked approach or a complete overhaul, connecting with the next generation of talent can help ensure that your staffing needs are met in the long run.

• Pull Talent from Within the Organization:

Look inward for talent solutions by considering internal employees for new job openings. Rather than solely relying on external recruitment efforts, current employees can be a valuable resource for filling new roles. By promoting from within, companies can foster a sense of loyalty and reduce onboarding costs, while also creating opportunities for career growth and development for their staff.

Additionally, leveraging employees’ networks through referral programs can help identify potential candidates and expand the talent pool. Ultimately, companies who invest in internal talent development and retention are better equipped to address talent shortages and ensure long-term success.

• Establish a Well-structured Talent Network:

The key to sourcing great candidates is to start building a relationship with them before you even have a job opening. A talent network is a pool of potential job candidates who are interested in keeping up with your company and its career opportunities. By building and nurturing a talent network, you can create a pipeline of highly qualified candidates to tap into when a job opening arises.

Talent networks are an excellent way to stay in touch with job seekers who have shown interest in your company, even if there are no current job openings that match their skills and experience. This helps keep them engaged and excited about your organization, and positions your company as an employer of choice.

When you have a job opening, you can reach out to your talent network to fill the position quickly and easily. By maintaining a strong talent network, you can stay ahead of the competition in the race to find top talent.

Final Words

In today’s fast-paced business environment, the ability to attract and retain top talent can make or break a company. However, when a talent shortage strikes, the stakes are even higher. To stay ahead of the curve, it’s essential to move quickly and efficiently in the recruitment process. The competition is fierce, and every second counts.

To streamline your recruitment process, take a closer look at your current workflows and technology stack. Are there areas where you could use automation or AI to speed things up? Can you leverage mobile apps or text recruiting to make it easier for candidates to apply and stay engaged with your company? By identifying these opportunities, you can create a more efficient and effective recruitment process that helps you secure top talent before the competition.

Another important aspect to consider is the importance of engaging with students and recent graduates. These individuals bring fresh perspectives and cutting-edge skills that can help your company stay ahead of the curve. By building relationships with universities and offering internships or co-op opportunities, you can establish a talent pipeline that will help you find the best candidates as soon as they enter the job market.

Ultimately, the key to overcoming the talent shortage is to stay proactive, innovative, and flexible. By adopting new technologies, engaging with students and recent graduates, and moving quickly in the recruitment process, you can stay ahead of the competition and build a team that will help you achieve long-term success.