As the year 2022 progresses, the demand for skilled talent will only continue to grow. With the advancement of technology, businesses are looking for employees who are not only knowledgeable in their field but who are also able to adapt and learn new skills quickly.
In this blog post, we will explore how to stay ahead of the demand for skilled talent and what companies can do to ensure that they hire the right talent during the recruiting process.
Impact of the COVID-19 pandemic
As the global economy recovers from the pandemic, businesses are facing a higher-than-normal turnover rate. To combat this, companies need to focus on creating a better candidate experience. This will help them attract top talent in what has become a very competitive market.
In 2022, 47% of global businesses reported that they have job openings they cannot fill due to talent shortages1
Biggest global challenges to Talent Acquisition
- Talent shortages
Limited availability of talent can seriously hinder business growth and expansion. According to a 2022 survey conducted by PwC.
77% of company executives say talent acquisition and retention are their biggest growth drivers this year2
With unemployment rates decreasing, there is an emerging gap between vacancies and available talent. In today’s job market, it is essential that employers take proactive measures to recruit candidates rather than simply posting a job and hoping the right people apply. Building talent pipelines full of qualified candidates is crucial in today’s job market.
- Increase in competition
A smaller talent pool means increased competition between companies to stand out in order to attract new talent. Candidates today prioritize working for companies that value them and their experience. They want to feel that their voice will be heard and that they will have the opportunity to grow and develop in their role.
- Dated hiring processes
Traditional recruitment procedures are no longer feasible in today’s job market. Companies need to re-invent their hiring procedures and invest in AI recruiting technologies that will allow them to automate the entire process from filtering candidates, scheduling interviews, and assessing competency tests.
- Passive candidates
A ‘passive candidate’ is a professional who isn’t actively looking for a new job but can be persuaded to leave their current company if a better job offer is presented to them.
A study conducted by LinkedIn found that 70% of its users were passive candidates3
To attract non-active candidates, companies need to strengthen their brand and use alternative marketing measures like content marketing and social media marketing.
- Inconsistent employer branding
With the oversaturation of the employer market, it is imperative that companies maintain clean, consistent branding throughout their website and social media channels.
Companies also need to step up their online presence, publish content that is in line with their company values and mission and showcase their dedication to employee wellbeing.
Talent Acquisition Strategies – What can companies do to fix it?
It is no secret that the talent acquisition process needs to be strategic rather than merely tactical. With an ever-growing skills gap and a shortage of qualified candidates, companies are struggling to find and hire the best talent. This has led to a rise in things like job boards and social media recruiting, but unfortunately, these tactics alone are not enough to fix the problem.
So, what can companies do to fix the talent acquisition process? As a Global recruitment partner, with in-depth recruiting experience across verticals and markets, we outline 6 methods:
- Revisit job descriptions
If your company is unable to attract new talent, you may want to revisit your job descriptions for open roles. Are there too many job qualifications needed? Are the required years of experience too unrealistic for the role?
Try to categorize the required skills into ‘mandatory’, ‘desired’ and ‘additional’ sections so as to not confuse applicants.
- Ask for candidate feedback
The best way to identify problems into your company’s hiring process is to get candidate feedback during every stage. Asking them to fill out a survey after the application process or asking them for their feedback after the interview process can give valuable insight into problem areas.
- Broaden the talent pool
With remote working gaining more and more popularity, companies should no longer be restricted to hiring employees from the city they are based in. Hiring remote workers or providing overseas talent with work visas can be a great way to broaden the talent pool.
- Establish partnerships with universities
Universities and colleges are full of young talent ready to enter the workforce. Getting involved with campus career fairs, and offering internship opportunities to young graduates can help attract them to your company and give them an edge over your competitors.
- Offer competitive benefits and salary
Working professionals are now pickier when it comes to choosing the company they want to work for. They are more interested in knowing the salary and employee benefits that a company offers very early on in the recruiting process. So, make sure that your company’s benefits and compensation packages are aligned with the current market trends.
LinkedIn found that 70% of its users want the salary information included in the first outreach message4
- Digitizing the recruiting experience
Staying updated on the latest HR technology and recruiting strategies is essential to stay ahead of your company’s strategies. Optimizing your website to make sure applicants are offered an attractive and engaging user experience is an important step in the talent acquisition process.
Some companies are also considering building separate mobile applications solely for the recruiting process in order to capitalize on the rising popularity of mobile recruiting.
Companies that have seamless talent acquisition and talent retention strategies in place are sure to navigate these uncertain times with ease. HR departments should invest time and resources into understanding what their current and future employees actually want and figure out the most effective way to deliver.
Hiring an external HR consulting team can be a good way to do this. Getting objective expertise on how your company can elevate your HR strategy can help accelerate business growth and development.
Need help recruiting the right talent? Email us at email@example.com