Top talent is holding the cards in today's job market. Our recent survey on the effects of the current candidate-led market shows that over half of hiring managers are struggling to attract candidates with the right hard skills or experience. It is critical to attract and hire the correct people to help your company success and to avoid litigation from hiring errors.
A lack of appropriate specialist staff could hamper efforts to increase productivity, turnover, and profitability, preventing the company from reaching
its full growth potential.
Over one third of businesses say that talent shortages have affected employee morale and almost half say that they have increasing difficulties in meeting deadlines and clients’ expectations because of the talent shortage.
Here are two a couple of ideas to help find the right candidates in the current market:
Look for your Current Employees to Promote
Many hiring managers focus on getting more out of existing employees to counter-act the effects of talent shortages. Some managers say they have provided staff with opportunities for training or the chance to take on new responsibilities, with close to half of the managers implementing flexible working arrangements. On balance, this is a useful strategy for retaining staff and preventing the emergence of further skills shortages. Most employees will appreciate development opportunities, and this has the added effect of increasing staff loyalty to a company or brand.
Adjust your Hiring Criteria
“Diversity drives innovation, which is one of the main reasons why recruiting from a variety of talent pools makes such a difference. New people bring fresh ideas, so fostering greater diversity in the workplace will help your company keep pace with changes affecting your market.”
Even with talent shortages affecting their businesses, many hiring managers rarely hire professionals who do not meet the key aspects of the job description. Waiting to attract the best candidates can mean that vacancies remain open for way too long, which can slow down the growth of your business. This also could result in that existing employees working harder to provide the necessary cover, possibly damaging morale and increasing staff attrition rates.
Adjusting the hiring criteria and hiring less qualified candidates can often deliver a wealth of benefits, boosting the diversity of the workforce and introducing fresh perspectives to problem solving. It also helps drive innovation as different skill sets and approaches are brought together under one roof. Also offering incentive or benefit packages for your new employees.