Dealing with a Talent Shortage? Then Liberate Your Talent Strategy
Organizations everywhere are facing a tightening talent shortage. A recent study noted that seven computer- or math-related jobs go unfilled for every unemployed, high-skilled STEM worker in America. Moreover, these jobs represent a disproportionate amount of immigrants, suggesting that the global IT workforce is substantial, skilled, and in high demand. But it’s not just high-skilled work either. Low-skilled, low-wage jobs go unfilled due to high demand and low supply, giving more power to workers.
These trends lead employers to expand their horizons when it comes to sourcing and securing the talent they need. They’re looking wider and deeper into their talent pools, Whether they’re looking for more diverse hires than traditionally expected or in new pockets around the world, they need the right tools.
In-house talent acquisition teams are still burdened with stringing together hiring programs that create rigid, dizzying experiences for everyone involved.
At best, time to hire is too slow. At worst, valuable company time and costs are sunk into a bad fit. In addition, the more inclusive hiring future will only increase the complexities of finding talent efficiently while providing a great candidate and employer experience.
The problem lies in overly complicated processes and disconnected systems leaving hiring teams with just as much work to do and no time to do it. Leaders need a way to simplify the process. Removing this bloat—and meeting hiring needs with efficiency—will depend on leveraging technology that integrates an entire platform to find, vet, and hire global, qualified talent from a single source.
In short, as the business landscape becomes more flexible, organizations need more capable technology to support the increasing variety and variance in hiring. But how? Here are three ways to revamp your talent strategy to keep up with growth.
Liberate your talent acquisition strategy.
The first thing I recommend to talent leaders is to think bigger, liberating the notion of “this is the way we’ve always done it.” Clearly, the old game isn’t going to work. Granted, that’s easier said than done. But the reality is that workers have increasing leverage, demanding that they have more flexibility regarding where and when they work, and, importantly, whom they work for. Labor market data shows that quit rates are at the highest level since 2000. The talent landscape has changed dramatically, and employers need to rethink their approaches.
So, get creative about your talent strategy. Think outside the box when it comes to where and how you look for talent.
Perhaps you could lower artificial barriers to qualified talent. For instance, some large tech firms have rid their job descriptions of bachelor’s degrees, seeking only the skills required to actually do the work. Or maybe you can search alternative talent marketplaces for vetted job seekers from around the world. For example, you may not have the same tools to qualify talent from other countries. However, there are ways to ensure you’re getting the right person with the right skills for the job no matter where they live.
Liquidate the pipeline.
Too many apps and outdated processes stand in the way of a great candidate experience. This results in a slower time to hire and slower growth. It doesn’t have to be like this. You should be able to find any talent for any job anywhere in the world without having to cobble together half a dozen siloed systems. There should be a flood of talent for your open positions, so you just need to liquidate the pipeline by removing its barriers.
Consider this common situation: You have a talented developer who suddenly quit for another firm and you need to fill that vacancy as fast as possible. Traditionally, you’d post job descriptions to a bunch of job boards only to hope you’ll get someone equally talented. It takes weeks—even months sometimes. Communication takes forever, interviewing goes on even longer, and vetting candidates’ qualifications is a crash course in project management.
Now consider an alternative experience. That talented developer leaves and you search through a database of thousands of already vetted, qualified candidates ready for the picking. They’re from anywhere in the world, for any role you need. Communication is a breeze, and you cut interview time in half because of the pre-qualification standards in place. Plus, you move the candidate through the hiring process in a fraction of the time. No barriers, no silos, everything taken care of.
With a good talent strategy in place, that’s the way it should be.
Lower the floodgates.
Finally, with a wider focus on your talent pool and a more streamlined approach to talent strategy, you’re ready to absorb the rising demand, increase the supply, and propel business growth.
We’ve been witnessing and driving a fundamental shift away from traditional recruiting and staffing. We know that those who go all-in on total talent gain a sustainable advantage over market competitors. Now you’re ready to liberate your workforce.