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Dealing with a Talent Shortage? Then Liberate Your Talent Strategy

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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.

Coping With Talent Shortages for On-Location Roles

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As healthcare workers administer more vaccines, many companies are pushing employees to return to in-person work. However, not everyone wants to go back to hour-long commutes and drab little cubicles. In fact, some people would rather quit their jobs than give up remote work. And thousands of Americans are doing just that.

While their decision to work from home (or not work at all) may improve their well-being and work-life balance, it’s caused severe talent shortages in on-location roles across the country. Subsequently, countless businesses are struggling to fill their offices and retain skilled employees.

How to Attract Talent

Many of today’s workers have spent more than a year earning a paycheck at home. These same employees will likely expect similar perks when they return to the office. Thus, if businesses want to retain their current workforce and attract new talent, they must make on-location roles more appealing.

Here are a few ways modern businesses might rethink their benefits package, workflow, and office design to accommodate and welcome back a post-pandemic workforce.

1. Encourage Open Dialogue

After businesses laid off millions of workers, those who were left began to experience mental illnesses like anxiety and depression. They didn’t know if they’d have to pick up the slack or if they’d be sent home next. These same employees are now returning to the office with survivor guilt. Their co-workers’ desks sit empty and, to make matters worse, many supervisors are completely oblivious to the widespread survivor guilt wracking the team.

To move forward in a healthy way, employers must become aware and accepting of their team’s worries and frustrations. Allowing them to openly voice their thoughts and opinions can also help workers release some steam and discuss their needs. Companies should implement an ongoing feedback loop. This will ensure both current and future employees are satisfied and will help them understand why furloughs and firings are necessary.

2. Provide Child Care

One-third of the U.S. workforce has a child under 14 in their home, and nearly 20 percent of them must reduce their work hours due to a lack of child care. Meanwhile, 26 percent of women had to quit their jobs to raise their kids. Only 30 percent of working parents had backup child care, highlighting the disparities between low- and high-income families.

As of December 2020, more than 25 percent of child care providers remain closed. However, more businesses are requiring employees to return to the office. Employers will have to provide free or at least discounted childcare to these workers if they’re to avoid talent shortages in the post-pandemic era. Whether it be on-location or a few blocks away, this employee benefit will help retain working parents and entice new ones to submit a job application.

3. Invest in Ongoing Training

The increasing demand for remote jobs has affected practically every business. However, industries like healthcare, hospitality, financial services, and construction are experiencing the most severe talent shortages.

These professions often require on-location workers that train under an apprentice if need be. Thus, employers can attract new talent by improving training programs and investing in ongoing learning. This arrangement also contributes to current employees’ engagement to improve retention.

4. Offer Better Benefits

Employers looking to develop a hybrid workplace environment might consider offering better benefits to on-location workers. Contrary to popular belief, this method is completely legal, as there are no federal laws requiring plans to provide the same benefit coverage to all employees.

Thus, providing childcare, learning opportunities, health insurance, 401(k) plans and other perks to on-location employees may entice more workers to stay and others to apply for such positions. Adding amenities like a fitness center, coffee shop, and even sleep pods could also bring more workers into the office and help with talent shortages.

5. Plan for Flexibility

Regardless of how many benefits you offer, some employees will still prefer to work from home. If most of the team feels similarly, supervisors might consider a flexible schedule rather than a complete company overhaul. This approach will help them save money and adapt to the ever-changing workplace environment. More importantly, it will help retain and attract cream-of-the-crop workers.

Employers should collaborate with employees to determine a schedule that works best for them. Maybe they’ll work from home every other day or only come into the office for meetings. Whatever system they choose, team members are bound to be less stressed and even more productive if they spend at least part of their workweek at home.

Finding and Retaining Talent

Ironically, finding on-location workers will require many human resource professionals and talent acquisition specialists to work remotely and use online resources. By utilizing digital job fairs, experiential events, and artificial intelligence, businesses can effectively search for and vet potential job candidates. Emerging recruitment tactics like jobcasting and gamified skill tests can also attract talented employees who don’t mind working in an office.

While this process may be incredibly stressful and expensive, it won’t go on forever. This is especially true if businesses alter their hiring and retainment strategies. As long as they incorporate the tactics above, they shouldn’t have to face a talent shortage for a long while—or at least until the next pandemic.

 

Image by Austin Distel

Avoid the Workplace Talent Cliff [Podcast]

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The talent cliff is a phenomenon where businesses lose employees at a rapid rate. It isn’t a new problem, but it regularly appears in times of crisis, such as the 2008 stock market crash, and of course, the 2020-2021 pandemic. Because of the present WFH lifestyle, people are reconsidering their options, keeping their eyes open for new and better career opportunities.

Meaning the talent cliff is a constant threat to business success, especially right now.

Many organizations are in a position to suffer losses of key people who fill critical roles aligned with the organization’s overall business strategy. Finding and filling these roles quickly is essential but not always possible, especially when it’s a job candidate’s market. That’s why it’s important to stay ahead of the game and focus on preventing employees from leaving, rather than scrambling to hire talent later.

Our Guest: Jennifer Thornton, Talent Strategy and Leadership Expert 

 

The special guest on this week’s episode of #WorkTrends is Jennifer Thornton, a sought-after business strategist who has clocked over two decades as an HR professional. She takes an unconventional approach to building workforce development solutions for companies, and her impressive expertise in talent strategy and leadership helped drive the rapid growth of her consulting firm, 304 Coaching.

I asked Jennifer why some businesses wind up staring over the edge of the talent cliff, while others don’t. And the heart of the matter is: Businesses who don’t value employee satisfaction will likely suffer the most.

“When a business starts to take off, they start throwing all their resources into increasing their revenue, opening up new markets,” Jennifer explains. “But what they don’t say at the same time is: What do we need to do for our talent to ensure that they can keep up the pace with our growth?”

“After a company continues to grow, the leaders usually get super directive, and the good people don’t want to work for someone highly directive. So they leave. Then the people you’re left with are the, ‘Yes sir,’ ‘Yes ma’am’ kind of folks. And they’re not telling you the truth. And then all of a sudden the productivity–it just goes straight down–off the cliff!”

How Can Businesses Avoid the Dreaded Talent Cliff?

I asked Jennifer about what leaders can do to avoid the talent cliff, or at least curb more employee losses. She explained that leaders need to provide psychological safety. They need to give employees space to honestly express ideas, and leaders need to be prepared to respond in a supportive manner.

“Psychological safety allows people in the workplace to be honest, to be truthful, to fully embrace who they are without judgment, which creates productivity and innovation,” Jennifer says. “When you open up the conversation, people feel valued … They feel like it’s safe to bring ideas to you because you don’t just shut them down.”

“I would encourage your listeners to think: How do you think about opening up that conversation so there is psychological safety and so that the business can move forward with the truth?”

The talent cliff is a threat to all businesses. But if you prioritize team needs, it will help you to retain valuable employees and amplify overall business growth.

I hope you enjoy this episode of #WorkTrends. And I hope it communicates that the key to a successful business strategy is valuing the people who are helping you to achieve it. You can learn more about this topic by connecting with our guest, Jennifer Thornton, on LinkedIn.