92% of HR professionals believe the UK job market is experiencing a labour shortage. Of that 92%, 42% state their company is losing between 11-15% in revenue due to the shortage of skilled workers. Whilst 24% of businesses claim to have lost between 16-20% (Business Leader).
As more experienced employees reach retirement age and the number of younger professionals entering the job market is decreasing, labour forces continue to shrink and organisations continue to battle the talent acquisition challenge in the market. To tackle this problem, organisations need to get creative when it comes to talent acquisition and take a proactive approach to talent acquisition. This will ensure that they are always in the best position possible when it comes to bringing in new talent.
Here are 5 ways organisations can manage the talent abyss
1. Ensure that your organisation has an effective and efficient recruitment process in place: This may include leveraging technology to find appropriate candidates, using data and analytics to identify potential talent pools, and establishing relationships where necessary.
2. Build relationships with educational institutions: This can mean partnering with universities or vocational schools, or even sponsoring internships and work placements. Not only does this allow organisations to tap into a new talent pool before they enter the job market, but also provides an opportunity for students and young people to gain some valuable experience.
3. Look beyond the traditional job postings: Social media platforms such as LinkedIn have made it easier for employers to connect with potential candidates outside of the traditional channels of recruitment. By reaching out directly, organisations can identify ideal candidates and build relationships with them early on – even before they’re looking for a job.
4. Focus on developing your current staff: Training and upskilling programs can help employees reach their full potential, while offering them a career path and increasing loyalty. This helps ensure that there is always a strong team in place, ready to take over when older employees retire.
5. Adopt practices that allow your organisation to tap into a diverse, qualified pool of new talent: This includes developing strategies to target a younger demographic and more diverse backgrounds. This can also include creating mentor programs or apprenticeships that could help bridge the skills gap posed by an aging workforce for many industries. By investing in strategic initiatives like these, businesses can equip themselves with the talent needed to remain competitive in the modern economy.
Do you have any more strategies for organisations to tackle the talent acquisition abyss? Share them with us.
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