How to Hire in The Talent Shortage
The ongoing 2022 talent shortage is one of the worst in recent history.
A recent survey commissioned by RSM found that:
Hiring is a challenge for nearly all middle-market companies, and needed skills are in short supply
Existing workers are being burned out, creating a vicious cycle of employee turnover
Companies are being hardest hit in their most critical areas
Outsourcing/managed services can solve talent gaps and other middle-market pain points
58% of respondents found hiring to be “very” or “extremely challenging” right now.
68% of middle-market businesses need help attracting experienced talent.
59% rely on outsourcing or managed services to fill the talent gap.
Is this your company too?
Forbes magazine says this is what you can do about it. “To address the 2022 talent shortage, the best thing you can do is proactively work to lower attrition. You can accomplish this by offering fair wages, a good assortment of benefits, opportunities for jobs in other departments, and training opportunities.”
Some possible solutions are to allow employees flexibility in working remotely. Get creative on your work hours if the job can be done. Review your employee incentive programs which are more cost-effective than raising wages. Invest in the staff/team/leaders you do have. Here is a Forbes article to read further on these topics.
Here are five things your company can do to evaluate your recruiting strategies.
Consider your in-house talent. 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. In many cases, candidates looking to step up are more likely to prioritize a fresh challenge over a large pay rise.
Use Interim professionals.
Reduce the time to hire probationary time. With the economy picking up, companies that need to reduce the time from interview to offer are already losing out to more flexible competitors.
Look within your company’s entity for transfers within the company. This provides easy access to a pool of candidates with a good understanding of the company and its values and processes, and it also creates multiple benefits for the employees concerned.
Stratengy is here to help you navigate being a great leader in today’s world. Stratengy runs six-month programs on how to transform your team. We help you improve your collaborative teamwork. We incorporate the Disc Assessment and the Five Behaviors Assessment. Reach out to us today to learn how we can help you and your team be more engaged, collaborative, and productive.