Who would have thought that almost 10-years after the worst economic crisis to hit the U.S. since the great depression, causing massive loss of jobs, that we would now be talking about a shortage of talent in the post-crisis era. But the fact is that we are. Several recent surveys and trend reports suggest that a lack of available applicants and technical competencies are the leading reasons why companies are unable to fill positions.
The scarcity of talent, has risen to become one of the key issues “keeping CEOs awake at night”, no matter the size of the companies they lead, though it is increasingly clear that smaller businesses are being hit hardest.
Defining and defying the shifts
Today’s talent acquisition professionals face, what some experts call, a series of “megatrends”. Like converging storms, they’ve hit all at once. From advancing technology to the way employees connect with employers, to the growth of the millennial demographic, things have shifted and this shift has left a dearth of top recruits.
Workforce professionals are constantly being challenged and pushed to understand how to mitigate these changes and turn them into assets that help in building and maintaining a constant flow of skilled talent in a variety of disciplines.
It is not enough to react to the shortage, that is not the solution – adapting quickly to the seismic shifts occurring across the business landscape, by adopting innovative talent solutions, and a strategy that optimizes business results, that eliminates the barriers associated with having superior talent in place and in-queue – that is the way to create transformational change within an organization. And this requires a change in thinking, new processes and a technology platform that delivers the right fit for the right position at all times.
How do we ease the skills gap?
Skilled talent may be at an all-time low, but the demand is at an all-time high and so is the cost corporations incur when positions remain vacant ($23,000 per). Moreover, the consequence of having unfilled positions can ultimately affect an organization’s bottom line and influence a company’s potential for optimum growth.
The competition to attract and retain qualified candidates has intensified and from all indications will continue for some time as the economy expands. This trend will affect every aspect of doing business and every business discipline. It will disproportionately impact smaller organizations.
To address the current workforce challenge, companies are beginning to see the value of inviting talent acquisition professionals to a seat at the C-suite table where these important discussions are taking place and decisions are being made. Dedicated talent acquisition professional in turn, are recognizing the importance of a healthy pipeline which allows them to deliver an unlimited and on-going supply of talent in any skill, discipline and geography. Having a process of Analysis, Activities, Metrics and Outcomes will help to improve the quality of candidates and the conversion rate from a candidate’s point of entry to acceptance.