Covid has shed a light on many problems that we already knew existed in the workforce and society, one of which is the current labor shortage.
Many are still debating how long this shortage will last, but it’s likely that it’s here to stay. So instead of waiting for the shortage to pass, we should reflect on how we got to this point and how companies can move forward to be competitive in this current labor market.
Looking Back
The last couple of years have been full of “unprecedented moments” and the current labor shortage is no exception. Let’s look together at some different opinions about how we got here.
1. There’s a Disconnect: There are 10 million job openings, yet more than 8.4 million unemployed individuals are still looking for work. There has been a clear shift in what employees seek in a new role and there is a disconnect in what is available in the market and what companies are offering.
2. Generational Shifts: Over the next several years, we will see massive amounts of intellectual capability and leadership leave as baby boomers continue to retire out of the workforce. Leaving more gaps open, and in some cases, nobody experienced or inspired to fill them.
3. Shifts in Technology: The rapid shifts in technology have spurred a rapid and constant shift in what skills are in demand. This shift is positive for progress, but it negatively impacts career professionals who have focused in one area or industry that is struggling. The ability to reskill or refocus one’s career can prove difficult.
4. Social/ Work Expectations: Current workers are looking more and more for work-life balance and the opportunity to work for a company they believe in more than ever. Companies can no longer simply throw money at the issues but must make lasting meaningful changes to attract new employees.
Moving Forward
If your company has been impacted by the shifts above or are having issues attracting talent in the current job market, you can make some immediate shifts in your talent acquisition strategy to broaden your candidate pool. As a result, this will lead to more successful hires.
1. Drop the requirement of a Bachelor’s degree when it is unnecessary for the job description and outcome. This will expand your candidate pool and open you up to candidates who are more mature and experienced. Candidates like these can also bring more hands-on knowledge and experience and are often overlooked due to not meeting the educational requirements.
2. Look at candidates from transitional & non-traditional career programs.
Most companies focus on candidates from traditional four-year universities or commonly utilized recruiting channels. Consider broadening the horizons of where you look for candidates. For instance, software development teaching programs throughout the nation have popped up to train professionals on how to code and develop software in less than nine months. This is a valuable resource to candidates and hiring departments alike.
3. Start recruiting from other industries. The aerospace industry has seen strong results with training former oil & gas engineers to be aerospace engineers. Not only can they bring a diverse set of skills and experiences to the table, but they can also catch on faster, too.
If you are feeling the pain from the current job market, try some of these simple changes to have an immediate impact on your candidate pool. This transition will probably continue for a while, so it’s important to stay on top of new recruiting trends if you want to grow and succeed.
Please feel free to reach out if you have any questions or if we can be of any recruiting assistance.
