Talent Shortage Expected for 2020: How Companies Can Prepare

February 17th, 2020
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Simply put, hiring is hard in 2020.

The worldwide (it’s not just us if that’s any consolation) talent shortage has become the top emerging risk factor for CEOs globally. Across multiple industries, 69% of companies report struggling to find the talent they need—the highest number in more than a decade. While the specific factors vary depending upon the industry, many employers are left with consistently unfilled roles that threaten daily productivity and long-term growth. With no end in sight, companies of all sizes are locked in a heated battle to surmount the crippling talent shortage and find the skilled candidates they so desperately need.

Below, we’ll share a few tips on how you can gain a competitive edge in what is considered a historically tight labor market.

Optimize Your Recruitment Process To Reduce Time-to-Hire 

In today’s candidate-market, employers don’t have the luxury of getting away with bulky, unorganized hiring processes that can stretch from weeks to months. Today, when skilled jobseekers are highly sought after and recruited, candidates typically move on from an organization if they don’t receive in an offer in just two weeks. Be one of those companies that can effectively evaluate candidates and get offers out quickly. Invest some time into examining your current application and interview process and identify which areas can be improved, revised, or removed altogether. A smooth, expedient, and hassle-free candidate experience can be one of the more potent competitive advantages in today’s ultra-competitive hiring market.

Capitalize on In-House Talent

A considerable portion of hiring will always be focused on external recruiting, but having the correct processes in place to take advantage of your current skilled employees when new roles open can have a wealth of benefits. Existing employees are already familiar with your company and accustomed to its operations which saves you the time and money you’d have to invest in a typical onboarding process for a new hire. Additionally, rewarding the hard work of an employee and promoting from within speaks volumes throughout an organization and can have a powerful effect on retention. As new opportunities become available over time, make sure you have systems put in place to identify high-potential employees who may be suited to take on an elevated role.

If you don’t have an ideal fit in-house for a specific role, your employees can still be an excellent resource for finding it. Construct an attractive referral program to take advantage of some additional professional networks—everything counts during the talent shortage!

Modify Your Traditional Hiring Criteria

Because so many organizations repeatedly report struggling with the current skills shortage, many employers have begun to adjust their traditional requirements for certain roles to gain access to a wider pool of talent. While targeting “less qualified” candidates may seem a difficult idea to pitch to senior management, many technical skills can be developed or upskilled while on the job. Holding out for the perfect candidate is no longer something most organizations can stomach as the current hiring landscape means that wait can easily stretch into several months (if not a year).

Partner With a Specialized Staffing Firm

For a variety of reasons, your internal HR department may not be able to tackle the harsh demands of hiring during a tight labor market on its own. Partnering with a staffing firm that specializes in the exact roles for which you’re hiring can alleviate the entire recruiting burden and supply you with the talent you need.

At Bear Staffing, we’ve steadily established a sterling reputation among our clients nationwide by repeatedly delivering hiring solutions that work. We help you attract, hire, and retain the talent your business needs to succeed and continue to grow—even during today’s challenging talent shortage.

Get in touch with us today to learn how we can do it for you.