Today, most companies are tech-savvy. The rapid and significant changes in IT industries means new skill requirements in employees. These days hiring the right employees with the right skill is becoming more and more challenging for companies.
What’s Causing Talent Shortages?
A recent study released by Manpower Group had shared that about 41,000 hiring managers worldwide found that 38% of them are having trouble filling the positions. This lack of appropriate employees in an organization can hamper efforts in increasing productivity and turnover, thereby preventing the company from reaching its full potential. So, what could be the main reason behind such talent shortages?
Retiring Baby Boomers
Inexperienced millennial workers take over the experienced and talented Baby boomers, thereby decreasing the availability of high-level leaders for many organizations, especially in the IT sectors.
The changing Business Landscape
The IT sector keeps on changing and growing day-by-day. So, skilled people forget to keep track of the day-to-day updates and become more downward towards their skills and talents. With the opportunities becoming high in the IT sectors, a lack of soft skilled employees filling up the positions.
Education System isn’t ideal for Tech companies
The education system is not producing enough of the kind of people apt for technology-based companies. When a company looks for the best candidates, they will always have to pay well for that skillset, but due to the talent shortage caused, they get the least of the best.
Addressing the Talent Shortage Today and Tomorrow
Here are a few tips that can be used to overcome the talent shortage and find the best candidates for their organizations:
Look into New Talent Pools
When the traditional recruiting methods don’t deliver the necessary results, organizations should opt for digging into alternative talent pools. This might include hiring veterans or include candidate referrals. Some of the applicants might not be fit for the position, but with the right attitude and expertise, many talented employees can quickly pick up new skills. In this, the talent communities also play a crucial role in keeping candidates up to date about future career opportunities and relevant company training.
Adjust Hiring Criteria
Even with the talent shortage affecting their companies, most hiring managers stick on getting the professionals who meet all the critical job description criteria, which will keep the vacancies open for weeks or even months. This, in turn, will need the existing employees to work harder, possibly damaging morale and increasing employee attritions. So, adjusting the hiring criteria can often lead to deliver a wealth of benefits and introduces fresh perspectives to problem-solving.
Target Graduate Talent
Developing a talent pipeline that consists of young job seekers is vital for your organization’s long-term sustainability. Graduates are eager to make a positive impact on your organization and have the skills required to succeed in today’s workforce. Thus, the campus recruitment strategy is best to address the talent shortage and will find you the best-talented employee for your organization.
Focus on Company Culture
Most talented employees prefer the company culture and work-life balance instead of forcing them to a scarce market by simply raising salaries. Qualified job seekers get attracted more to organizations that provide telecommuting options, paid family leaves, flexible office timings, and other related benefits than to organizations that tout higher salaries.
As we look forward, we need to keep in mind that the technology is set to continue to change and flourish like never before, and talent sourcing challenges are yet to get even more extreme. So, it is vital to be updated with the latest technology trends and pave the way for finding talented employees for your organization. Techmindz, being one of the leading training institutes, we maintain a qualified pool that offers pre-identified career-oriented courses and training essential in crafting such skilled resources that match up the skill demands in the job market.