How To Overcome The Talent Shortage

Professionals believe in their value so much so that they’re willing to leave their jobs without having another lined up and 74% of professionals believe that employee turnover will only increase in the coming year.

So how do you survive? Here’s a few tips.

It’s no secret that the industry has experienced a huge shift since the beginning of the pandemic with a notable difference in the number of candidates available in the market. Dubbed ‘The Great Resignation’ or ‘The Great Redirection’, the power has shifted from companies to people. The focus is no longer on profit but instead on mutual prosperity, people want to feel like they’re benefiting from the work that they do now, not just a cog in the machine.

Very human questions are being asked about the purpose of the work they’re doing – am I making a difference? Why am I working this way? Seeking a better work culture, more flexible working and more purpose-driven work, many people have resigned leading to a shortage of talent within organisations. A rise in small businesses shows that people are making the bold move to self-employment leading to a shortage of talent in the market to replace them.

Professionals believe in their value so much so that they’re willing to leave their jobs without having another lined up and 74% of professionals believe that employee turnover will only increase in the coming year.

So how do you survive? Here’s a few tips.

Become More Appealing 

One of the most important solutions to overcome this is to become more appealing to prospective employees. Even if you’re using a great agency, there’s not much they can do if your company isn’t appealing to the candidate. There are many ways that you can do this which will also help in the retention of your current workforce. 

On the whole companies are increasing salaries to crack a tight labour market so the expectation has risen, organisations will no longer get away with under-paying talent. Revisiting your salary structure and bonus models is a must. Candidates are looking for positive working cultures and benefits that show they will be looked after, valued and treated with respect. Look beyond financial goals and what the organisation can gain, consider the needs of the people in your workforce. Treating employees as human beings, breaking down silos, creating innovative ways of overcoming remote working challenges and showing this off through platforms that prospective candidates will visit will really increase your chances of finding the best people for you.

Using a reputable, well established, and accredited agency is also vital when looking to use this option as a way to source talent.

“Always look for an agency that is REC accredited as you can be assured that they have been vetted, work to high standards/ethics and are regularly audited for compliance to legislation, good conduct, protocol and process.”

Kim Barnes-Evans, MD, THE Agency

The REC are the Governing Body and the voice of the Recruitment Industry – ensuring that only reputable agencies are part of the exclusive membership that they offer to professional recruiters in the UK. Clients can be given the seal of approval that candidates will be sourced ethically and professionally. THE Agency (Recruitment) Limited has been a Corporate Member since its inception in 2006 and Kim Barnes – Evans its MD has been a Fellow of the REC for over 20 years now.

Additionally, using an agency that is regularly audited from an outside Quality Accreditor to demonstrate that they work to current ISO Quality standards that are documented processes and procedures and also working within the guidelines and requirements of a current standard such as ISO 9001: 2015. THE Agency (Recruitment) Limited upgraded their previous accreditation almost 2 years ago now to reassure Clients that they take standards as processes seriously and they welcome an external body giving them the seal of approval year in year out. 

Exploring flexible working

Offering more choices for candidates that match ‘the new normal’ nowadays is likely to change the way the organisation works, not only with new employees but also long-standing ones. Candidates’ expectations on work life have changed and those companies that are embracing this shift in lifestyle to a more flexible work-life balance are gaining much more hiring advantage. 

This also relinquishes opportunities for new roles within the business or more virtual roles that may save money on co-working spaces depending on the nature of the organisation. This allows the net to cast a little wider and therefore tapping into talent you may not have been able to before.

Invest In What You Have

Investing in your current workforce is a great place to start, they’re still with you for a reason and they may need more help and resources to fill the gap in talent that you need. Focus more reskilling and upskilling existing employees by taking time to identify their desires in learning and development. Restructuring may be the answer to focus on internal mobility. 

Re-examine Your Value

Re-examining your mission and value proposition is a must. Make sure it is compelling and focuses on your company’s market differentiators but remember to show this off! There’s no point doing this if you aren’t living up to your promises and demonstrating this through your different channels.