Whether you’ve been in HR for years or you’re a business owner looking for workers, the threat of a skills shortage is on everyone’s radar. In fact, a recent report found that more than 90 per cent of professionals believe their company will face challenges finding suitable job candidates in the coming year. While this news may feel like a game-ending dilemma, it is actually an opportunity to advance your recruiting strategy and leverage this as an advantage. A skills shortage can be scary, but by identifying your company’s needs and consistently proactively looking for new talent, you can remain one step ahead of this trend instead of playing catch-up.
Here are the top ways to recruit top talent during a skills shortage:
1. Focus on retention, not just recruitment
The biggest thing to remember in a skills shortage is that attracting new talent isn’t your only priority – retention is just as important. With the average cost of replacing a high-level manager in Australia costing anywhere from $80,000 to $150,000, finding ways to keep top talent on your team is more critical than ever. Whether it be through better compensation, more flexible work hours, company-sponsored education, or improved work-life balance, finding ways to retain your top talent will have a greater impact on your company than any new hire.
Even if your team isn’t experiencing a skills shortage now, they may in the future. It’s best to prepare for the future now and make sure your top talent stays put.
2. Offer perks & benefits, and be honest with company culture
In order to convince top talent to join your team, you’ll need to be honest about your company culture and the perks and benefits of the job. This means having a clear understanding of what your business is currently offering and then having honest conversations with employees about what is missing. For example, if you notice a majority of your employees don’t have target incentives, now is the time to address that issue.
You’ll also want to find out if any of your employees are interested in promotions, more pay, or additional benefits that they aren’t currently receiving. Being honest with your company culture means being upfront and transparent about your hiring process, company values, and what employees can expect as far as advancement.
3. Partner with training providers and universities
If you have a specific skill set that’s in high demand but your employees don’t have the skills, you can partner with training providers, universities, and other organisations to help employees acquire new skills. This is an especially viable option when you have a knowledge gap in technical skills, like programming or artificial intelligence, that you can’t easily fill with external hires.
Partnering with companies that specialize in employee training can help you identify which employees would benefit from those types of courses and then take care of the rest. That way, you can add those new skills to your employees’ resumes, which can make them more attractive to other employers.
4. Adopt automation in your recruiting process
While it’s important to find ways to stand out to top talent, it’s also essential to create a streamlined hiring experience for candidates. While you want to maintain your company culture and brand, you also want to make it efficient and easy for candidates to get through the process, especially if you have hundreds of applicants. Automating parts of the hiring process can help you achieve that.
For example, by providing a digital questionnaire, you can greatly reduce the amount of back-and-forth communication that’s happening between recruiters, hiring managers, and candidates. This will help you respond to more candidates in less time, which is especially valuable if you are dealing with high volumes of applicants.
5. Incorporate remote hiring practices
If you have specific roles that don’t require in-person work, such as customer service or sales, it may make sense to open those positions to remote workers. Not only will this expand the talent pool and allow you to hire employees in different time zones, it also may allow you to find employees with certain skill sets that you just can’t find nearby. If you’ve been hiring locally and have been experiencing a skills shortage, this is a great way to diversify your hiring practices and expand your talent pool. This has become a popular practice post covid.
6. Utilise contract workers
Contract workers can be a great way to fill the gaps in your organization without the commitment of hiring a full-time employee. Contract workers are often used for short-term projects, like the implementation of new software or onboarding new clients, and can be a great way to bring in new skills without adding overhead or committing to full-time hires. And with the rise of outsourcing and remote work, you can also use contract work as a method for hiring internationally. This can help you find qualified candidates in different time zones and expand your talent pool by bringing in new skill sets.
7. Promote from within of existing talents
Lastly, you can always promote from within or hire from an existing pool of talents to address your hiring challenges. If you’ve been at your company for a few years, you may have employees who have the skills you need but just haven’t been promoted yet. This can be a great way to solve your hiring needs without having to hire someone externally who doesn’t have company knowledge.
Depending on the type of skills you’re looking for, you can also hire from a list of existing employees who have shown interest in the role but may not have the proper qualifications.
Conclusion
In Australia, we have seen an increase in skills and general labour shortages due to the aftermath of Covid and other contributing factors. A skills shortage can be concerning but by identifying your company’s needs and consistently proactively nurturing existing employees as well as keeping an eye on new talent, you can remain one step ahead of this trend instead of playing catch-up. Being honest with your company culture, providing bonus benefits, promoting from within, and partnering with training providers are a few great ways to make up for a skills shortage. If you want to stay ahead of the trend, these strategies are critical.
