Many leaders have complained about the shortage of skills for years. And it has been a prominent factor in many kinds of business. For example, there was a severe shortage of IT workers in 2000; there was a shortage of around 4,00,000 truck drivers in 2010. The primary deficit results from an increasingly growing economy that opens the space for new skills when its supply is at a minimum. Around 54% of the companies are facing talent shortages globally. And Covid has complicated the situation. However, smart CEOs can use this to their advantage. Let’s discuss.
Skill shortages may remain in the market. Moreover, any skill can be learned with time. But if you use the right strategies, it can become your bonus. All you need is the right mind to hire the right skills. For example, instead of overspending your budget on salaries and advertisements, you can invest it in reskilling and cross-skilling current employees or leverage offshore talent pool that has remained an unexplored territory for your business over the past years. There are three things to consider if you need to scale your business even amidst the current talent shortage situation.
Apart from this, let’s focus on why your employees would even think about changing their job. According to research, 38% of people planned to find a new job after the pandemic. The reason isn’t always money, but the company culture. Many job seekers looked for better flexibility, respect, and recognition. Think about it and consider revamping your company practices. Here are a few suggestions:
Will you hire a person who starts basic or a person who can speed up your goals? It’s more necessary to have the willingness to learn than a technical skill. Because enhancement of knowledge with changing time can be a game-changer.
2. Consider curtailing degree requirements
Why wouldn’t you hire a person with recognizable certifications in a specific skill instead of mandating a four-year degree? Companies like IBM and Merck have cut degree requirements from almost 70% of job descriptions. There’s a realization that a person with a degree can lack skills, and a person with certification can have the right mindset to reach a common goal.
Give prominent energy to diversity, equity, and inclusion in your workspace. You should keep these criteria in understanding while hiring new people. When you’ll talk to people about DE&I problems, they’ll feel belonged.
4. Career Advancement
Usually, top management is responsible for career pathing in an organization. However, while hiring, the unconscious bias of the managers can come in the way of hiring potential people because of their views on weight, gender, or ethnicity. Therefore, you should build a better team after recognizing such loopholes through the system and identifying potential leaders.
5. Open location constraint
New normal made us realize that talent is available everywhere and is accessible. This results in the change of talent competition radically, hiring at a low cost and including diversely skilled people. Remote work has increased flexibility, productivity, and savings. You may even consider building an offshore workforce to scale rapidly through a rich talent pool, largely untapped in the past because of geographical constraints.
All in all, it’s essential to be smart when there are new situations. When you choose to respond to the current mindset of the employees, you’ll acquire skilled persons. Talented leaders can find a solution to any disruption through strategies and updates. Besides, incorporating regular appreciation, communication, candor to change, and transparency can positively affect your work culture.
QX Global Group provides outsourced recruitment support to staffing agencies in the US, UK, and other EU geographies, helping them scale their workforce and productivity, leveraging the rich talent pool from India.
We hope you enjoyed reading this blog. If you want our team to help you resolve talent gaps, reduce costs and transform your business operations, just book a call.
Originally published Dec 24, 2021 03:12:08, updated Apr 01 2022