Recruiters have to experience a tough talent market with more open jobs than people to fill them, Jobvite reported. Of the 800 recruiters surveyed, 74 percent of them cited that hiring becomes more competitive while a majority of respondents (67 percent) said their biggest challenge in hiring is the lack of skilled, high-quality candidates. In the last year approach to filling the needed position, Jobvite added, recruiters are going to new ways to reach potential candidates, including leveraging sourcing to Instagram or via text, which continues till today.
While using every media available could help recruiters get the candidates they need, experts found that the hunt for talents will be tighter in 2020. Future of Work on The Global Talent Church survey published by Korn Ferry found that between now and 2030, global talent shortage could reach 85.2 million people, costing companies trillions of dollars in lost economic opportunity.
What causing talent shortage?
Yannick Binvel, president at Korn Ferry and researcher of Future of Work, cited that within two years there won’t be enough talent to go around. In countries where low unemployment and booming manufacturing production happened, including Czech Republic, Poland, Hungary, and Slovakia, the labour shortage has already accelerated by automation. This is not because the machine takes over human’s work, however. In fact, automation and technology create more jobs than ever before. The problem is that there are not enough candidates who possess the right skills to fill the factories.
Job roles that might face tighter talent sourcing
Amongst various industries, there are three industries that require a high volume of skilled workers, yet, competition for qualified candidates will soar. The three industries are as follows:
Financial and business services which the shortage could jump nearly 10.7 million people, resulting in $1.3 trillion in lost revenue by 2030.
Technology, media and telecommunications which will fall short 4.3 million employees. In total, the shortage will cost the industries $449.7 billion of unrealised revenue.
Manufacturing that by 2030, the shortage could reach more than 7.9 million people, resulting in revenue as high as $607.1 billion.
Recruiters should re-organise their recruitment strategy
“If there is a problem, there will always be a solution. If there is no solution, then it is not a problem.”
That being said, there is always a way for recruiters to fill the gap between talent scarcity and job vacancy. Binvel advised that recruiters can shift their recruitment strategy by looking for crucial soft skills and focusing on training.
Investing in training and encouraging a culture of continues learning will help a company stay ahead from its competitor during the tight talent recruitment. Since finding talents with the skills you need will only grow harder and harder, focusing on upskilling new and current employees should be your priority, added Binvel.
Moreover, recruiters together with HR department should create employer branding and candidate experience that matters. First impression is important in the eyes of prospective candidates. So, it is important to make sure that you update your branding content. Maintaining candidate experience is also needed to assure prospective candidates satisfied with your recruitment process. Therefore, avoid ghosting candidates and maintain your relationship with them.