5 Ways to Combat a Talent Shortage
We have noticed a common thread amongst our clients over the past year. A talent shortage – the majority of them are finding it hard to fill vacancies. It’s a problem that’s been reported worldwide, it follows the ‘great resignation’ and it’s been happening since the Covid pandemic.
Many organisations are hiring again during the recovery from Covid which means that people are being given more choice when it comes to job hunting. This in turn means that job seekers can be pickier in the roles they are willing to do and to a certain extent it gives them ‘permission’ to leave a job they are unhappy in because it’s easier to find a new one.
According to a recent article written, in June ‘22, by Professor Gratton and Professor Cable of London Business School the great resignation is about more than the practical. The pandemic has really made people think about what they want from life, and this includes work. According to the article, the shift in thinking was starting to show before the pandemic. Employees “no longer want to just work and then retire. They are starting to reject bad jobs and they are paying close attention to what other companies are offering their workforces.”
The pandemic enabled many workers to experience new ways of working and their research also revealed that if employees’ anxieties are ignored, their engagement levels go down and their intentions to quit goes up. “Essentially, while short-term circumstances have made it easier for many workers to leave their job, the issues motivating that choice have been brewing for much longer.”
What are the results of a talent shortage?
A talent shortage can have a number of negative consequences for an organisation and its people. Firstly, it can lead to a decrease in productivity as employees are forced to work longer hours to make up for the lack of staff. This can result in increased stress levels, absenteeism and/or low morale. Additionally, it can also lead to an increase in turnover as employees become frustrated and leave the organisation in search of greener pastures. It can also damage an organisation’s reputation as it becomes harder to deliver on promises made to customers. Finally, it can also make it difficult for companies to attract and retain top talent which can jeopardise the long-term success of the organisation.
All of these consequences can have a serious impact on an organisation’s bottom line. Therefore, it is important to be proactive in combating a talent shortage.
How can organisations combat the problem?
This is an ever-increasing challenge for organisations as the talent shortage continues to grow. There are a few strategies that can be put in place to address the talent shortage issue:
- Be Flexible
The pandemic made it easier for employees to spend more time with loved ones and spending hours commuting no longer has the appeal. Employees with flexible schedules can better balance their work and personal life, and employers can attract top talent by offering this benefit. If your organisation doesn’t have a flexible scheduling policy, it may be time to start a conversation about how this could benefit your team. - Target Your Market
When advertising for a role, recognise your target recruit and understand their lifestyle. For example HBR suggests that when targeting people that may have been taken out of employment due to childcare responsibilities, partnering with providers of child care would help to target that market. Alternatively, they suggest looking for potential employees where others are not – giving the example of older workers. - Competitive Compensation
Offering competitive compensation can help to attract top talent to the organisation, and it can also help to retain existing employees. HBR also suggests adjusting salaries to the cost of living. - Competitive Offering
Find out what other companies are offering in terms of other benefits – flexible working/4-day week etc. If you are not offering anything different or unique, then you will need to find ways to improve. - Training and Development
Providing training and development opportunities for employees means they can learn new skills and become more qualified for open positions. This can help employees feel more engaged and motivated in their jobs, and it can also help to retain employees who might otherwise leave for other opportunities.
All this said, at the very heart of the solution is a commitment to listen to employees and not just listen but understand and act. This is where employee engagement comes in. According to Engage For Success when done properly it results in: “the right conditions for all members of an organisation to give of their best each day, committed to their organisation’s goals and values, motivated to contribute to organisational success, with an enhanced sense of their own well-being”. A positive outcome for the organisation and employee.
Our clients are finding that by running a staff engagement survey across their organisation, they have the information required to introduce or improve their employee engagement strategy. Thus their staff retention and their attractiveness as an employer can be enhanced.
If you would like to know more about how The Survey Initiative can help your organisation improve employee engagement call us on +44 (0)1255 850051 or email: info@surveyinitiative.co.uk