David is a veteran human resources leader and President of IQTalent Partners, an on-demand talent acquisition and executive search firm.
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The Talent Shortage, the Great Resignation, the Great Reshuffle, the Talent Gap—it goes by various names, but the ongoing challenge is the same: Recruiting and retaining top talent for in-demand technical and professional roles isn’t easy, and it seems there’s no relief on the horizon. With roughly 11 million open roles and about 6.9 million unemployed who are actively seeking work, we're working to bridge a chasm, not a gap.
Where is the talent shortage?
While many hiring managers would say the labor shortage is everywhere, some industry verticals are feeling more pain than others. According to my organization's internal experience, the most in-demand and growing industries seem to be technology and healthcare. Specifically, we're seeing some of the hardest roles for recruiters to fill are nurses and nursing assistants, web developers, software developers and data analysts.
I expect the skills gap occurs in these technical positions due to each role’s specificity and need for certifications, distinctive education and advanced degrees. Candidates with these qualifications can, and likely will, leave a job for a new opportunity for a myriad of reasons. It’s imperative that organizational leaders understand why talent is leaving and how they can leverage these employee preferences into their own talent acquisition strategy.
What is behind the Great Resignation?
Recent workforce research indicates that over 40% of employees worldwide are considering leaving their current job this year. Recognizing the reasons behind employee resignations can aid in attracting this same talent in a hyper-competitive market. After compensation, flexible work arrangements (i.e., hybrid, remote, etc.) remain at the top of the list of benefits that are important to professionals. Many employees express a willingness to take a moderate salary cut in exchange for remote or flexible work.
Remote work and competitive salaries aren't the only reasons professionals are resigning, however. Employees also want better life-work balance. Highly sought-after professionals have their choice of job options available to them, so they will no longer tolerate a toxic workplace. Organizations must start putting corporate culture and employee engagement first in order to retain their top employees.
Workers want to feel valued, challenged and engaged. If they are engaged in their work and their company, typically, they are less likely to leave their current role. Conversely, if they see a chance to grow and have more ownership over their work, many professionals won't hesitate to move to a new opportunity.
What are the best practices for recruiting in-demand talent?
Recruiters seeking top talent must prioritize the candidate experience. With the onset of widespread remote work, the competition for qualified candidates is no longer limited to local opportunities. People can find an ideal role across the globe without having to leave the comfort of their homes. Highly qualified candidates no longer have to tolerate a burdensome, slow-moving candidate experience.
The recruitment process should move quickly, putting the candidate’s needs and schedule first. According to findings from Indeed, nearly 30% of candidate respondents admitted to abandoning the recruitment process, or “ghosting” the recruiter. Even worse, one-quarter of employers surveyed stated a new hire didn't show up on the first day.
Streamlining the interview progression for in-demand talent needs to be a priority for the hiring team. Asking a candidate to fill out lengthy applications and take numerous tests may result in losing top contenders. If you're still using processes from two or three years ago, it's likely you are losing your best candidates because you're moving too slowly.
Hiring managers should review their current process and ensure that it is efficient while simultaneously being open, honest and upfront regarding compensation, role expectations and company culture. Details that may have once revealed themselves over the course of three or four interviews must now be disclosed at the outset of the process. Knowing that these in-demand candidates want flexible work arrangements and a positive culture, in addition to a competitive salary that often includes a generous sign-on bonus, leadership should be prepared to offer these benefits. Recruiters must be able to communicate the total package to top candidates convincingly and immediately.
How can leadership close the deal with qualified candidates?
Employer branding is more important today than it has been at any time in modern history. The candidate’s experience begins before they apply for a position or respond to a recruiter’s outreach. Qualified candidates know what they want, they know what they are worth, and they won’t waste their time if it’s obvious the company does not offer the benefits and culture they seek. The employee value proposition must be baked into the employer brand across every public platform available as top candidates often make their decision about a company before an offer is presented.
At a minimum, candidates want to know, “What’s it like there?” Organizations need to focus on awareness campaigns that include employee culture and intangible benefits. Social media messaging should contain more than product and service offerings; it must include a glimpse into the company’s culture and work-life balance. Candidates will research platforms like Glassdoor and even reach out to current employees to gauge an authentic judgment of life at the company. If an organization does not proactively manage its employer brand, appealing to in-demand talent will prove to be even more difficult.
With 69% of U.S. corporations struggling to find qualified candidates, there’s almost no one who hasn’t felt the labor shortage. Attracting in-demand talent is going to remain tough for foreseeable future, but by incorporating a proactive and efficient talent acquisition strategy while creating a strong employer brand, organizations can level the playing field and improve their chances to win top talent.
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