Why is it so Hard to Find the Right Talent?
Updated: Nov 24, 2020
You want top candidates to work for you, but where can you find them? In recent years, companies have had a more difficult time recruiting top talent. One survey found that 67% of recruiters say that their biggest challenge in hiring is finding skilled and high quality candidates.
But why is it becoming increasingly hard to recruit and maintain the right talent. Here we list 5 challenges of recruiting and maintaining talent.
1) Shift in the generational workforce
Millennials make up one third of today’s workforce. Career development is crucial to recruit, engage, and retain Millennials. A recent survey found that career development matters most to Millennials in accepting a job offer. A similar study reported that offering career training and development could help keep up to 86% of Millennials from leaving their current position. More over, the ability to offer flexible work is becoming increasingly important. Studies have found that 71% of U.S. workers agree that the ability to work remotely would make them more likely to choose one employee over another and 76% of respondents would be more loyal to their employers if they had flexible work options.
In order to recruit and maintain top talent, it may be time to re-evaluate the standard 9AM-5PM workday. Not only will flexible and/or remote work make your company more attractive to top talent, but also it increases employee productivity and reduces cost for your business (check out more advantages of remote working in this article).
2) Lack of experience
One study found that the lack of experience amongst applicants is making their job to find the right talent challenging. As there is a shift in workforce from less boomers to more Millennials and Generation Z employees, it shouldn't come as a surprise that the pool of highly skilled workers is smaller. One way to compensate for lack of experience is developing mentoring and education programs. Development of soft skills can be addressed by the in-house programs. Check out our article on other ways you can develop your employees into your company's future leaders.
It would also be worth checking the requirements you have listed for the job. Most companies have a “perfect” candidate in mind when they write their job announcements, which results in a laundry list of requirements. Too many requirements can deter talented potential employees from considering the vacant position. Craft your vacancy announcements carefully. Only list items as requirements if they are essential from day one or cannot be learned along the way.
“We spend too much time recruiting and not enough time working with the players we have.” - Alex Agase
3) Fierce competition
If the talent pool is shrinking, then it should come as no surprise that the competition for skilled employees has significantly increased. Implementing actions such as flexible working hours and remote working, in addition to promoting good company culture will be necessary to attract top talent.
4) Lack of understanding of what your employees want
More workers want effective feedback, they want recognition for jobs well done, and they want to develop their hard and soft skills. These are becoming top-of-mind to many applicants as they investigate new careers. Not only that, but these are becoming top-of mind of many current employees. Lack of recognition, feedback, and developmental opportunities are reasons why your employees may quit their job (check out more reasons of why employees quit here). Simply put, understanding what applicants AND employees want is crucial in today's workforce.
5) Lack of brand name recognition
Without a strong employer brand, your company is probably missing out on top candidates. Employer branding is a company’s reputation as an employer - it's the value it brings and what it offers to their employees. It’s what makes your company unique and stand out to candidates who are looking for jobs. If people are talking negatively about your brand or work culture, job candidates are probably coming across this information and your current employees might be looking for new jobs. Start by understanding what employees want, provide feedback and developmental programs to employees, and be proactive on career websites and social media. Having a strong employer brand will benefit employee retention and fuel talented applicants.
What are your thoughts? Let us know!