This talent shortage dates back to before the novel coronavirus reached the shores of the United States, however, as there were more available positions in late 2019 into early 2020 than there were Americans able to fill them, according to the U.S. Chamber of Commerce.
Finding the right applicant who has the ideal experience and skills necessary to fill a company’s open position is always a challenge, but especially so now.
Why Is There a Talent Shortage?
The U.S. economy has been sending mixed signals throughout 2021. While the nation’s economy is on pace to grow the fastest it has since the 1980s, there are signs of trouble. According to Reuters, supply chain issues are putting major dents in manufacturing growth and consumer concerns are increasing with regard to inflation. Further, a lot of families have been relocating to account for changes in their personal and professional situations amid the pandemic, and the federal government boosted unemployment insurance which has decreased the reliance on unemployed laborers to settle for positions which they may consider beneath them because they aren’t as cash-strapped.
While most U.S. businesses are looking to hire, regardless of their industry, many are having a difficult time finding qualified candidates to fill their positions. Peter Bendor-Samuel, a contributor to Forbes and the CEO of Everest Group, recently wrote there’s a particular shortage of qualified applicants with digital skills. He stated this has resulted in companies having to pay a surplus for new talent, while also raising wages to keep old talent from leaving. Across most U.S. job markets, the signs are clear: There is, at the very least, a short-term imbalance that has sparked a talent shortage.
How Do You Overcome a Talent Shortage?
There are a variety of creative solutions that can help give your business an edge in overcoming and solving its talent shortage. Since so many businesses are competing over what’s roughly the same group of candidates, it’s critical to find ways to give your business the advantage.
How do you deal with employee shortage, and perhaps more importantly, how do you end the shortage indefinitely? Regardless of the industry your business operates in, or its geographic location, here are a handful of universal tips for helping solve your talent shortage:
- Determine what’s a livable wage for your locale so you know what you need to target, look at what your competitors are offering, and top that.
- Hiring and onboarding can be expensive and time-consuming. Working with a partner, such as an employment agency or head-hunting firm, will allow you to focus on company growth and other tasks while your experts work their leads and utilize proven methods for finding your business the right talent.
- Pandemic-related concerns are still very real, especially as variants of COVID-19 spread throughout communities. Allowing workers to contribute remotely, when able, can go a long way in boosting your talent pool.
- Commuting is a huge factor, and often inconvenient, so making accommodations for allowing employees to work remotely, when able, will go a long way in expanding your possible talent pool.
- For those who have to commute to a worksite, offer perks. An out-of-pocket investment to reimburse for long-distance travel, bus passes, child care, etc. will be attractive to applicants and help boost morale for those you already employ.
- Offer telecommuters reimbursement for home technology purchases, such as monitors, keyboards, and office supplies. Employees will appreciate the sentiment and this can help boost productivity.
How do you fix a talent shortage? Using creative solutions, such as hiring an employment agency or bringing in some other kind of outside help, can go a long way in helping solve your talent shortage—permanently. What’s key is that getting in front of a talent shortage, and solving it, isn’t as simple as paying more money than your competitors.
Solving Your Talent Shortage
Whether you need temporary or permanent employees, STS Staffing is an employment agency that handles job placement solutions for both employers and job seekers. Our team, which has more than 30 years of experience, provides quality solutions for a wide range of industries. Contact us for assistance with solving your talent shortage.