Cracking the Talent Crunch

Article - HR
By Balve Bains|7th October 2022

The talent crunch is a gigantic problem for businesses today. It is not a sign that the worlds talent pool is deteriorating; it is a sign that employees are stepping into their power. Because of this, there are not enough qualified people to fill the available positions. This can be an immense challenge for companies, especially when it comes to finding the right employees at the right time. 

Employee Development

There are a few things that organizations can do to help alleviate the talent crunch. One of the most important things is to invest in employee development. This can help to ensure that employees are able to keep up with the demands of the job and that they are able to advance in their careers. Businesses can also offer more flexible work schedules. This can help to attract more qualified candidates, as they will be able to better balance their work and personal life.  

We know that the pandemic brought on high levels of turmoil and reflection, causing employees to re-assess their priorities. In a recent Indeed survey, 92% said the lockdown made them feel life is too short to stay in a job they were not avid about. Furthermore, over 76% of employees held the belief that this talent deficiency is presenting new career prospects that they would not have otherwise had. Hence, “The Great Resignation” is the name given to the movement of millions of workers who resigned from their jobs in recent months. 

Agility

Being agile in today’s talent shortage is key says a recent report from Forbes. Businesses can successfully traverse the ongoing talent scarcity by concentrating on agility and flexibility. Agility refers to a company’s capacity to respond to fluctuating market trends and business requirements. They also should be able to scale hiring up or down as needed. The report suggests accepting the reality of the 2022 talent shortage, broaden your horizons, break away from antiquated scheduling practices, look beyond salary, and invest in your existing staff. By exploiting these methods, your enterprise can separate itself from other companies competing for the best, most talented workers. You will be better placed to withstand this year’s talent shortage and preserve manageable employment points. 

Technology

It is inevitable, leaders and HR must rethink how they hire. Clinging to outdated hiring processes and neglecting brimming talent pools is a fast trick for creating a workforce lacking in diversity, inclusivity, and loyalty. A method to mitigate this is to use technology to help with the talent crunch. There are several different tools that can help businesses find and hire the right employees. By using these tools, businesses can save time and money while still being able to find the best possible candidates. 

GDS Summits are tailored 3-day virtual event conferences that bring together business leaders and solution providers to accelerate sales cycles, industry conversations and outcomes. Regarding the HR Digital Summit 88% of Delegates said the overall experience of the Digital Summit they attended was either Above Average or Excellent and 100% of Delegates said the Digital Summit provided them with actionable outcomes to support their current initiatives. 

For more, click here to hear from attendees on how GDS has helped them to achieve their business outcomes. 

Continue the debate at GDS’ HR Summits where we bring together senior human resources executives who are actively seeking to share, learn, engage, and find the best solutions. 

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