With over 90 percent of companies finding it difficult to find and hire candidates with the correct skillsets and business leaders complaining that the situation has worsened over the previous year, this has led to organisations paying over the odds to ensure they have the hires needed in order to guarantee that their firm will be able to run, uninterrupted.
Remaining productive during the pandemic has become harder and harder, and now with the skill shortage exposed, and a probable additional cost to businesses of over £6bn a year, the big question is now: “How do we solve it?”
Well seeing as we cannot retroactively change government or private business policy, we must deal with the situation as it is and find ways around the problems thrown up by the current challenges:
Short term recruitment in order to fill the gaps in your workforce may seem like the simplest solution but it is a false economy. The amount of resources that are poured into a new hire are really quite large, and if the turnover of staff starts to speed up, you are out of pocket. Yes, the recruitment process is now starting to take longer than it did previously, but getting the right candidate saves in the long run. How can you plan for the long term when you hire with a short term mindset? Engaging a specialist recruitment partner should be your first course of action here. The candidates may very well be out there, but you need to know where to look and how to approach.
As previously mentioned, the hiring process is taking longer, on average around 55 days, and it could well expand beyond that soon too. Businesses are spending more on recruitment because desperation is setting in. How many of these companies have really reassessed, or brought in a specialist to assess, their hiring strategy? In a world where the power pendulum has swung away from the employer and has swung back to the employee, in a way not seen since the early 2000s, how can they afford not to change their way of dealing with candidates? Processes must be streamlined and the company must become more agile in its hiring or it will keep missing out on the highly-skilled prospects it needs.
3. Fledgling Talent
Some firms have given up on finding the talent they need and are falling back on lower or entry level individuals. This isn’t necessarily a bad idea if you can’t find the candidates that you crave. If you truly exhausted every avenue and came up empty handed, then the next logical step is looking for fledgling talent looking for work in your sector, perhaps university graduates. But this is no quick fix, easy answer, as all grads are not made equal and you will still need to sift thought their resumes or applications in order to find the best ones. If you have engaged a specialist recruitment partner, they will find the best CVs and pre-screen the prospects to separate the wheat from the chaff. The worst thing that a company can do is leave a role vacant just because they can’t find someone to fill it.
Spending just under £1.5bn on training to bring their existing employees up to the required skill level, organisations are certainly attempting to reverse the skills gap. This, of course, has a knock on effect throughout the whole job market, meaning that the workforce as a whole is better positioned and businesses by extension have more choice. This speaks to a need for longer term planning not just within individual businesses but across whole industries, who have become complacent again since the early 2000s.
There must be more planning, more responsibility, more strategy, a focus on the importance of recruitment and career progression must be at the heart of it all. If you require a candidate to be agile and to upskill, then your business must have that very same mindset.
Curious about how Zenshin Talent can help your organisation? Contact us today for a no-strings conversation about your needs and our experience.