Talent Scarcity: what can businesses do to tackle the global talent crisis?

Posting date: 27 June 2022

Talent scarcity has been identified as a critical issue and one of the key recruitment trends of 2022, according to Weforum, and there are various factors influencing this. From skills gaps and people leaving the workforce to the shift toward automation, many employers globally are struggling with a shortage of talent. It’s a problem for businesses who are seeking growth as talent shortages negatively impact productivity, turnover and overall employee satisfaction. In a competitive market, the challenge lies in identifying new talent and ensuring your current employees are engaged and motivated. Below, we discuss how businesses can solve the talent crisis and recruitment within their organisations.

Focus on internal talent

One of the most effective ways of tackling the talent crisis is by growing the skills and experience of your current employees. This will enable you to develop people who already have a vested interest in your business, rather than simply relying on external talent. Existing employees understand the culture of the organisation, and are familiar with the processes and the people. Talented employees who don’t see opportunities for growth within their organisations will look elsewhere, so as an employer, you must offer reskilling, professional development and mentoring programmes. Without opportunities for internal talent, you may risk losing your best employees to competitors. Therefore, leaders need to make internal mobility a key part of their retention strategy.

Adjust your hiring criteria

As the recruitment landscape has evolved, it’s become increasingly important to hire candidates based on their leadership potential, cultural fit and team working ability, all of which are essential to success in the workplace. Therefore, it’s beneficial to adjust your hiring criteria to target candidates who are less qualified in technical areas of the job but can deliver a lot more value beyond their immediate responsibilities, such as leadership and problem-solving. In this way, you’ll be able to access talent pools you may have overlooked, which is hugely beneficial when facing a talent shortage.

Improve your hiring process

Organisations can address talent shortages by addressing their current hiring processes and adjusting their recruitment strategies. When faced with a talent shortage, employers need to focus on streamlining recruitment and making the process as efficient as possible. Hiring new talent is incredibly important for the growth of your business, so your recruitment process is critical. One of the best ways to attract more candidates is by promoting your employer’s brand. Whether that’s through social media, company videos or blogs, showcasing your company’s culture and values can improve the hiring process and generate further interest in your business. The hiring process also relies heavily on the candidate experience and job postings, so you must concentrate on improving these two areas. In a talent crisis, an effective hiring process ensures you find only the best candidates.

Prioritise employee recognition

There’s no doubting the importance of recognition in a time of crisis and uncertainty. That’s why it’s critical that businesses show they care about their employees if they want to improve retention and ensure workers are engaged. One of the best ways to recognise employees is by sharing the great work and achievements that people are making across your organisation. You can also support employees through training opportunities, more frequent check-ins, and expressing gratitude to your team. When faced with talent shortages, businesses need to focus on nurturing their employees internal and creating an excellent experience and workplace culture.

Swisslinx is a reliable talent partner that can help your recruitment

At Swisslinx, we specialise in a range of recruitment markets, such as digital and technology, life sciences and financial services. We offer a personalised service to our clients and candidates, and we follow a strong recruitment methodology. With our excellent market knowledge, we’ve established ourselves as a leading recruitment consultancy and are able to deliver complex projects at scale. Contact us for more information about our services.

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