The job market could see a talent crunch. The world is currently facing a shortage of talent, and this shortage will get worse as time goes on. A shrinking workforce means fewer applicants and longer waits to fill positions, with correspondingly fierce competition among recruiters. In this week’s RPOA Roundup, we look at the causes for this shortage as well as how recruiters can adapt to it, and provide some top recruiting suggestions for the coming talent crunch.
This article argues that the talent market is undergoing a fundamental shift towards a scarcity of talent. Where not long ago there were qualified job seekers lining up for available positions, good talent is now hard to find, and the competition to recruit top talent is fierce. The article suggests that this is due to the aging workforce, and that as baby boomers retire the talent pool will shrink, because the following generations were not as large. It concludes with suggestions for recruiting best practices that will help recruiters weather with this change.
Many companies and entire sectors say that they are facing difficulties due to a shortage of talent. This article takes an opposite approach – companies aren’t suffering the results of a talent shortage, they’re suffering because of poor recruiting. The article argues that if usual sources of talent aren’t working out, recruiters need to shift their focus to recruit from a different pool, namely, their competition. It goes on to identify several areas that companies need to improve to be able to recruit from their competition, as well as nine action steps to take to overcome talent shortages.
The global economy is currently facing a skills shortage as one generation retires and another, smaller generation takes its place. Engineering is one sector that is heavily affected by this shortage. This article identifies the talent issues that the engineering sector is facing, and relates them back to troubling projections for state and global economies. It goes on to suggest concrete steps that the engineering sector can take to address this shortage, including improving their branding, addressing gender imbalance, embracing a flexible workforce, and creating ways for older engineers to remain engaged and working.
Though a large number of active job seekers is a huge help to recruiters, sometimes they need to find talent without this assistance. This article cites an American Staffing Association survey that found six in ten adults in America will not be seeking a new job this year, and four in ten unemployed workers will not be actively searching for a job. The survey also found that work-life balance and schedule flexibility were more important to workers than pay or benefits, which the article suggests means that recruiters and HR need to rethink their recruitment and retention strategies.
Silicon Valley is one of the top destinations for the best and brightest, regardless of how the talent pool shrinks. This article examines how Silicon Valley companies approach recruiting and workforce management, arguing that Silicon Valley’s success is due to treating workers and employees like rock stars, focusing its recruiting on increasingly younger applicants, responding to the needs of a younger work force, and crafting its branding to appeal to talent that wants to work for a company that makes a difference. It also reviews recruiting techniques that companies like Google, LinkedIn, and other tech-based companies find successful.