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By 2030, the global talent shortage is expected to reach 85.2 million people, but which sectors are at greatest risk of an employee deficit? And what action can you take now to reduce the impact on your financial stability and growth?
Why we're in a candidate-short market - and what you can do about it
The changing political climate has drastically altered the labour market – and with Britain potentially on the brink of Brexit, immigration could become even more restricted, further exacerbating existing skill shortages. In fact, the most recent data from the Office of National Statistics shows that the number of vacancies has increased by 3.9% year-on-year in the three months to March. There are now 852,000 vacant positions in the UK: a slight reduction from the peak of 864,000 seen in the three months to January.
More worryingly, the Report on Jobs notes that the availability of candidates has fallen continuously since May 2013. This trend is partly due to Brexit: LinkedIn’s analysis of its tens of millions of members concluded that the UK is now viewed as a far less attractive destination for skilled EU workers; though HR Magazine believes this could create additional opportunities for British workers.
So where does this leave your business – and how can Brook Street help?
What other businesses are doing to beat the shortage
In HR Magazine’s survey, 54% of respondents said the businesses they worked with were increasing their salary offers to attract the right talent and 43% said they were giving existing employees salary increases to deter them from looking elsewhere. Meanwhile, 49% said that benefits were being expanded, with particular emphasis on pension contributions, and 41% said that flexible working options were being extended significantly.
Looking at future global trends, these employers are proving very prescient. By 2030, the global talent shortage is expected to reach 85.2 million people, costing companies trillions of dollars in lost economic opportunity, according to LinkedIn. Most notably for our clients, the financial and business services sectors will be 10.7 million workers short, whilst technology, media and telecommunications will have a deficit of 4.3 million people.
How you can address the talent gap
Your approach should be twofold: make your organisation more attractive to potential hires, whilst aggressively retaining the talent you already have.
It’s easier to develop the skills of existing employees than to attract new people with the skills you need. Consider the longer-term benefits of investing in training and continuous professional development. As well as widening the career opportunities available to your people, it will encourage them to stay and further develop their career with you.
An alternative approach is to recruit people with the right soft skills – creativity, team spirit, adaptability, time management – and develop their hard skills in your business sector. By using predictive assessment tools and job auditions, you can identify people who could thrive in your organisation, even if they do not presently have the technical knowledge to succeed in the role.
Your business must become an employer of choice
Look at how your company can become an employer of choice. Fine-tune your salary and benefits packages and develop your training offer to set yourselves apart from the competition. Strive to be innovative – if your peers tend to offer fixed working patterns, consider promoting flexibility which could open up a whole new demographic among potential employees.
Similarly, it’s vital that you project an attractive employer brand to give yourself a head start. Keep in mind that every interaction with potential jobseekers – whether as consumers or candidates – will shape their perceptions of your brand, so your candidate journey should be smooth and seamless.
An ever-increasing amount of information about your organisation is now accessible online and social platforms such as Facebook, Instagram and Twitter attract comments and opinions which are widely read by potential applicants. Reviews by existing and former employees posted to sites such as Glassdoor can have considerable sway over jobseekers’ views of your company.
Consider appointing brand ambassadors to regularly post positive and insightful user-generated content that is both authentic and objective. And always respond to posts in a professional and timely manner to show you take their experiences seriously and care about being the best you can be.
How can Brook Street help?
Brook Street has access to one of the biggest talent databases in the UK and attracts thousands of candidates a year. Our consultants work with you to understand your requirements and tailor a personal service to help you build your best ever team.
To make your organisation more attractive to the best and brightest, your Brook Street consultant can guide you on how to strengthen your employer brand and tailor your salary and benefits offer. They can even advise on how to make your workplace more attractive to existing employees.
Speak to your Brook Street consultant and get the edge over your competitors.