In simple terms, a candidate shortage is the insufficiency of candidates to fill job vacancies.
It is a major source of concern amongst employers, hence the eagerness to combat it.
There are a number of factors that have caused a shortage of candidates in the market. The pandemic drastically reduced the normal job-seeking activity, with those who may have been looking for new opportunities remaining in their current position instead.
The pandemic also caused people to evaluate their work-life balance, taking themselves out of the job market as a result.
With this mindset still prevalent for many applicants, there has been a big shift of people choosing to create their own businesses in place of working for someone else.
Yes, there are a few steps you can take to limit the impact of a talent shortage, including:
A good way for businesses to counteract talent shortages is to focus on getting more out of your existing employees and allowing them to grow.
Providing your current team members with opportunities for further growth and training is a valuable retention strategy and can prevent the chance of skill shortages if employees do leave.
Many employees look for careers which have development opportunities, so this can have an additional positive impact of increasing loyalty amongst your team.
With more positions available than there are candidates, it is important that employers know how to attract top talent and keep them.
We’ve outlined our top tips below for combatting candidate shortages:
While pay is arguably still one of the most important factors for candidates, a better work-life balance is also just as important and many candidates are looking for jobs that provide this.
Other factors such as commute time, company culture and career progression have also become increasingly significant.
In-demand candidates are increasingly shopping around for more desirable opportunities, therefore short and efficient hiring processes are critical for getting ahead of your competition.
A quick hiring process will also provide candidates with insight into the attitudes and values of your company, helping to secure their interest from the beginning.
Make sure your salary is high enough to attract and retain top talent, but try not to put it so high above your competitors as this can lead to shortcomings in the future.
Many candidates can be put off a job if the salary doesn’t align with their expectations, and they can use online resources to compare the salaries of multiple jobs.
The top talent is likely to receive a few offers before making their final decision, and chances are that one is a counter offer from competing employers.
If a potential employee has another offer on the cards, do not be afraid to ask what the other employer has to offer. You can then take this feedback onboard and tweak your offers to be more competitive.
If you’re currently looking for candidates, or are struggling to attract top talent, our team of recruitment consultants can help you. Get in touch with us today for support with employment and recruitment.