3 Keys to Talent Attraction in a Candidate Short Market

๐—ง๐—ต๐—ฒ๐—ฟ๐—ฒ ๐—ฎ๐—ฟ๐—ฒ ๐—บ๐—ผ๐—ฟ๐—ฒ ๐—ท๐—ผ๐—ฏ๐˜€ ๐—ฎ๐˜ƒ๐—ฎ๐—ถ๐—น๐—ฎ๐—ฏ๐—น๐—ฒ ๐˜๐—ต๐—ฎ๐—ป ๐—ฝ๐—ฒ๐—ผ๐—ฝ๐—น๐—ฒ ๐˜๐—ผ ๐—ณ๐—ถ๐—น๐—น ๐˜๐—ต๐—ฒ๐—บ ๐—ถ๐—ป ๐—บ๐—ผ๐˜€๐˜ ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ ๐—ฑ๐—ฒ๐˜ƒ๐—ฒ๐—น๐—ผ๐—ฝ๐—ฒ๐—ฑ ๐˜„๐—ผ๐—ฟ๐—น๐—ฑ. ๐—ง๐—ต๐—ฒ ๐˜€๐—ธ๐—ถ๐—น๐—น๐˜€ ๐˜€๐—ต๐—ผ๐—ฟ๐˜๐—ฎ๐—ด๐—ฒ ๐—ถ๐˜€ ๐—ฑ๐—ถ๐—ฎ๐—ฏ๐—ผ๐—น๐—ถ๐—ฐ๐—ฎ๐—น ๐—ณ๐—ผ๐—ฟ ๐—บ๐—ฎ๐—ป๐˜† ๐—ฐ๐—ผ๐—บ๐—ฝ๐—ฎ๐—ป๐—ถ๐—ฒ๐˜€ ๐—ฎ๐—ป๐—ฑ ๐—บ๐—ฎ๐—ป๐˜† ๐—ถ๐—ป๐—ฑ๐˜‚๐˜€๐˜๐—ฟ๐—ถ๐—ฒ๐˜€.

As I mentioned in yesterdayโ€™s post, I am currently fielding 2 questions from clients in Australia and the US about the skills shortage.

The firstโ€ฆ

Now that the borders are open in Australia how long will it be before our skills shortage abates?โ€

I answered this yesterday.ย https://lnkd.in/dFaXdMd7

Iโ€™ll address the second question today.

The upcoming US recession will surely help the skills shortage (and put realign candidatesโ€™ expectations), right?โ€

To answer this we need to go back in time. Youโ€™ve undoubtedly heard the term โ€œThe War for Talentโ€ but do you know where that came from? It was a report from McKinsey & Company about the upcoming global skills shortage โ€“ written in 1997!!!

So the skills shortage is a challenge that weโ€™ve seen coming for a very very long time. Korn Ferry (by memory but it may have been Manpower, donโ€™t quote me on the source but the numbers are accurate) wrote in 2014(ish) that by 2025 we were expecting a global skills shortage of up to 85 million people (and 20 million wonโ€™t have the right skills to be employed as technology changes the shape of our roles.

So, if the US (and/or the rest of the world) goes into recession will the skills shortage go away? Maybe โ€“ in certain industries โ€“ for a period of time.

But this is part of a larger, global trend that is due to declining birth rates, the declining workforce participation rates (in some countries) and the reshaping of roles due to technology, as I mentioned above.

So long term, we need to settle in for this to be the โ€˜new normalโ€™.

And since demand for people will outweigh the supply over at least the mid term, and due to what I call the โ€˜Rise of the Empowered Workforceโ€™ candidates may become less choosy in the short term should the economic downturn occur, but in the long term โ€“ itโ€™s a sellers market.

So, how do we overcome this skills shortage? There are only 4 ways:

Retain the ones you have

Set yourself apart from your talent competitors by having a better story and telling it well

Think differently about how you fill roles

Use all available sourcing strategies and use them well

๐—ก๐—ฒ๐—ฒ๐—ฑ ๐—ต๐—ฒ๐—น๐—ฝ ๐˜„๐—ถ๐˜๐—ต ๐—ฎ๐—ป๐˜† ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ๐˜€๐—ฒ? ๐——๐—  ๐—บ๐—ฒ. ๐Ÿ™‚

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