January 3, 2024
While the US version of ‘The Great Resignation’ may not have hit Australian shores just yet, current employment conditions mean the perfect storm is brewing.
Take an astronomical shortage of talent across most industries and couple it with a 74.1% increase in job vacancies in November 2021 (compared to February 2020 pre-pandemic). It’s no wonder the C-suite is worried, with 73% believing the greatest impediment to company growth is finding and retaining skilled staff this year.
If that’s not enough, a recent PwC Australia survey found close to 38% of Australian workers are keen to change jobs within 12 months.
While these statistics are alarming, panic needn’t be the first response. This is especially the case when there are plenty of recruitment strategies you can use to address a scarcity of staff. Here are some key tips for managing talent shortages, giving you a recruitment jump on your competitors in 2022.
Focus on Your Candidate Experience
When you are forced to fish in a small talent pool alongside plenty of competing companies, your candidate recruitment experience may be the thing that ensures you go home with the biggest catch.
Take some time to review the totality of your candidate experience, from auditing your company reputation, to your entire recruitment process from application through to hiring.
Pay attention to how quickly you follow up with candidates at each stage, as this is an area where many businesses fall short. Also consider whether your processes are streamlined – do they allow you to move quickly to secure top talent? This is particularly important when addressing the continued tech talent shortage of 2022, where top candidates often have multiple job offers on the table.
If you need some further assistance with tweaking your candidate experience, you could consider partnering with a professional recruitment agency with expertise in your industry and best practice processes to help you speedily move through each stage.
Review What You Currently Offer
In a tight talent market, quality candidates can and do negotiate for the best compensation package, while existing employees aren’t afraid to move on if offered an increase in salary. In fact, The Australian Financial Review found some companies are offering a 20% pay bump to entice top candidates in finance, technology, marketing, accounting, risk and compliance.
It pays to do your due diligence around industry remuneration rates (we can help). You can also review what you offer in relation to non-salary incentives and benefits – things like leave entitlements, bonuses, employee discounts and so on.
Study Your Current Talent Base
Forward-thinking companies who are open to internal mobility and re-skilling will reap the rewards of significantly expanding their talent base – an imperative as the skills shortage bites.
Consider your current employees, contractors and previous candidates as they are key resources that are often left untapped. Once you are fully up to date with what they offer in terms of skills, experience and qualifications, you can reflect on whether they align with the vacant position.
Make Flexible Working a Priority
A 2020 study by the Australian Government’s Workplace Gender and Equity Agency found 92% of people wanted some form of flexible work arrangements post-pandemic. This is but one study – there are a host of others that support employees’ desire to continue working flexibly.
So, what will you continue to offer by way of work flexibility? Do you have the capacity to expand the definition of working from home a few days a week to flexible start and finish times, compressed hours or flexitime (enabling employees to ‘bank’ extra hours to exchange for time off)?
By increasing your work flexibility options, you open up your position to a greater number of candidates, not to mention the benefits it brings for employee engagement and retention.
Widen Your Talent Pool By Investing in Training
Another avenue to contemplate is hiring for potential, rather than experience. Many candidates possess an abundance of soft skills but lack formal experience or qualifications, and are duly relegated to the ‘no’ pile.
However, if you are open to providing a comprehensive training program, you may suddenly find yourself with a host of new candidates to consider. The bonus? It may well become something you are known for within your industry, enticing further talent to consider coming on board.
Further Talent Shortage Help
While the candidate shortage is a worrying across all industries, these suggestions demonstrate there are many recruitment strategies you can use to do address it.
As Sydney recruitment specialists, we take the time to deeply understand our client and candidate needs, so we can quickly spot a good alignment. We also have access to a range of passive talent, so if you need some support in sourcing top candidates in technology, engineering, accounting and finance, property, risk and compliance, executive search or sales and marketing (just to name a few!), please get in touch.
