How to Navigate the Global Talent Shortage and Come Out on Top

We are currently experiencing one of the worst talent shortages in recent history, leaving organizations, regardless of industry, struggling to fill vacancies with talented candidates. While most are still feeling the impact of unprecedented challenges brought on by the last few years, navigating a talent shortage is not only time consuming, but daunting - with no sign of slowing down. It is expected that by 2030, there will be a global talent shortage of more than 85 million people (Forbes/Fuel50). 

So how do you navigate a talent shortage within your organization? We’ve compiled a list of six strategies that should help the weight of a talent crisis feel a little less overwhelming.

1. Search for internal talent: Sometimes the best talent is found hidden where you least expect it. A full analysis of the talent already within your company should be conducted in order to find those who could possibly take on new or different responsibilities, or fill in the gaps left by a talent shortage. Ensuring you have proper conversations, touch bases and quarterly/yearly evaluations in place can help to ease this process, giving you a first stop when analyzing employee goals, achievements, and unique talents or additional areas of interest.  What many organizations forget it to “know their people.” 

2. Re-evaluate your hiring criteria: Analyze how you are acquiring and retaining talent, and begin to shift focus from short-term to long-term talent strategies. Find local talent by identifying incubators, talent hubs, and other workforce hot spots, ideally situated near local universities. A comprehensive strategy should be developed to effectively recruit the right college graduates for entry-level roles within your company. Expanding your search outside of specific majors, and analyzing which employees have performed the best and you feel are a true “fit” for your organization can help to paint a picture of which attributes you should be looking for in new hires. Playing the long-game with university students pays dividends with Gen Z. Many search for those first internships as early as freshman year, and by investing in a student early via a recurring internship you are given a relatively low-risk way of “testing out” potential talent before formally hiring them.

3. Build your talent community: Stay connected to talent interested in your organization so you have a pipeline waiting in the wings if or when a talent shortage strikes. A talent community is a long-term investment allowing you to establish relationships with potential future candidates who have expressed an interest in your organization or company brand. This long-term recruitment strategy provides more opportunities for networking with potential candidates, the ability to implement an employee referral program (proven to on-board faster, and retain both employees longer), elevate your brand, and attract talent in new ways. Consider what a strong and engaging social media presence can do when working to attract young, innovative talent to your organization. Multiple touch-points and a personalized approach is key when recruiting and building your talent community.

4. Upskilling or reskilling: We’ve previously discussed the benefits of upskilling, but did you know that both upskilling and reskilling employees can help ease the pressure during a talent shortage, creating a culture of continuous learning in the workplace? When employees begin to learn new skills while also building on existing skill sets, they become more adaptable, agile, and prepared for changes within the industry. Building employee’s knowledge improves problem-solving capabilities, while also giving you the opportunity to leverage these new skills when needing to carry your organization through transformation and growth.

5. Invest in your existing staff: Developing an effective employee retention strategy is key to safeguard the future. We already know that employee experience matters as it relates to both profit and retention, and it’s probably no surprise that another important aspect of retention is to proactively ensure competitive pay for your employees. Having someone on your team monitoring both the market and your employee’s growth allows you to proactively raise their pay if and when possible. This helps you remain competitive in an already competitive market. When investing in people, it’s not always about the money, and you will want to consider non-monetary strategies as well. A personal development plan unique to each individual can work incredibly well in combination with annual reviews and feedback. Honest, two-way communication is imperative when wanting to determine the full picture within a team or department. Listen more than you speak, and truly get to know the individuals who work for you; they will feel your personal investment in them, and thus feel a greater pull to invest themselves in your organization.

6. Develop a workforce fit for the future: Organizations can effectively navigate the ongoing talent shortage by focusing on agility and flexibility. Organizational agility is a company’s ability to successfully change or adjust rapidly. An agile organization is one where internal candidates are prepared for new and future job openings, and where they trust leaders to guide them through significant change. This level of trust breeds empowerment and drive, which allows for quicker, more stable decision making and the ability to view inevitable change as an opportunity, rather than a threat.

A talent shortage is potentially one of the greatest risks to your organization. By preparing in advance, and focusing on the future by implementing a few innovative strategies, you will not only better support your employees, but your organization’s future as a whole. It’s always easy and comfortable to “stick to what has worked,” but if you truly want to quickly and efficiently narrow the gap during what seems to be an inevitable upcoming talent shortage, you’ll want to move away from the ease of the past and consider implementing a modified, new-age approach.