How to Retain and Hire During a Talent Shortage

As major companies like Microsoft, Twitter, and multiple tech companies execute layoffs, employers and employees alike wonder what this means for talent acquisition as a whole. One thing is clear, even while companies conduct layoffs, their hiring needs continue.

If you’ve been in the recruitment industry for a while now, you’re probably well aware of the talent shortage. 75% of companies have reported talent shortages and difficulty hiring – a 16-year high. Currently, there are 2 open roles for every unemployed person in the US.

There’s a shortage of skilled workers in almost every industry. Whether you’re exploring new recruiting methods or considering employee layoffs, you’re making difficult choices. But these decisions are made even more complex in the environment we’ve seen in the last few years. The biggest priority for leadership right now should be preserving and hiring the right talent to carry your enterprise through the estimated continuation of the talent shortage.

This talent shortage is an opportunity to think outside the box and find talented professionals that will thrive in your organization. Use these five tips to guide the way to retain the right talent in a difficult market.

5 Tips for Hiring and Retaining Talent During a Talent Shortage

1. Avoid Fixating on Unicorn Candidates

The frustration from recruiters and job seekers alike is that the list of requirements that employers create for a job is unrealistic. This might mean crazy experience levels, endless lists of technical skills, or educational backgrounds that really restrict the kinds of applicants you receive. Holding tight to a rigid laundry list of perfection is only going to end in frustration when that unicorn doesn’t exist.

Whether you’re hiring new candidates or considering the most important employees to retain, leadership would do well to consider soft and hard skills as well as personal characteristics that are non-negotiable in attaining the company’s long-term goals. Be rigid in the goals you have set, but stay flexible in the path to get there.

2. Identify Talent Using Intelligent Solutions

The talent market is competitive, but each unique enterprise requires a unique skill set. Technology has opened up access to information, which empowers job seekers and hiring managers alike. AI recruiting and retention tools not only identify critical traits of ideal candidates but can also help identify skills in current employees ideal for achieving long-term success in your organization. The best part? These tools help to streamline the hiring and communication processes, creating a more efficient hiring pipeline and a better candidate experience. Don’t let people analytics misconceptions stop you from leveraging the tools available to you.

Explore more: Developing a Skills-Based Approach to Talent Development and Recruiting

3. Commit To Quality

Take skills-based hiring to the next level. Commit to hiring quality candidates who align with your core values and are committed to your organization’s success. Consider modeling a virtual benchmark from existing successful employees and comparing new hires and candidates to that benchmark.

Don’t limit recruiting to when you’re in need or just before a round of layoffs. Instead, you should be reviewing your existing team periodically. Use this as an opportunity to retain your top talent, coach your “silver medal” employees to the next level, and, when necessary, give the talent that isn’t a great match the opportunity to succeed elsewhere.

4. Hire People, Not Roles

Once you’ve completed an assessment of your team to map strengths and values, find people to complement your team. The outdated mentality of looking for specific experience holds companies back from hiring great talent, which is what’s really in short supply. When you’re hiring or retaining employees based on experience alone, you could risk cutting out the more valuable talent. You should be looking at candidates that have transferable skills along with the aptitude and desire to learn and grow within your organization.

5. Hire For Values; Train For Skills

When you’ve narrowed down your employable A-team, hone in on how you can develop their skills and experience. Developing your team not only helps your company achieve its goals, but it also helps your team expand upon their skillset while increasing your employees’ retention rates. It’s a win-win situation — you can keep your best employees happy so you avoid needing to fill open roles, and your employees can learn new techniques and skills that help advance your organization.

Take the guesswork out of hiring and retention during a talent shortage. Talent acquisition tools from PREDICTIVEHR with true AI technology make it possible to identify transferable skills and desirable traits that aren’t easily identifiable through a traditional resume. Don’t risk missing out on the talent necessary to achieve your goals.

For a demo of how PREDICTIVEHR works within your hiring team, contact us today.