What is happening with the Labor Shortage?

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While the job market is getting its groove back and open positions flood job boards across industries, those in demand for talent may feel like they’re grasping at straws. Finding workers for unfilled jobs (and retaining them) is proving to be a challenge in this developing labor shortage.

We’ve been following the workforce trends closely, and with a robust candidate market on the prowl for flexible work and higher wages, where could this talent gap really be stemming from?

Workforce supply and demand

Unfortunately, there’s no one problem (or solution) to the talent shortage companies and talent acquisitionists are faced with. Here are just a few internal and external roadblocks contributing to the shortage of workers:

• Expansions and growth
• Retirees
• Turnover rates
• The Great Resignation
• Skill gaps
• The gig economy

Hiring managers and recruiters alike must reevaluate their talent strategy if their goal is to make long-term placements even in the wake of a labor shortage. Consider these three phases to acquire the best match for opportunities waiting to be filled.

Tap into the talent pool

Decision-makers and recruiters are sourcing for quality over quantity when filling jobs in the workforce. But it’s not just them. In today’s talent market, job seekers also have their eyes on quality: quality job openings, quality corporate perks, and quality work-life balances to match. The real mission for organizations and staffing agencies is turning these desirable demands into bargaining power. 

For the talent that’s already out there actively searching, hiring authorities and recruitment services can easily supply job opportunities that match their professional goals. But maybe the perfect match for a target position already has a good job. Talent that’s just out of reach can still be won over by highlighting what could benefit them in professional and developmental areas that may have been lacking.

Leverage on the candidate and employee experience

So the labor shortage boils down to equal parts attraction and retention. A long and drawn-out hiring process can easily discourage potential prospects. And, while enticing future employees with an alluring job posting might get job seekers in the door, it won’t keep them there.

Thankfully, improving work conditions and streamlining the hiring process is something companies and recruiters can build on together. For instance, recruiters can relay to potential employees the impactful changes organizations are investing in to maintain long-term job satisfaction. That way, companies can focus their attention on team building, boosting employee engagement, providing inclusive leadership and high-value health care, and encouraging employee well-being.

Prepare for the future of work

It’s one thing to know what current employees need, and it’s another to predict and adapt to the needs of a future workforce. Sustaining growth and providing a supportive culture for generations to come can more easily be accomplished by partnering with recruiters who have their eyes and ears on the shifting expectations of job seekers.

Companies and recruitment counterparts can offset the labor shortage by expanding their talent pipelines with more diverse and under-the-radar prospects. They can even work together by comparing notes on what’s working and what potential setbacks are holding companies back from securing good hires.

There’s no need to tackle unfilled jobs alone. Bank on the benefits of working with a recruiter by exploring a partnership with gpac.