What Will a Candidate-Short Market Mean for Employers?
In a study conducted by a global organisational consulting firm, the forecast indicates a global shortage of human talent by 2030 and the numbers are staggering. If the trend continues, the shortage could reach up to more than 85 million people and could cost approximately $8.5 trillion in unrealised annual revenues.
In Sydney alone, there is a short supply of high performing talent that is currently causing recruitment problems for companies. This occurrence is called a “candidate-short market”. There aren’t enough highly skilled workers available to recruit, either because they’re already employed or there simply is a lack of qualified workers who can meet the job requirements.
Here are our recommendations for employers on how to stay ahead of the competition when recruiting in a candidate-short market.
1. Expand your sourcing strategies
Sharing a job post on your Facebook page or through online job platforms aren’t enough. You’ll be wasting your time waiting for the applications to come in. You need to employ more targeted approaches for sourcing the high performers. Use networking strategies and referral programmes among your colleagues and friends which can provide the qualified candidates that you need.
2. Don’t delay the process
Because there’s a high demand for them, top-tier talent will waste no time choosing from job offers. You shouldn’t either. Once you have the best candidates on your list, continue to focus on the recruitment process until you’ve finally secured the right talent for the job. Otherwise, your competitors will snap them up and you’ll have to start all over again. You may not even have enough time to gather more candidates so if you have that one good prospect already, immediately assess their qualities versus the job requirements. If they match, onboard them right away before it’s too late.
3. Fine-tune your interview approach
The interview process is essential but if not done efficiently, you won’t be able to do a proper assessment of the candidate. You’ll end up wasting each other’s time or lose the prospect to another job offer. Traditional interviews alone may also lead to forming biases which can cloud the judgment of the recruiter to evaluate properly. Using psychometric tests and providing competency questions will help you gain insights effectively on the candidate’s skills and qualities without any taint of bias.
4. Give them an offer they can’t refuse
Just to be clear, this doesn’t mean that you should resort to desperate measures. But if the top candidate has several opportunities line up, you have to ask yourself: why should high performers join your company? While a bigger salary and better employee benefits will definitely tip the scales, what they also want is to join a company that makes them feel they’re contributing something positive, not just to the business but to society in general. They want to feel a sense of purpose, so it’s important to be clear what your company stands for and how you can help support their career growth.
5. Check on your current top talents
As you look for highly skilled workers to join your team, you might want to check how your current top performers are doing. Are they still engaged and motivated to work in your organisation? Beyond the usual performance reviews, set some time to ask if they’re meeting their career goals in your company, what are their plans in the next few years, and if there’s anything that the organisation can do to provide programmes, resources, or incentives to keep them engaged. Taking care of your current top talents will help you to recruit new ones.
Executive recruitment agency in Vietnam
When it comes to recruitment agencies in Vietnam, The Talent Consultants has the experience and expertise to source the most qualified candidates for high-level jobs in multinational businesses. We are a talent acquisition consultant based in Ho Chi Minh City that can provide workforce solutions from a rich pool of talent based in the Southeast Asian region.
Check our free online resources for tips on recruitment and managing remote staff. If you need professional recruitment services to find the best talents for your organisation, contact us on +84 28 7309 7991 or book a free consultation here.