85 Million Jobs Could Go Unfilled Due To Lack of Talent in 2021
It’s no secret that there is a shortage of top talent, with hiring difficulty at a 15-year high. When surveyed, 44% of CNBC’s Technology Executive Council (TEC) indicated that the biggest risk they face this year is finding qualified candidates. Workers are voting with their feet and leaving the industry en masse. NPR has coined the phrase “The Great Resignation” to describe the job market right now. What can you do to hire and retain the best employees?
How Can They Grow?
In the job description and during the interview, highlight how the candidate can grow and develop within your organization. The median number of years someone will stay at a company is 4.6 years. However, the younger generations are staying put even less. According to Gallup, 21% of millennials report changing jobs within a year, which costs an estimated $30.5 billion annually. Top talent has a hunger for growth and development. By pointing out opportunities during the interview, candidates can start to see a future with your company.
Balance is Key
Emphasize work-life balance and flexible work options. After a relatively successful year of work from home, hybrid or flexible work is a make-or-break for many people. The pandemic also made workers rethink their work-life balance. “Work is no longer about just paying the bills.” People are choosing lower-paying jobs in favor of more personal time and schedule leniency. KPMG’s annual CIO survey found that 84% of IT leaders are concerned about their team’s mental health. To combat this, companies like Hubspot are rethinking benefits. They pioneered a “Global Week of Rest” in which the entire company takes a week off. And the market took notice, with their stock reaching a monthly high. By offering hybrid and/or flexible work, top candidates are more likely to rank your company higher.
Have a Corporate Mission
Show potential employees how you can give them purpose. Does your company have a mission and vision statement? Make sure to emphasize it to candidates. According to INC, 64% of millennials will turn down a job opportunity if the company does not have a strong corporate social responsibility policy. On the flip side, 83% of millennials would be more loyal to their company if it helps them contribute to social and environmental issues. Millennials will make up approximately 40% of the workforce in 2025, so listening to their priorities is key to growing your businesses.
Get Your Name Out There!
Host and sponsor events in the tech industry, like hackathons or workshops. Not only are you gaining access to a group of highly driven people who are actively working to improve their skills, but you are increasing your company’s visibility in these areas. The CIO survey revealed that cybersecurity is the skill with the largest shortage, and hackathons are a great way to find candidates with a guaranteed passion for cybersecurity.
Recognize Certifications and Career Certificates
Be open to alternative education history. AWS is piloting a new program called re/Start, a “full-time, classroom-based skills development training program that prepares individuals for careers in the cloud.” In addition to passing AWS certification exams, students will learn Python, Linux, networking, and more. Similarly, Google offers many Career Certificates to prepare candidates for high-growth fields like data analytics, android development, and UX design. All of these new programs allow candidates to learn new skills and demonstrate proficiency, even if their degree is in a different field. By opening up hiring to candidates without a relevant degree (or, no degree at all) but have a career certificate, you will open up your positions to many more qualified people.
The labor market looks different now than it did just a year ago, and it may look different six months from now. But by highlighting growth opportunities, offering flexible working options, and having a company purpose, you can increase your chances of hiring and retaining top talent that will help you grow.
What if you’ve read all this and don’t know where to start?
The second article in this series, Does Your Resumé Pass the Six-Second Test walks you through highlighting growth opportunities during the recruiting process.