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THE BATTLE FOR TALENT – The Skill Shortage Predicament

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Skill shortages are approaching critical levels in the US, as well as in other global economies – in spite of our high unemployment level. Many companies are struggling to find the employees they need across multiple industries sectors in the global talent market, and this problem appears to have been intensifying since the 2007 recession. With rapid globalization, technological advancements and personal career choices, there is an increasing need for reliable workers in the trades, manufacturing, transportation and light industrial sector. There is also a very significant shortage experienced in finance, legal, insurance and other regulated industries. The shortage is starting to affect performance and profitability as the gap makes it impossible for many companies to meet client demands and fulfil new service obligations and opportunities.

As employers explore new ways to attract talent, some of the options that should be considered to improve their access to available talent include improving compensation and benefits, taking on candidates with lower skills levels/ experience and training them up, and enhancing work culture flexibility.
Job seekers and even employed individuals find themselves increasingly involved in poaching wars especially in industries with typically high turnover such as manufacturing, transportation and Information Technology. Both employee and employer are now experiencing the new dynamics in this highly tilted employee job market, and the consequences on their response tend to be harsher on the employer.

While it is enticing for employees to consider offers of increased pay proposals by employers wishing to recruit them, these employees must also realize that the importance of a stable work history and the preference of employers for ‘those with fewer switches’ remain a priority as they continue to focus on eliminating transitory, unreliable and potential short-term employees especially in career-oriented positions.
This scenario of course creates some new opportunities for recruiting and headhunting businesses, as the demand for search services continues to grow.

There are however many options for client companies to consider, including converting accepting ‘career-change’ candidates that have transferable skills in other industry sectors, utilizing internship programs and working with more than one search/ recruitment company to meet their needs.

While this problem may be indicative of a wider economic and educational challenge, with a need to develop more trade schools, technical programs, financial training and management programs to fill the gaps in many of these positions, individual companies need to find measures to adapt to this trend.

Find a reliable provider whose goal is to help clients find suitably qualified employees and will be devoted to your needs even in this evolving business landscape. The recruitment process can typically be a huge administrative burden for companies, sometimes saddled with tons of resumes, no-shows, cancelled interviews, and then a repeat of the process several times over, only to yield nothing.

Convert quickly and make an offer soon after interviewing a great candidate. Consider potential as well as proven historical performance. Be fair when reviewing compensation and be open to negotiations.

Trade wars, industry competition, increased pay demands, rising costs and high turnover rates are only some of the factors affecting today’s business landscape. The skills shortage adds an extra dimension to another already challenging reality. How can we help you today?

Contact Brand Leverage at www.brandleverageusa.com or call us on 763 347 0122 or 763 208 9774. Your company is worth the investment!