20 Dec Tips for Surviving the Talent Shortage in 2022
Employers and job seekers alike have been on a bumpy ride since early 2020, especially as social distancing and economic uncertainty have impacted business-as-usual.
If you’ve heard the phrase ‘The Great Resignation’ of late, you might be familiar with warnings sounded in the business community about talent shortages reaching new peaks in the coming months. These warnings are supported by research: about 38% of Australian workers are likely to quit their job within the next 12 months, according to a recent survey by PwC Australia.
Coupled with the 13-year high in job advertisements reported by the government as businesses rebound from the COVID-19 downturn, the resignation trend presents both challenges and opportunities for employers.
Although the war for talent will continue to intensify, new factors have emerged that can help organisations gain an advantage. We’ll explore some of these in our tips for managing talent shortages below.
1. Review Salaries, Incentives and Benefits
In this highly competitive talent market, the best candidates are negotiating for the best salary and remuneration packages they can get, while current employees are more tempted to change roles for a better pay packet.
Since the pandemic began, salaries have notably increased for software architect and testing roles, reflecting the stiff competition for candidates in these specialisations. Research is, therefore, crucial – don’t assume your company is offering a competitive salary if you haven’t checked the latest remuneration trends.
Another way to access the most up-to-date information on salaries is to reach out to a recruiter, as they have daily exposure to salary negotiations across a range of companies and industry sectors.
Also, think about what non-salary incentives and benefits you’re offering (such as additional holidays, salary sacrifice or retail discounts) and how clearly you’re communicating these to candidates and employees.
2. Run an Inventory on Your ‘Known’ Talent
An organisation’s broader talent pool, which can consist of current employees, contractors and candidates who have previously applied for roles, is often an untapped resource. Gathering key information on your talent pool – individuals’ skills, experience, qualifications, and location – can help you spot possible candidates quickly when a vacancy arises.
Large organisations have started focusing more on internal mobility and reskilling programs in recent years, as tech talent shortages become more of a long-term challenge. Analysing your talent pool helps you identify current staff who have good potential for upskilling and reskilling.
Of course, hiring from within your organisation might not address all your recruitment needs, but understanding your internal talent landscape will make your external recruitment more efficient.
3. Boost Your Candidate Experience
All organisations have room for improving their candidate experience, but those who clearly do it better than others tend to be the companies that everyone wants to work for.
Improving the candidate experience is more than just making the application process easy – it encompasses everything from how you make an initial impression as an employer (e.g. your website, social media channels and job ads), all the way through to the application, selection and hiring stages.
A lack of follow-up is one of the most frequent complaints that candidates have about the recruitment process, so it’s worthwhile thinking about how you can automate some communications sent to job applicants.
4. Embrace Flexible Working
As the COVID-19 pandemic forced many companies to adopt remote and flexible working practices, candidates are increasingly expecting more flexibility from their employers around hours and location.
Just 17% of employees want to work from the office every day (compared to 44% of executives), according to Slack’s Future Forum Pulse survey of over 10,000 knowledge workers across the US, Australia, France, Germany, Japan and the UK. Further, more than half (54%) of workers would consider leaving their job post-COVID-19 pandemic if they’re unable to access some form of flexibility in where and when they work, EY’s 2021 Work Reimagined Employee Survey shows.
Does your company have a flexible working policy? Which roles could use more leeway around hours and location? Introducing more flexibility could boost your talent attraction efforts significantly. You could also tap into interstate or overseas talent pools, or reduce your overhead costs.
5. Focus on Values and Ethics
Candidates are increasingly factoring in environmental, social and corporate governance (ESG) issues into their career decisions, so companies that take ESG seriously are likely to have a competitive advantage for engaging and attracting employees.
Younger workers in particular are highly engaged with issues relating to protecting the environment, social justice and diversity. For example, almost half (48%) of Australians, including 71% of Gen Z and 52% of Millennials, would not work for a business that did not take action to address climate change, according to a recent study by Elmo Software.
If your organisation hasn’t focused much on ESG, it might be time to look at how the company could adopt some best practices. And, if your organisation is already striving for better ESG, think about how you’re communicating this to your employees and to the public.
Summary
To beat the tech talent shortage of 2022, being aware of candidates’ current career preferences and values will make your recruitment strategies more effective. That’s where we can help. As specialists in technology and digital recruitment, Emanate Technology works closely with clients by advising on hiring strategies and sourcing top tech talent. To learn more about what we can do for you, get in touch with our team in Brisbane or Canberra