Running a business is tough enough these days. But, the continuously increasing talent shortage is now becoming a profound headache for employers. Some say that it is a problem with the education system, while others argue that technology is advancing faster than employees can keep up. Nevertheless, the facts remain that most employees are finding it hard to solve talent shortfalls in their organization. One way to avoid such talent shortfalls is to retain the talent you already have. Here are some steps you can take to retain your best employees.
1. Train existing employees. To make up for skill shortfalls, most companies have started offering training to their existing employees to push them to adapt and fill the current gaps. This entails training that is offered in-house, where knowledgeable employees can share their valuable expertise with other employees. It is a great way for organizations with few resources to increase talent value without spending too much money and time.
Another option that employers can try is to seek outside training. There are some businesses that offer their employees incentives to go back to school and get the education they require. And although this option can be more time-consuming and expensive, it will definitely pay off in the long run. Not only does it ensure the employees qualified and trained according to industry standards, but the incentive alone can help attract a good number of talented workers to your doorstep.
2. Adaptability. Interestingly, many companies have realized that they already have the employees they need, however, they are not using them in an effective way. It is crucial that you keep an open mind when looking at the available talent and skill sets in your company by paying close attention to the skills and talents that could be transferred.
Consider employees who might be able to apply their talents and skills in a different way. For instance, an employee with a strong sales background can easily adapt and apply their abilities in the marketing department. An employee with engineering skills with a background in the automotive industry can easily adapt and find themselves comfortable as a resource manager, someone with a strong background in communications may find an excellent growing career in sales, and so on.
In simpler terms, the key to solving or avoiding talent shortfalls might be right under your nose.
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3. Re-Evaluate your recruitment process. When skill shortfalls become a serious concern, it might be high time that you re-evaluate your process of recruiting new employees.
You can continue to hire applicants with at least 80% of the needed requirements and help them settle and grow into the work and role without hurting your business at all. Or, you can try hiring an applicant with all the necessary skills, but one with less experience than initially wanted. Or you can rely on recruitment companies such as Black Pen Recruitment, to source talented people for you.
If you expand your hiring practice and even consider transferable skills, you might just find motivated and excellent individuals who could help your company to easily reach its goals.
4. Use contingent workers. In general, one of the easiest ways, to fill a talent shortage is by finding and hiring contingent workers. With contractors, consultants, freelancers and more, you can easily and quickly fill huge gaps in your operation and it will cost you much less than hiring full-time employees.
Contingent employees are becoming an incredibly popular choice for many employers, considering their flexibility, availability, and expertise that allows them to work within the confines of any project, budget and time frame.
Most companies feel as though labor risks involved is usually outweighed with great benefits. Unlike a lot of areas in the labor market, contingent employees are a growing trend that means there are enough to meet your company needs for as long as you need.
5. Partnering with educational facilities. Through it is quite rare, some organizations choose to partner with local (even national) educational facilities. This suggests that they can have a fresh supply of talented potential workers and the school involved can help its students find a job as soon as they graduate.
You can even open your company to co-op work placements, apprenticeships and internships, which can help cultivate the next generation of talented workers. What’s best is that you can keep a close eye on the future of your business.
