According to a recent Talent Shortage survey by Manpower, 77% of employers are having difficulty in filling roles. This number marks a 17-year high and means that organisations of all sizes need to think differently about their recruitment strategies, as well as how they nurture and support their existing workforce.
Recruiting and hiring can be a daunting task for any organisation, but for small to medium-sized enterprises (SMEs), the challenges can be even more significant. SMEs need to be more creative with their recruitment strategies and rethink how they look after their current talent pool, as well as how they attract top talent and find candidates that match their needs.
What is causing the current talent shortage?
There are a myriad of factors causing the global talent shortage, some of the most common being:
Skills mismatch: There is a disconnect between the skills and qualifications held by many in the UK workforce and the skills employers actually need to fill roles. Fields like technology and construction are the two industries hit most by the shortage.
Low unemployment: With unemployment rates very low in the UK right now, there are fewer available candidates to fill open jobs. As such, employees can be more selective about when they look for a new job, and the type of company they want to work for.
Demographic challenges: The UK workforce is aging, with many skilled older workers retiring. There are also fewer younger workers entering the labour force to replace them.
High demand for skilled roles: Employer demand is high for skilled workers in fields like healthcare, engineering, IT and advanced manufacturing. The supply can’t keep up.
Lack of vocational training: Cuts in funding for vocational education and apprenticeships have reduced the programmes available to train workers for critical skilled trades and technology roles.
Brexit: The UK’s departure from the EU made it harder to recruit skilled workers from across Europe, therefore reducing the pool of available talent.
3 Strategies to help SMEs overcome the talent shortage
- Focus on soft skills
With technology and automation transforming the workplace, the adaptable human touch of soft skills that technology cannot replace has become essential for SMEs.
These skills include communication, empathy, adaptability, and critical thinking, all of which enable effective teamwork, customer service, leadership, and emotional intelligence. They allow organisations to overcome challenges, improve collaboration and thrive in the long-term.
Ensure that your recruitment process is open to considering a wider pool of candidates who may be able to learn and develop the ‘hard’ skills needed to fulfil the role.
- Consider alternative recruitment methods
LinkedIn has become a go-to resource for job seekers, allowing them to directly connect with a vast network of professionals at companies they are interested in.
Job seekers can research organisations and their leaders and follow companies to receive updates on new openings, and signal interest to recruiters.
Here at 1850, we actively use LinkedIn to search user profiles to identify candidates with the right skills, experience, credentials and cultural fit. These individuals may not actively be looking for a new role, but may be interested if the right position came up.
- Upskilling and reskilling
Every SME should embrace a culture of continuous learning to allow their teams to acquire new skills and knowledge and create a more versatile workforce. This enables them to take on new responsibilities, adapt to changing roles, and fill skill gaps within your organisation.
Implementing on-site training programmes and workshops in high-demand skills equips workers with the latest skills needed to meet your needs. You can also use initiatives such as team knowledge-sharing to help with collaborative problem-solving and teamwork.
The talent shortage we are currently witnessing doesn’t have to be a burden for your SME. With the right support, you can create a company and culture that people actually want to be a part of, rethink your recruitment strategy, and provide learning opportunities that help retain your existing talent pool.
Start by contacting 1850 today to discuss your recruitment challenges in more detail.
