Why it’s harder to find great talent
More and more businesses are reporting that they are struggling to recruit great talent, but what does this actually mean?
The Office of National Statistics reports that in January 2018 the employment rate was joint highest at 75.3% since comparable records began in 1971. While this is great for the economy, it means there are fewer candidates available to fill the vacancies that employers have.
Part of the reason for this is the need for employees to feel secure in their roles, which is understandable given events at the turn of the decade. Indeed, the recession caused much uncertainty and even though the economy is in a far stronger position than at any point over the last 10 years, the small matter of Brexit is seeing many people opt to stay where they are rather than jump ship in search of opportunities elsewhere.
However, that doesn’t mean that people are not open to new opportunities. They very much are. It’s a matter of recognising what candidates really want from an employer. For instance, top of the list is always providing good benefits, training and development opportunities, as well as promotion opportunities to encourage employees to build their career within the company they are currently working for rather than looking elsewhere.
Are you confusing great talent with experienced?
There have been many reports over the years that there’s a growing skills gap within certain industries. More and more students are graduating from university unable to find work because they have no experience, but they aren’t going to get experience if no one employs them. You could employ the most experienced person in the world, but it doesn’t necessarily mean they will be a great employee.
An employee who is passionate, strives for success, fits in with the culture and is aligned with your brand values. They will be a productive employee who will go above and beyond their job role and given the right training and development, along with some coaching and mentoring, could potentially become the greatest talent within your organisation, whether they had previous experience or not.
Employers are also seeing a challenge when it comes to recruiting and managing millennials, who are changing the shape of our workforce with different values to previous generations. Millennials crave personal development and a better work/life balance than their parents, with financial rewards third on the list of what they look for from a job.
A report produced by PwC states 95% of respondents say work/life balance is important to them. Millennials want more than ‘just a job’ are motivated by more than money and want to do something that they are passionate about. This will have a direct impact on employers who are trying to find great talent. Millennials will only be interested in jobs and companies that meet these values and if they are already employed by someone who satisfies these needs they are unlikely to move to a company which doesn’t offer them the same flexibility or career development opportunities.
The final reason why employers may find it hard to find great talent is that the company isn’t clear about what they are looking for and therefore end up receiving applications from people without the skills and experience they are actually looking for. The recruitment process can already be a long process so not being specific in what you are looking for will not just reflect badly on your brand, will increase the length of the recruitment process, resulting in you losing great talent to the competition.
If you are looking to grow your team and need support in finding the right people for the right roles, get in touch with us today.