In the United States, businesses are facing a talent shortage. There aren’t enough qualified workers to go around. This is becoming a serious issue, preventing companies from expanding and growing. One of the principal reasons for this is because of the recent pandemic.
The pandemic has forced many employees to call sick for work. Many more have decided to put their destiny in their own hands and started their businesses. These are some of the reasons the country has a growing talent shortage. So, how can companies deal with this talent shortage? Here are five ways.
Recruitment Services Should Start Training Applicants
At the forefront of this problem are recruitment services. These services offer companies a way to find new employees. They are also the ones who are tasked with training these applicants.
Unfortunately, most recruitment services don’t do an excellent job of training applicants. They take them through the motions and don’t give them the real-world experience they need. This needs to change. Recruitment services should start giving applicants more hands-on training. One way they can do this is through coaching.
Coaching is a fundamental way to improve the experience of new applicants in the market. An experienced case interview coach can help applicants prepare for their interviews and give them the tools they need to be successful. Moreover, they can make your recruitment company attractive in front of clients.
Recruitments services should offer all sorts of basic training for applicants. For example, training for software applicants such as Microsoft Word, Excel, and PowerPoint should be included, alongside social media training.
Use Technology To Your Advantage
In this digital age, all sorts of technological tools are at our disposal. Therefore, businesses need to start using these tools to their advantage. One way they can do this is through video conferencing during recruitment.
Video conferencing can help businesses save time and money. It also allows companies to reach a wider pool of applicants. Additionally, businesses can use video conferencing to screen applicants before they even step foot in the door. This is a great way to weed out unqualified candidates.
Businesses should also start using applicant tracking systems (ATS). ATS is software that helps businesses manage their recruitment process. It automates many of the manual recruiting tasks, such as posting job ads and sorting through resumes. It frees up time for recruiters so they can focus on more critical tasks, such as screening candidates. The average cost of an ATS is around $2,000 per year.
Get Creative With Your Compensation Packages
Another way businesses can deal with talent shortages is by getting creative with their compensation packages. Companies must offer more than just a paycheck to attract and retain top talent.
One way businesses can do this is by offering stock options. This is a great way to align the interests of employees with the company. Employees will be more likely to stay with the company if they are invested in its success.
Another way to get creative with compensation is through benefits. Businesses should start offering employees more than just health insurance. Some other benefits they can offer are gym memberships, transportation allowances, and child care assistance.
These are just some ways businesses can get creative with their compensation packages. The key is to find what works best for your company and your employees.
Provide On-The-Job Training
One of the best ways businesses can deal with talent shortages is by providing on-the-job training. It’s a great way to develop employees and help them progress in their careers.
On-the-job training has many benefits. First, it helps employees learn the ropes of the job. Second, it allows businesses to mold employees into the type of workers they need. And third, it builds loyalty among employees. Companies should start offering on-the-job training to all their employees, not just new hires. This will help them keep up with the ever-changing landscape of work.
Currently, the average spending of companies on training an employee is around $1,300. If you want to budget on-the-job training, then this is a reasonable budget. However, increasing your budget is always good if possible because it will be worth it in the long run.
The main benefit of offering on-the-job training is that businesses can develop their employees into the type of workers they need. This is a great way to address talent shortages. By providing on-the-job training, companies can ensure that their employees have the skills they need to be successful.
Talent shortages are becoming all too prevalent in the United States. However, businesses can deal with them by following the tips above. By taking these steps, companies can ensure they have the talent they need to grow while also avoiding the hurdles affecting businesses.