How is the Talent Gap Affecting Your Business

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Even in times of steady technological change and business growth, companies across a wide variety of industries struggle to find the right person for the right job. The talent gap has compounded that challenge and created a venerable war for talent in the modern age of digital transformation.

The rapid pace in which technology has advanced over the past 5 to 10 years alone has left many companies struggling to even find people with the skills they need to achieve their business goals. Recruiting efforts are becoming even more competitive from company to company, and you can be sure that the rock star talent you are looking for is also being chased by your competitors. Many qualified job applicants receive multiple offers these days, and as colleges and technical schools race to update their programs to meet the industry needs, the skills gap remains. But there are a few ways you can subvert the issue. Here are a few tips to help your company bridge the skills gap.

Focus on Retention

Retention of top performers is key to making sure that you have the people you need to get the job done. The reason retention is so important is because the recruiting and hiring cost is really quite impactful on a company’s bottom line. Furthermore, low retention rates can negatively impact employee morale and corporate reputation making it even more difficult to hire industry-leading talent. But by focusing on keeping and developing the employees that you do have, you will be more prepared to address the skill gap issue along the way.

Recruiting for Potential

When recruiting new employees, many employers have difficulty finding the workers with the exact skills and training they need to succeed on the job. This is in part due to a lack of high-quality training opportunities available to students and professionals alike. When the overall size of the candidate pool is low, there is an even higher chance that applicants will lack the exact experience you are looking for. The best course of action is to seek out candidates, or better yet existing employees, who have the capabilities to learn the exact skills needed for the job and then provide the training opportunities directly to them.

Train your Talent

Providing training opportunities to your existing staff may have some upfront costs on the outset, but companies should consider this to be a long-term investment in their employees, their product, and their corporate culture. There are many candidates in the current market who are frustrated that they are not offered chances to grow and learn on the job. This can lead to high turn-over rates and financial losses for both the employee and the employer. It is far better to identify the employees who are most likely to succeed given the right opportunities, challenges, and support. Your employees will appreciate the respect and confidence you have in them and rise to the challenge given the opportunity.

Are you looking for hard-to-find workers?

For more advice on your path toward recruiting the best and brightest in the industry, connect with us today!

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