We are experiencing a significant shift in talent acquisition, making it tough to recruit and retain top talent. In July 2021, the U.S. Bureau of Labor Statistics reported that over 4 million employees called it quits, leading to ‘the Great Resignation’. While resignations continued to remain high for several months, a record-breaking number of 10.9 million jobs were still open.
A recent report by "The all-new ManpowerGroup Talent Shortage Survey" reveals the hardest-to-find skills in the country, stating that 69% of firms were struggling to find top talent. They found that this change wasn't the direct result of the pandemic, but instead this is a significant shift in attitudes towards workplace culture. Consequently, organizations turned to recruitment agencies to find the right candidates.
CMP’s 2022 Diversity, Equity, and Inclusion (DE&I) Pulse Check Report reveals that employees have set expectations. They want their workplace to be a space where they feel respected and valued for who they are. Many organizations are still unsure of how to effectively implement DE&I initiatives.
To tackle this workforce shift, we have found the following three talent acquisition practices to be key and critical in this new age of talent scarcity:
- Use a data-driven approach
A data-driven, organized approach is key to gaining a competitive advantage. This approach involves tools and technologies that help analyze large talent pools. The metrics help identify the right candidates with the experience, skills, and mindset. You can have the advantage of implementing this approach without increasing your headcount or investment. A recruiting firm like CMP uses rigorous and efficient tools that provide results in real-time. The predictive insights that are derived from assessments will inform better selection, and more effective onboarding.
- Prioritize & promote Diversity, Equity, and Inclusion (DE&I) practices
A staggering three out of four employees (76%) stated that a diverse workforce was a crucial factor when evaluating companies for their next job. In the 2022 DE&I survey report, employees chose these three topics as the critical aspects of organizational culture - diverse and inclusive leadership, initiatives to increase fairness, and investment in development. While there is more work to be done to create an inclusive workplace, setting these expectations from the beginning can lead to a positive work environment. Incorporating this into your hiring strategy can eliminate biases throughout the selection process. However, promoting DE&I in the workplace starts with recruitment practices.
- Personalize the candidate experience
Gartner suggests that a more human-centered approach can build higher employee engagement. The first step to retaining top talent is to personalize the engagement with prospective candidates. This happens naturally by developing an employer brand encompassing company values, flexibility, and balance. You create a positive appeal which in turn becomes an enduring practice across.
As many organizations continue to face recruiting and hiring challenges, keep in mind that agility is a key factor in succeeding. Embrace current trends and best practices to create an effective talent acquisition strategy. If you are looking for a recruitment partner, we can help. CMP is a full-talent lifecycle firm with 25+ years in search, assessment, and talent recruitment with a proven, industry-leading approach to solving your critical hiring needs. Click here to learn more.
