Three Steps for Combating Talent Shortages
Businesses today not only compete for customers, but also for employees. Attracting, retaining, and developing talent can sometimes be as challenging as growing the business.
According to Manpower Group, 40% of global employers are reporting talent shortages, and in the UK the talent shortage appears to be increasing. The issue is on the minds of employers across a variety of industries. For example, Marsh recently noted the talent shortages facing the marine industry and a shortage of pilots in the aviation industry.
Given this environment, employers need to stand out if they are to attract the workforce required for tomorrow, particularly as talent shortages have the potential to impact a company’s plans for growth and customer satisfaction. But it is not enough to get the right talent to join your organisation; just as much consideration should be given to retaining it.
By taking the following three steps, your organisation can be in a better position to attract and retain the right talent:
1. Conduct regular pay reviews: Conducting regular pay reviews is perhaps the most obvious method of attracting and retaining talent, ensuring salaries are competitive in relation to similar roles in the market and showing you value existing employees. However, research has shown that pay alone can have a limited effect on employee satisfaction. Other factors need to be taken into consideration in order for you to be a truly competitive recruiter and retainer of talent.
2. Improve working conditions: Your company could also seek to improve working conditions by taking steps to ensure your corporate culture promotes a better work/life balance for employees, which will ultimately lead to improved employee satisfaction.
3. Offer enhanced employee benefits: You can remain competitive by reconsidering the level of employee benefits you offer. By offering employees affordable and valued benefits in addition to their basic salary package, the right benefits plan can help you to attract high-calibre people to join your organisation — and keep them.
Identifying gaps in employee benefits programmes and making sure they are tailored to specific careers can also help improve the benefits offered to employees and better address the key risks they face in their jobs.
Steps should be taken now to prevent a shortfall of skills within your organisation and to ensure you are well placed to take advantage of opportunities in the future.