Recruiting and retaining talent in times of scarcity

In the current competitive job market, finding and retaining talent is a significant challenge. Globally, there is an average shortage of 77%, meaning there are only 0.77 job seekers for every available job. This shortage is expected to increase to 85 million unfilled positions by 2030. How can organizations prepare for this challenging future?

Three strategies to address this shortage

Upskilling and reskilling

With the retirement of the Baby Boomers, there is a shortage of highly skilled workers. By upskilling internal employees, you can bridge this gap. Use a structured recruitment process to remain objective and develop an action plan for a smooth transition to new roles.

Why upskilling and reskilling?

• Internal mobility

  By teaching current employees new skills, you promote internal mobility and retain valuable knowledge within the company.

• Cost savings

  It is often more cost-effective to upskill existing employees than to hire and train new employees.

• Motivation and loyalty

  Employees appreciate the opportunity for professional development, which increases their motivation and loyalty.

Tap into new talent pools

Expand your talent pools by collaborating with educational institutions and focusing on employees looking to make a career switch. Identify which skills they already have and which ones need to be developed.

How to tap into new talent pools?

• Educational institutions

  Work with colleges and universities to gain access to emerging talent.

• Transferable skills

  Focus on candidates with transferable skills from other sectors.

• Traineeships

  Offer traineeships to bridge the gap between education and work.

Offer flexibility

People's work preferences have changed. Flexibility in workplace and schedule is now more important than ever. Use assessments to align the work styles of managers and employees and ensure good collaboration.

Benefits of flexibility:

• Work-life balance

  Flexibility helps employees find a better balance between work and personal life, leading to higher satisfaction and productivity.

• Diversity and inclusion

  Flexible work options enable the attraction and retention of a more diverse workforce.

• Adaptation to changing circumstances

  Flexible work arrangements allow organizations to quickly adapt to unexpected changes, such as pandemics.

Utilize the ProfileXT (PXT) and PXT Select™

PXT and PXT Select™ provide valuable insights and reports to support these strategies. The Coaching and Selection Reports offer specific feedback and help identify the strengths and weaknesses of candidates.

Why PXT and PXT Select™?

• Scientifically based

  Our assessments are based on decades of research and millions of data points, ensuring reliable and valid results.

• Objectivity

  PXT and PXT Select™ help reduce bias in the selection process by providing objective data about candidates' capabilities.

• Insight into strengths and weaknesses

  Our tools provide detailed insights into the strengths and weaknesses of candidates, helping to make well-informed decisions.

Conclusion

Addressing the current and future talent shortage requires a strategic and proactive approach. By investing in upskilling and reskilling, tapping into new talent pools, and offering flexibility, organizations can arm themselves against these shortages. With the support of PXT and PXT Select™ assessments, companies can make the right decisions to build a resilient and future-proof workforce.