Since January 2015, the U.S. Bureau of Labor and Statistics reports a growing chasm between the number of jobs available and the limited talent pool. For some employers, if this continues, the future does not look rosy.
The Manpower Group 2015 Talent Shortage Survey states a staggering 1 in 3 employers currently have difficulty filling positions and 33% of employers report they are unable to fill jobs because of a lack of applicants. Nearly half of employers believe the shortage of talent will have a medium to high impact on their ability to meet business needs in the future. A June 2015 article in The Guardian newspaper headline reads:
“Growing skills gap: 80% of small businesses can’t find qualified staff”
Have I scared you yet? Good. Here is some good news. It is not always about pay alone that attracts the top talent.
Think of your customer. What do you know about your customer? Do you meet your customer’s current and future needs? What would you do if your customers started walking away from your company and new customers were not offsetting the loss of your old customers? How would your company react to that? If you are finding difficulty hiring qualified employees, they are not applying for your posted positions or your retention rate is high; you need a new strategy. If the same were happening to your customer base, you would take evasive action. You would refocus your marketing and find what attracts new customers. Why is that? A competitive sales market is virtually the same as a competitive employment market. Either you can be a leader in premium wages, in creative differentiation or in employee satisfaction. Choose your strategy.