The UK is currently experiencing record numbers of job vacancies. In June 2022, there were 1,294,000 unfilled positions – an increase of 6,500 from the previous quarter. As a result, many companies are investing their time and resources into recruitment, highlights Andy Ingham.
According to Deloitte’s 2022 CEO Priority Survey, 57 percent of chief executives see talent acquisition as a high priority for this year.
The pandemic, Brexit, and the “Great Resignation” have all had significant impacts on the UK’s job market – and how proactive businesses are in response to this could mean the difference between struggling and prospering.
But focusing single-mindedly on hiring new people is both costly and challenging, especially in areas in which acute skills shortages have existed for many years. When the demand for new talent outstrips tan the supply, it doesn’t always seem possible to employ somebody new.
So, what are some alternative strategies for employers and their specialist recruitment partners?
1. Redesign
Businesses will often fall into the trap of the “competency creep”. What this means is they will gradually expand a person’s job description to encompass an ever-greater, more diverse range of skills and duties. While certain individuals may excel under this “tailored expansion” it means that, when the position becomes vacant, it is extremely challenging to fill.
The advantage of a role redesign is that recruiters can hone in on those skills essential to the job, while allowing for flexibility for candidates who might not match the job spec exactly. Although certain individuals may, in theory, be able to cover such diverse roles, the effects on their wellbeing will be noticeable after a short period. Overwork and an overcomplication of job roles inevitably lead to employee burnout – bad news for retention, morale, and productivity.
Recruiters should also consult candidates on transferrable skills that they may possess, as these skills could then be nurtured in-house via training. Not only will this allow employers to get the best out of their new hires, but the employees will see the investment in their development as a positive and feel more motivated to stay at the business.
It may prove difficult for employers to produce job descriptions that truly capture the needs of the current labour market and the direction in which trends are moving. Companies should enlist the help of recruiters (in-house or agency) to ensure that job descriptions meet the expectations and needs of the current job market. This includes not only information on required skills, but also on the company’s approach to work-life balance, pay, benefits, and company culture.
2. Redeploy
Another strategy is to redeploy existing staff to new roles within the organisation. As automation becomes more widespread – potentially eliminating traditional roles and leaving certain departments over-resourced – businesses can take the opportunity to redeploy existing workers into new roles that aren’t easily automated.
There are two main opportunities here. Firstly, redeployment allows businesses to retain rather than remove workers from the organisation. Secondly, it gives employers an incentive to foster complementary skills among workers, thereby giving them a variety of potential new roles to be redeployed into. There is the added bonus of being able to reallocate employees based on transferable skills that they already possess.
Businesses should also consider deploying temporary or contingent workers in response to a highly competitive jobs market. Those using specialist recruitment firms will reap the most benefit here, as these recruiters are typically well-connected and can provide a steady pipeline of workers who might have otherwise flown under the radar in the jobs market.
3. Reskill
Job roles are evolving quickly in the current business, economic and technological climate – and employees need to evolve with them.
In fact, the World Economic Forum estimates that 50% of employees will need to reskill within the next five years. Training is a proven way to ensure that employees get up to speed on any kind of new skills that businesses might need, whether this is in response to the implementation of new technology, a team restructure, or a business overhaul in response to changing markets.
Indeed, it is often more effective for firms to “train from within” rather than spend the time and resources to recruit someone with the target skillset.
Recruitment businesses are leading by example in the world of reskilling and upskilling, with firms like Kelly and Adecco investing millions into programs and business designed to equip and educate workers with the skills they need to further their careers. Plus, being supported to acquire new skills does not go unnoticed by employees. A recent SumTotal survey found that 60 percent of CEOs believe that upskilling programs have had a positive impact on company culture.
Naturally, however, there are certain situations in which going down the traditional hiring route will be necessary; many industries demand skills that are highly specialised and take years to acquire and hone.
A dynamic approach to talent acquisition
As the labour market experiences unprecedented challenges, businesses can redesign roles, redeploy talent, and reskill their current workforces in order to keep to tighter budgets and still capture the required skills.
What’s more, businesses that forge partnerships with seasoned recruiters will be best placed to secure maximum benefit from these strategies.
