In the talent acquisition game, only the companies that are open to new and agile ideas will win.
By Zee Johnson
Today’s tight labor market is posing several challenges for HR leaders. Aside from concerns about fluctuating retention rates amid mass job hopping, getting the right talent in the door has proven difficult, too. In fact, according to Mineral’s 2022 State of HR report, 60% of respondents say they are struggling to attract the talent they need. This incites a trickle-down effect on business operations and bottom lines, as the study also finds that 56% of respondents report their operations are challenged by their inability to fill open positions. And as organizations are scrambling to acquire essential talent as quickly as possible, 46% are also saying that their bottom line has been impacted by their inability to fill open positions.
Adding to the ongoing global battle of attracting and retaining talent are additional concerns that go hand-in-hand with recruitment. Fifty-one percent of respondents cited maintaining employee morale as an issue that could be directly impacting their hiring efforts, as well as addressing employee burnout (40%) and employee mental health and safety (43%), which could be affecting retention rates.
While 38% say they are having trouble retaining their most important talent, on the flipside of that, 23% report not having any issues attracting and retaining talent. This signifies that there is an opportunity for leaders to change their approach and meet both their issues and goals head on.
Businesses are becoming more meticulous and strategic about how they tackle their recruitment problems, with 77% saying they have standardized job descriptions, 72% have become much more flexible in how they design job roles, and 62% have begun building well-defined career ladders. Moreover, 69% have created new roles to support current employee career growth.
And to stay abreast on industry shifts and remain top market contenders, 68% of respondents proactively review the market to understand the impact that turnover and attrition would have on operations. This could be why many companies are witnessing positive results, like the 63% who say they’ve accomplished their diversity, equity, and inclusion goals in the past year.
With an organization’s future possibly lying in the limbo of challenges and unpredictability, being proactive and agile has allowed many companies to prevail in today’s market. To attract the talent necessary to progress to the next level, companies who have yet to fully implement the right processes must strengthen their initiatives by giving priority to what will help them excel.