Talent Shortage? What Talent Shortage?
- Alex Booth
- Feb 20, 2023
- 3 min read
Why what you’ve heard doesn’t have to be the case.
One of the most frequent talking points in HR circles over the last twelve months has been talent shortages. Courtesy of recent factors including The Great Resignation and non-UK nationals leaving in the wake of Brexit, as well as longer term trends such as an ageing population, there simply aren’t enough workers to satisfy companies’ needs.
A quick look at the statistics shows that, between November 2022 and January 2023, the estimated number of vacancies in the UK fell by 76,000 to 1,134,000, which represents seven consecutive months of reduction since July last year(1). However, this was perhaps more due to companies holding back on recruitment thanks to an uncertain economic outlook than firms finding people, which presumes the number may rise again once the winds of business start to blow more favourably. Meanwhile, a separate study predicts that, by 2030, there could be a global talent shortage of more than 85 million people(2).
To bring the figures to life, here’s a real world example. My wife works for a large national organisation and in December submitted a request to the internal talent team to find a new person for her department. They duly advertised the role, selected four people for her to meet and arranged interviews for last month. Not one of these people showed up and the talent team cited the talent shortage as the reason.
So there’s nothing companies and their recruitment partners can do but accept the situation as a fait accompli, right?
No, the problem is they’re usually not even trying.
Returning to the story above, the talent team wrote a very vanilla advertisement that didn’t present any of the attractions of the business or role and, between receiving CVs and arranging interviews, did not speak or otherwise engage with a single person to cement their interest. No wonder no-one attended the interviews – the failure of the recruitment project was not a direct result of any talent shortage but because the talent team did not do its job.
And I’m seeing this everywhere: dull advertisements, a lack of communication, no sense of urgency or timeliness, no feedback, no effort taken to truly sell opportunities, no rigour or thought as to how processes should be tailored to maximise positive outcomes.
When competition gets stiffer, one must become more competitive but talent teams and recruitment consultancies are mostly continuing to operate just as they always have. Yes, there may be fewer potential employees out there than there was just a couple of years ago but businesses that make themselves and their vacancies attractive and that deliver world-class candidate experiences will continue to recruit without issue – they will not experience a talent shortage regardless of the macro situation.
I have always sought feedback from the candidates with whom I engage and, over the past year, I have been particularly interested in learning why, out of all the opportunities that are constantly being presented to them, they chose to pursue mine. The answer has been the same each time: it was presented in a compelling fashion that elevated it above the others and I then followed through with a sound process and kept my promises. I don’t think that sounds too complicated.
So yes, the headline to this post is a little clickbait-y in that the statistics do present us as being in the midst of a talent shortage. But my point is you don’t have to be affected by it.
About the author: Alex Booth is a career executive recruitment consultant who has delivered over 1,000 assignments for more than 330 companies on six continents. His speciality is delivering clients’ most challenging, complex, mission-critical or confidential projects in a timely, transparent and cost-effective manner.
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