The global economic crisis has triggered significant changes in the global labour market. Qualified people find themselves underemployed, mature workers are frozen out, graduates are struggling to get jobs, and disengaged workers are sitting tight in the hope that the market will rebound for them to make a move, and an increasing number of people choosing not to go to college/university .These are just a few of the trends that are reverberating the world over, especially in Western economies. Faced with an acute shortage of quality talent, Hiring Managers should not be too picky when it comes to making hiring decisions and instead think outside the box when sourcing candidates for job openings. Below are talent pools that Hiring Managers should not ignore:
Individuals returning to work: Mothers who have taken time off to have children and want to get back into work have high levels of motivation and desire. If you are willing to spend some time and effort to reintegrate them back into the work routine, they can prove to be useful hires. Similar applies to ill people who have recovered from an illness and want to return to work.
The unemployed: Many experienced individuals have been frozen out of the market altogether through no fault of their own. This is evident in the banking and financial services sector that was the worst affected at the height of the financial crisis. So don’t make assumptions about the unemployed! You may just be able to unearth a gem.
Army veterans: Ask anybody who has been in recruitment and they will tell you that ex – army personnel make really good hires. They are highly disciplined, professional and can possess a wide skills set. If you are a small to medium sized business in particular, this talent pool can add significant value to your company.
The under qualified: Last year French engineering giant ALSTOM announced that they welcome applications from individuals who are only a 70% fit for the job. The company stated that it would pay for engineers to train up to a certain level – this is a game changer and an innovative solution to tackling skills shortages within the engineering sector. So next time you receive an application from someone working at McDonalds, don’t be quick to dismiss them as unsuitable. Successful and thriving companies develop and nurture talent.
Overseas candidates: Tight immigration rules in Western economies mean that companies will find it harder to attract quality talent. Multinationals such as Infosys have expressed concern that they will not be able to hire the quality talent they need for the UK. Draconian and restrictive employment practices have also rendered professionals such as doctors, lawyers, engineers from overseas doing menial jobs in the UK. If nothing is done to challenge these policies and practices, then Western companies will continue to suffer skills shortages.
The over – 50s: It is a widely accepted misconception that if you are over 50, you are on the scrap heap. As a result of this many companies turn a blind eye to CVs. A disconnect with reality prevails as companies are failing to understand that due economic pressures and the pensions crisis, the modern workforce will get greyer and older. Research has shown that over – 50s have higher levels of engagement and have a stronger appetite for work.
There will continue to be significant challenges to sourcing talent if certain attitudes do not change. Innovative thinking is required if the Hiring Managers really want to tackle the skills shortages.