Unemployment in the coming years is set to decline due to a shrinking labor pool. With baby boomers approaching retirement, our labour market is set to face a ‘demographic bomb’. In fact, between 2010 and 2030, the number of Americans aged 65 and older is projected to grow by 31.7 million, or 79.2% (Source: US Census Bureau).
Our aging workforce is coupled with low birth rates – creating a challenge for employers in the coming years. Though a decreased unemployment level is an indicator of a strengthening economy, we must prepare to deal with incumbent labor shortages.
So, what are you doing to attract and retain talent?
Finding the right candidates for your company can be a challenge.
Fortunately, there are countless avenues that you can use to source candidates. But, knowing how to access the right pool of talent is imperative – like the age-old sport of fishing, sourcing and attracting talent takes tactics.
Bait: A simple hook and line won’t catch the talent you are seeking – you’ve got to bait the hook.
Before you consider who you’re targeting, first consider the “bait” you are using. This means understanding a competitive package: what is your compensation package, perks, and benefits and even more so, what is it about your company that is going to get someone excited to join your team. Employers must ensure they are putting together a package that is attractive to the talent they are seeking.
Are you offering the right salary for the position, based on current market trends?
Bringing aboard an unbiased 3rd party can give your recruitment strategy a fresh approach. By leveraging the expertise of industry specialists and using HR Resources like The Salary Guide, you can best prepare for candidate sourcing.
Body of Water: Some frequent a familiar lake – others choose to brave the ocean.
Where you choose to sink your line will dictate the talent you’re likely to find. Access to a varied and diverse cross-section of candidates cannot be gained through a single avenue. The talent you uncover in the ‘ocean’ may widely differ from the talent you find in the ‘lake’. Mastering the perfect combination sourcing avenues will allow you to contrast the types of candidates you’re drawing from each pool – and may also help you to uncover candidates with a transferable skill set, but lower salary expectations.
The Familiar Lake: Many employers post available jobs on the careers page of their company website, along with information about their company values and culture – a convenient and familiar body of water to navigate. Job boards and public websites such as Craigslist, Indeed, and Monster are often used to reach out to a greater pool of candidates than website traffic alone can generate, but it is still very limited to a specific online community.
The Network of Rivers: Gaining access to a broader pool of candidates means pursuing broader avenues. Many employers rely on recruitment agencies not only as a means of saving time, but to gain access to the group of candidates we call the “underemployed.” This term refers to the talent that is not actively searching for employment, but is currently working and open to hearing about new opportunities.
The Widespread Ocean: With the skill shortages in North America, many employers are starting to shift their gaze to new markets. Foreign worker recruitment is proving to be a cost effective and longer term solution to filling the gaps in their workforce. This highly motivated labour pool is looking to gain access to North America and offers a loyal and highly skilled alternative to the steadily increasing local wages.
Many companies are now looking to foreign worker recruitment to supplement skill shortages within their industry and/or region.
It may be time to revaluate your strategy if the talent you intend to reach does not fall under your radar. By familiarizing yourself with the tools available to you in your recruit, you will be better equipped to reach a more diverse pool of candidates.
Broader avenues bring broader access to a greater cross section of talent – and that means a more comprehensive selection for you to make a legendary catch!