4 Talent Acquisition Challenges in 2022 + How to Overcome Them
An increasingly complex consumer base, a highly volatile economy, and a pandemic forced businesses to reevaluate their strategies and operating models. Human resources management has emerged in this phase of soaring uncertainty as one of the most critical functions because, now, hiring the right candidate has never been more urgent.
Now, job seekers with diverse skill sets will continue to be in demand to fill new-age job roles. Acquiring the right talent will be one of the top priorities for competitive, forward-looking organizations.
As talent acquisition leaders get ready to steer companies through uncharted waters post-pandemic, keep reading to discover some of the critical challenges they are likely to face and a few tips on what they can do to overcome them.
Challenge 1: Tapping Into the Gig Economy
Today, millennials make up more than a third of the labor force in the United States, making them the largest generation in terms of working professionals.
As this demographic group becomes more connected and aware, they’re starting to consider work opportunities that give them more freedom in terms of work flexibility and pay parity. This freedom includes anything from deciding their work schedule according to their productivity during the day to working from any remote location.
Consequently, even employers are coming up with initiatives that will help them optimize the size of their workforce by recruiting more candidates on a short-term project or contract basis.
COVID-19 has increased the need for freelancers. Currently, the gig economy is accounting for 56% of employment in the United States alone and is growing at 20% – 30% annually.
As flexible hiring becomes the way to increase efficiency for a growing company, your talent acquisition team needs to do away with conventional hiring methods and find an effective talent acquisition strategy for sourcing and attracting the top talent.
The solution to this challenge lies in identifying and incorporating factors within the talent acquisition strategies that can attract these new-age workers. Some of these include:
- Provide a positive candidate experience
- Create opportunities that present challenging and meaningful work
- Provide the option to work remotely where possible or promote a hybrid work culture
- Reward and help employers show organization-wide recognition for their efforts
In addition to these, talent acquisition consultants should also think of ways to build a strong employer brand. Many millennials are interested in working for socially responsible and reputable brands.
Challenge 2: Increasing Ambiguity in the Market
Larry Hatheway, an established economist, and Alex Friedman, the co-founder of Jackson Hole Economics, explain in one of their recent articles for the company’s blog post “Unambiguous Ambiguity” how the US labor market has become highly obscure during the ongoing pandemic. They also describe how it “must do more than make ‘substantial progress’ and achieve full employment” at this stage to gain back its footing and move toward economic growth.
So what exactly does this mean for businesses and their workforces?
Companies need to have a clear long-term vision in place, with equally strong individuals in leadership roles to drive it. The challenge has now moved way beyond hiring the best talent alone. It has more to do with developing such individuals into business leaders and retaining them in the long run.
It is important for businesses to train their first-time and junior managers for future leadership. Despite 83% of firms knowing that leaders can emerge at any level in the company, only 55% have implemented leadership development programs for all levels.
Management should expand the responsibility of talent acquisition teams from just hiring A-list talent to fill open positions to tying their current talent’s career aspirations with company goals.
Leadership needs to support their HR department by providing a concise and transparent career development path to high potential employees. This is quickly becoming a dependable way for developing brand advocates who envision their future with the organization.
Challenge 3: Keeping Up with Digitization
Today, state-of-the-art technological innovations rapidly transform every industry, and human resource management has been no exception. From identifying qualified candidates to sourcing and assessing the best fits, advancements on the HR tech front have revolutionized the entire hiring process.
But it doesn’t come without its set of challenges! So then, how exactly can talent acquisition leaders and hiring managers overcome this challenge?
One best practice to implement is staying updated on the latest developments on the HR tech front and constantly assessing what tools and techniques your industry counterparts are leveraging to stay ahead of the game.
For instance, many HR leaders are looking to cloud solutions to increase the efficiency of their operations and reduce costs. Think about ways you can integrate this data management model with your existing tech stack.
Since mobile recruiting is gaining a lot of popularity these days because of the convenience it offers, you may even want to develop an app for your company. This app should streamline all your recruiting workflows and make it equally easy for candidates to assess their current status in the hiring process.
As an HR leader, try to encourage employees to embrace technology and use it to its maximum potential to improve business operations.
Challenge 4: Placing Greater Focus on Employee Experience
As daunting as recruiting high-potential employees (HIPOs) is today, what’s even more troublesome is meaningfully engaging and retaining them.
If that doesn’t happen, the costs associated with employee turnover can astonish both small and large organizations. Catalyst.org published a study that found that by 2030, low retention rates will cost the US an average of $430 billion annually.
The emphasis on retaining top talent has never been stronger, and it will only be more important as the global workforce returns to office post-pandemic. This is precisely where a positive experience can make all the difference.
Now, how exactly can talent acquisition leaders achieve that?
It’s simple – Start building relationships with your employees. HR professionals constantly need to develop cost-effective strategies to enhance their employee experience to improve job satisfaction rates.
For example, since we all know that the talent acquisition process starts by establishing a solid connection with potential candidates, HR leaders should focus on that.
Recently, businesses are finding that having a structured onboarding process means employees are more likely to stay with an organization longer than those who didn’t have a structured onboarding. Therefore, HR managers should make the onboarding process as seamless as possible so that new hires can feel welcomed. Buddy programs are an excellent way of doing this.
A few other ways talent acquisition leaders can think about enhancing employee experience are:
- Improve internal communication and company culture
- Set some budget aside annually for employee wellness programs
- Conduct surveys at regular intervals and try to implement feedbacks if possible
- Offer career development opportunities for future executives
- Invest in leadership programs and talent management
To know more about the trends expected to shape talent acquisition and the recruiting process in the near future and what HR and hiring managers can do to make the most of those, get in touch with us at Recruiter.com – the one-stop solution for all your hiring needs.
We will be happy to guide you through challenges and help you build employee-centric, result-oriented workplaces in the long run.
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