We are in the midst of a severe talent short market. Some predict it will last for years into the future. Even during the recent recession, the unemployment rate for those with four-year degrees and those with advanced degrees was not remarkably high. Today, some career segments, like IT, are at near full employment. Employers and the global recruiters supporting their search for talent are having a tough time finding qualified talent.
So what is this all about? Many employers use “talent shortage” as code for “the people I want at the price I want to pay are not available.” The market has changed and some employers are unwilling to recognize the result of these changes. It makes recruitment virtually impossible for some openings. I hear recruiters say, “I have 5 of these openings in the New York City area and they pay $63,000.” When the market is $75-$80K, this is a pointless search. All the more reason for employers to hire elite recruiters and ask them to properly define the position and market for that position before beginning a search.
There are options, but for more than a decade the level of corporate investment in development, education, and training has been nearly non-existent. Do you see training and development programs in place at the employers you know? Some of the market leaders and trend setters, like Google, Apple, and even oil companies, were investing before oil dropped to record lows. Many of these leaders have been seen abandoning training and development in favor of benefits, perks, signing bonuses and cool work cultures.
So we are in a zero-sum game. This means recruitment will change even more dramatically in the next few years. Headhunting as it is called will be back in vogue. No longer will there be a host of readily-available talent to be found on LinkedIn and other social sites. Finding candidates will require precision-based recruiting to engage, excite, extract and move a candidate from one great position to another.
If employers want to avoid being victim to the talent shortage that is upon us, they will need to pay market rates, hire the best recruiters, and create a desirable work environment with good managers, fair benefits, a positive culture and a healthy work-life balance. Become the job that employees want versus the one they want to leave!
Headhunters: have at those that do not respond…they are called “source employers” and will provide the talent for those employers that are more progressive and realistic.