How to Combat the Talent Shortage

How to Combat the Talent Shortage

Employing a staff of qualified and talented individuals is key to the productivity and profitability of your company. When you end up settling for employees with less than ideal talent levels, it can have an adverse effect on your business and potentially jeopardize your future. Here are some facts about the impending talent shortage, and how to work against this by partnering with a staffing firm.

The Current State of Staffing

According to Gad Levanon, Chief Economist, North America, at The Conference Board, “As we were among the first to predict nearly two years ago, a combination of demographic and business pressures has seriously increased the gap between open jobs and available and qualified workers in mature economies.”

This trend can have some unsavory implications for today’s businesses – and it’s become apparent that the overall caliber of the talent pool is lackluster. In turn, you’re likely to find it increasingly difficult to staff your company with the right individuals for the job, and mediocrity could have a negative impact on operations.

Long-Term Struggles

Unfortunately, this doesn’t merely seem to be a passing trend – and it’s more than likely going to be an ongoing issue, especially for certain industries like those involving skilled trade labor. Levanon also stated, “The profit-squeezing factors of low revenue growth, accelerating labor costs, and higher quit rates are only likely to widen and deepen over the next 15 years.” As a result, it’s extremely important to take this talent shortage seriously and take a proactive approach to the problem.

A Viable Solution

Perhaps the best way to ensure that your business has the talent it needs to thrive is to partner with a staffing firm. That’s because these firms specialize in identifying top talent and are diligent about ensuring that candidates have all the necessary qualifications and possess the right skills for a position. They’re experts at recruiting and will understand the ins and outs of your industry.

On top of this, a staffing firm will utilize an organized, systematic approach to streamline the hiring process and ensure that positions are filled within a timely manner. An added benefit is that you’re likely to experience a higher employee retention rate and reduced turnover, which can spare you from a lot of headaches and maximize your profitability.

Although the talent shortage is very real phenomenon, it doesn’t have to hurt your company’s bottom line. By taking action and partnering with a professional staffing firm, you can ensure that your business has the talent level it needs to not only compete but flourish.

If you’re having difficulty finding top talent for your business, contact us today to see how we can help.

Request Talent