Companies in the hospitality, food service, manufacturing and tech sectors are facing hiring challenges that threaten their return to pre-pandemic business levels. In some cases, these challenges are so extreme that they will cause smaller businesses to close and require others to raise prices.
I addressed the root causes for these challenges in a previous post, What’s Causing Today’s Acute Labor Supply Challenges. In this post, I’ll share insights on what companies are doing to jump-start their recruiting efforts for hard-to-fill positions.
We are amid an acute labor shortage. Hiring managers, under pressure to fill positions for skilled and low-skilled workers, are getting increasingly worried. I hear it every day in conversations with Human Resource and Talent Acquisition leaders across industry sectors. Today's labor supply gaps are among the worst I've seen in my 35 years as a recruiting professional.
When 2020 first began, it brought out high hopes for many individuals. We were entering a new decade, which people assumed meant good things were in store. In a matter of three months, things changed and changed dramatically. At the beginning of the pandemic, businesses and organizations had to adapt their processes, structures and strategies rather quickly. For many, it was about whether they could survive through what was going on. If they did, would they ever be able to go back to normal?
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History shows that resilient organizations recover quickly in changing market conditions and fast-moving disruptions. Updating your talent acquisition strategy to be more resilient is key for optimizing a bounce back. Our Trendicators survey of HR leaders revealed that 43% of organizations planned on ramping up their hiring efforts in Q3 and Q4 of 2020, with 47% expecting their talent acquisition budget to increase to support these efforts.
Supporting talent acquisition efforts means adapting to the remote working environment. While working from home is not a new concept, it has opened many organization's eyes when it comes to their recruiting process.
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