Combining digital tools and global talent to fill vacancies
Countries worldwide are emerging from the COVID-19 pandemic. Governments are therefore relaxing restrictions and encouraging people back to the workplace. Although many nations are returning to some sense of normality, problems remain – particularly the high level of job vacancies. The pandemic has led to redundancies, pushed individuals into retirement, and created furlough schemes that disincentivize a return to work. Businesses must find a way to overcome these challenges. Digital tools can play a large role in fulfilling job vacancies.
Managing the labor shortage
Following the pandemic, countries worldwide have recorded high labour shortages. The UK, Germany, and Brazil in particular have been severely impacted by these shortages – but they are far from alone. According to one study, more than 85 million job vacancies will be left unfilled across the globe by 2030. However, the tight labor market cannot be blamed entirely on the pandemic. Longer-term trends are also a factor, such as the aging demographics in many employment markets.
Regardless of the underlying causes, organizations must continue to fill their critical positions. Sourcing the skills they need in the current labor market calls for a shift in emphasis. Businesses have to find ways of matching candidates more closely with the skills they need, recognizing that experience and cultural fit will probably be less important factors than before. The recruitment status quo now looks increasingly ineffective.
“In areas of high labor shortage, there are two possible routes to take,” WCC CEO Jan Jensen explained. “The first will simply require companies to pay a premium to ‘rent’ skills at the point of necessity. The second route would be for companies to scale up their contract and contingent hiring, even partnering with other organizations, to ensure that there is a pool they can tap into as needed.”
Another option is to widen your recruitment strategy to include overseas talent. At the government level, many countries are encouraging this by loosening the rules around skilled immigration. In Canada, for example, the Liberal government plans to bring in more than 1.2 million immigrants over the next three years. Israel is adopting a similar approach, looking to bring in care workers from Nepal. Many other countries are exploring equivalent initiatives.
Adopting a hybrid approach
Dealing with a labor shortage needn’t rely solely on government initiatives, however. Digital tools have long played a part in the recruitment process for many firms. They can help businesses find the right candidates, even during times of critical labor imbalances.
WCC’s employment market solutions enable recruiters to analyze free text entries to locate candidates best suited to any given role. Our solutions leverage advanced taxonomies and the latest algorithms to match skills at a granular level. As a result, caseworkers and advisers have an accurate representation of the full complement of talent within a job market – whether they are looking in the domestic market or internationally.
Our digital tools are not intended to replace the human element of recruitment entirely, of course. If the pandemic has taught businesses anything, it’s that a mix of digital and in-person resources can deliver powerful results. When advertising vacancies, collaborative tools now facilitate remote or hybrid roles, greatly expanding the number of candidates that are available to you. At the same time, digital solutions like those offered by WCC demonstrate the benefits that technology can deliver around recruitment and onboarding. The current labor shortage may present challenges – but they are not insurmountable.