How to deal with the talent shortage?

Companies face a growing shortage of skills and capabilities in a world where talent competition is fierce.

When is it considered that there is a talent shortage?

Talent shortages occur when companies cannot find professionals with the necessary skills and competencies to fill their vacancies. This problem is related, in part, to rapid technological evolution, which requires professionals to have specific and updated technical skills. It is often difficult for companies to find workers with profiles that meet the requirements of having a resume dedicated to such specific and up-to-date skills.

Why is there a talent shortage?

When we ask this question, we often think of digital transformation as the answer, and while this has played a significant role in the talent shortage, it is not the only cause of it.

First, technological advances have driven the creation of companies, as well as jobs, thereby generating a growing demand for skills in areas such as information technology, engineering, sales and marketing, logistics and customer service. The problem here is that there are not enough trained professionals to meet this demand.

Secondly, there are other reasons, in addition to technology, that explain this lack of talent. Among them we find the change in job expectations, the retirement of generations with more years of experience, the lack of investment in the training of workforces and the difficulties in attracting and retaining talent contribute to this shortage. Talent migration and the skills gap, where the skills in demand do not match those available, exacerbate this challenge.

Alternatives and solutions to the talent shortage

There are different ways to address the lack of human talent, you can adapt the skills of the company’s employees or you can try to find these skills in the labor market, both strategies are valid. Now, although it is much more profitable to take advantage of the company’s current human capital if this is not possible, there would be no choice but to look for the necessary skills outside the company.

Below are some of the various key strategies to deal with this problem:

• Carry out training and development processes. Internal training is an effective strategy, as investing in the development of current employees can improve their skills and retain them for the long term. Newskilling, reskilling and upskilling programs have become valuable tools for keeping employees up to date with the latest technologies and trends.
• Reevaluate personnel selection requirements. Creating a solid recruiting strategy is essential. This involves assessing candidates’ skills and potential effectively, personalizing the selection process and using social media to find talent. In addition, it is necessary to reduce the time of the hiring processes to attract talent more quickly.
• Promotion of teleworking and flexibility. Offering remote work options and flexible schedules can attract candidates looking for work-life balance. On the other hand, the adoption of a work model without geographical barriers also makes it possible to take advantage of nomadic talents.
• Pay attention to talent retention. Companies can offer attractive compensation packages and benefits for this. This includes competitive salaries, health insurance, paid vacations, retirement options, bonuses and additional incentive programs, among others, which will help retain the company’s talent.
• Focus on internal development. Training and developing current employees through training and mentoring programs can help retain talent in the long term. By inviting employees to professional development, you will give them a reason to stay with your company for the long term.
• Recruitment of young talent. It is necessary to explore the possibility of attracting young talent and moulding their skills little by little to fill positions that are difficult to fill since young people can be a valuable resource for the future of the company.
• Employer Branding. The company must ensure that it has a good reputation in the labour market to attract the best candidates since it is potential employees who research companies before accepting a position. Creating a strong employer brand is essential to stand out from the competition and thus attract and retain talent.

As we see, the talent shortage is a constantly evolving challenge that affects companies around the world. This is why, as companies face talent shortages, it is essential to take a strategic and proactive approach to attract, develop and retain the best professionals. With the proper implementation of these strategies, companies can effectively address the talent shortage, and ensure their growth and success in today’s competitive labour market, building highly qualified teams.

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