4 Tips to Manage a Talent Shortage: The Second War for Talent

In 1997 Steve Hankin coined the term the “war for talent” — referring to the challenge of attracting and retaining talent. And we are currently in the throes of the second war for talent. 

Between demographic and social changes, skills shortages, changes in employee expectations, and the pandemic, companies need to assess and adjust their talent strategies if they want to beat the competition and employ the candidates of their choosing.

Dwight D. Eisenhower said, “Before a battle, planning is everything. Once the fighting has begun, it’s worthless.” The U.S. talent shortage has tripled in 10 years and the only way to win the battle for talent is to prepare. To help you out, we’ve put together a list of the top 4 tips to help you plan for and win the war for talent. 

1. Build an employment brand that attracts talent.

82% of candidates research an employer’s brand and reputation before even applying for a job. The top candidates in your talent pool know their worth and will only accept a position with a brand they trust. If a company wants to attract top talent, HR leaders need to build a strong employer brand.  Every experience with a candidate can make or break your brand. So from the start, your candidate experience must be exceptional.  Here are a few ways to strengthen your brand image.

• Lead with your values and culture. Highlight your culture on your website and make sure your values are clear and visible.
• Partner with your marketing team to ensure you are aligned across the board, from job postings to social media (this includes a template for your current employees to use when posting to social media).  
• Share your employees’ stories – from the perks they receive working for you, to career advancement from within.

2. Optimize your recruiting efforts and strategies.

Efficiency = profit. When you are head to head with the competition to scoop up the best talent, an efficient recruitment strategy is key. If your recruitment process is too long, you will lose candidates. The best way to optimize your hiring process is with a virtual interviewing tool like interviewstream (we know it works! *wink wink*). With tools to streamline, structure, and schedule interviews you can simplify your hiring process and give top talent the candidate experience they demand, in turn keeping you a step ahead of your competition. 

3. Focus on developing internal talent.

You have access to a strong talent pipeline right at your fingertips. Some of the best leaders were once entry-level employees. Your internal candidates know the business, culture, and team — and also may have loyalty to the company that outside candidates do not possess. Here are several ways to take advantage of your internal talent pipeline:

• Identify the talent. Every so often, take a look at your employees with fresh eyes. Assess talents, skills, and successes and nurture that talent. Reward your managers for identifying the talents and supporting them in pushing their employees to hone them.  
• Give your mid-level managers the spotlight. Often the focus is on the executive team, but by giving mid-level managers projects with visibility, you not only drive business success but also motivate those with goals to move up. 
• Provide employees with development opportunities. Emphasizing and supporting advancement will allow you to build a driven team. Offer employees opportunities to study, attend conferences, and access online resources. This not only builds your internal talent pipeline but attracts outside talent to your company as well. It is a win-win! 
• Take advantage of your video interviewing platform. Video interviewing software can make your internal hiring process more efficient. You can get a stronger candidate in place faster by following a few simple steps — create a one-way on-demand video with several questions focused on the potential for success, rate the internal applications, and share the internal candidates with the hiring team. 

* Check out our blog for a deeper dive into how to utilize your video interviewing software for internal hires. 

4. Prioritize diversity and inclusion.

An intentional commitment to hiring a diverse workforce is shown to not only push boundaries and innovate, but also increase profitability. Additionally, having a diverse workforce equates to access to a larger, more diversified talent pool. When facing a talent shortage, the bigger your candidate pool, the better. 

When pushing focus on I&D, bias is a large hurdle. By creating structured interviews, you work on eliminating bias from the recruitment process. This gives you access to top talent who may have otherwise been overlooked. 

*Check out our 3-step starter kit to help you diversify your talent!

You’re Only a Few Steps from Victory

With the competition high in today’s job market, focusing on your employment brand, optimizing your recruitment strategies, developing your internal talent pool, and prioritizing diversity and inclusion will set you up for success.  

With a little thoughtful planning and strategy implementation, you’ll win the war for talent and build a team of top talent, even during this talent shortage. As Napoleon said, “Victory belongs to the most persevering.”

It all begins with your recruitment process, and interviewstream can aid in your success. Talk to an expert today to find out how we can help you WIN the war for talent! 

About The Author

Caroline Chessia is the Marketing Operations Specialist at interviewstream. She loves color-coordinated graphs, hiking in the mountains, and every dog she meets—especially the Golden Retrievers.