How to Source Talent in a Talent Shortage

We see it everywhere we look. Job boards are exploding with new opportunities, companies are giving hefty bonuses to employee referrals, and across the globe, from your local Chipotle to SpaceX, employers are on the hunt for new talent.

Companies are becoming more competitive to attract talent by offering unlimited PTO, full benefits, and work from home flexibility. They are championing how their company culture sets them apart, but every human resource department is asking the same question; “Where is the talent?”

According to the Recruiting News Network, job applications are down a staggering 70% and an influx of talent is not on the horizon. This begs the question; how do we source talent in a talent shortage?

The current strategies rely on investing in an internal talent acquisition department or outsourcing to staffing agencies and recruiters. These strategies are effective for finding candidates to being the talent funnel.

However, once that funnel begins, selecting the correct candidate out of a smaller talent pool becomes paramount to reduce onboarding costs and turnover. The standard vetting process seems slightly outdated: phone call, touch on previous work history, and then go into the first round of interviews on a zoom call.

This process is a little like dating. Both parties have to express their interest in moving forward.

Rocket Hire recently released an article here, that shows several myths about using assessments through the hiring process.

Some companies are wary of weeding out an already tiny talent pool, but that screening is necessary to ensure that each hire is to your organization’s standards. Furthermore, this allows for a benchmark to coach employees to develop their skills for moving vertically or laterally in their careers.

Instead of producing a poor candidate experience – assessments allow candidates to display their strengths. They want the opportunity to distinguish themselves from the competition.

In this market, the candidate is feeling out your organization to the same degree your organization is interviewing them. Candidates want to know that they are a fit culturally and have the skills necessary to thrive in a role. If not, resignation letters are coming faster and more frequently. We do not want a messy breakup.

If this is a new normal, the conversation surrounding skills and behavioral assessments need to change.

Candidates are not walking away from open positions by being assessed for job fit – they are walking away from organizations that do not give potential talent information on the likelihood of their success in a role.

Both parties need to know that this is going to be a healthy functional relationship.