Why is there currently such a massive shortage of talent in the workplace?
BroadBean Technology has recently released data that shows that there were 24% fewer applicants between May and June this year than there were last year, and at the same time, there are currently 10% more vacancies advertised and registered in the marketplace.
So, already we’re seeing a mismatch between the talent available and the roles that are there, and that is causing businesses massive problems.
We’re definitely seeing and experiencing that across the Heads Resourcing Group and in particular across HR Heads.
We have an all-time high of live vacancies at the moment, and definitely, you can refer to our website to see currently what we’re working on, but definitely finding great candidates for those opportunities is proving challenging.
Why might that be the case right now?
Well, we’ve got four key things.
The first one is we’re currently gone through a pandemic that has been unprecedented and overused word.
With that, we’ve had with that the furlough scheme and that sat on top of the Brexit situation.
So again, talent has migrated and we’re finding ourselves really struggling to pull people in.
We’re also finding that we are hiring many more people than we’ve ever had.
We’ve got the fastest growth in hiring in the last three months than we’ve had since the end of 2019 and that’s put real pressure on the talent pool available.
The talent pool that then is available, number three, is experiencing multiple processes, so they might be in process with four or five vacancies at any one time but ultimately will only take one of those roles.
That leaves three or four vacancies unfilled because they’ve pulled out of that process, but they might have been the desired candidate, and that process subsequently goes back to the beginning.
So it’s taking a lot longer to really secure that talent.
And then finally, businesses that have got great talent already have put in place really strong retention interventions and strategies to make sure that they do keep the brilliant people in their business.
So fundamentally, what we’re seeing is a mismatch in the talent available to the number of vacancies that are there, and the HR department, in particular, is experiencing that talent shortage.
I think businesses are finding people to be really crucial in the HR function is central to that people function.
So getting people in whatever the function in the business might be, sits with the HR department.
Of particular note, we’ve had so many in house talent acquisition roles and we definitely don’t have enough of those talented individuals to fill those roles.
Businesses are definitely turning to us and HR specialist recruitment agencies to fill those roles because we are having to talk to people in the passive candidate pool, rather than the active pool.
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