By 2030, the global talent shortage could reach 85.2 million people – that’s almost 20 million more people that live in the whole of the UK – and will cost not just millions but trillions in lost economic opportunity.
Knowledge intensive industries like Digital will be some of the hardest hit. Industries that require a high volume of skilled workers will suffer as demand outpaces supply. Competition for the best candidates will soar.
The digital skills gap is already hampering digital transformation across 54% of companies and the gap is widening. Research has predicted that by next year the technology, media, and telecommunications sectors may be short more than 1.1 million skilled workers globally.
Fast forward to 2030 and that deficit may reach 4.3 million. Talent Acquisition professionals will already be aware that companies across all industries struggle to find great digital talent, so worryingly this problem is only getting worse and we need to act now.
What can you do to differentiate yourself from your competitors to hire the best talent? Firstly, you need to look at what employees want. In survey after survey, benefits are one piece of the employer brand puzzle that can’t be overlooked.
Benefits like health insurance, paid leave and retirement plans make up about a third of the total compensation piece, a share that has been rising in recent decades. And, in a candidate-driven market, benefits can sway candidates’ decisions to accept employment offers. Benefits are particularly appealing to younger workers. 90% of 18 to 34 years old surveyed say they would prefer benefits over pay (versus 70% of the those 45 to 54 and 66% of those 55 to 64).
The core benefits of health insurance, paid leave and retirement plans matter more than specific benefits like stock options, dental insurance or free food and drinks. Though health insurance, paid time off and retirement programs have the most impact, additions like extended maternity/paternity leave policies, flexible working, childcare assistance and transportation subsidies can foster goodwill.
A full package of benefits strengthens your employer brand even among the employees who don’t take advantage of them. Take time to re-evaluate your benefits package regularly to ensure it keeps up with the market – what are your competitors doing? What is the market saying? What are candidates saying? You can also ask your recruitment partners for advice, we’re always happy to share market analysis with our clients.
Most people can find a candidate for a role. The difficulty is in finding the best quality candidates that meet the brief. ALLEN & YORK can help you with this. We research the market, take the search for candidates beyond job board advertising and LinkedIn searching and find active candidates (that’s a given) but also the more elusive passive candidates that may be the best fit but are not (yet) looking at for a new role.
Ensuring all candidates meet the requirements of the role, in terms of skills and experience, and fit with the culture of your business is key to recruitment and retention. We’ll work with you to ensure candidates are ‘sold’ on your organisation and your offer. That’s the benefit of working with ALLEN & YORK.
If you are struggling to find the ideal candidate for an IT role in your company, or you want to find a unique candidate, get in touch today.