Is it really a talent short market… or is it just your expectations???

Now I’m going to say something incredibly controversial and something that I have been thinking for quite some time. Really, since we started hearing about the “talent shortage” and the “war for talent”.

Ready for it…

Sometimes it isn’t a talent shortage….it’s that your expectations don’t match current reality. 

There - I said it. I went there. I know what you are saying…. “But Jess, we are in the midst of the war for talent, and what we are looking for doesn’t exist”…

Really? I challenge that. Talent exists. It does. It exists everywhere. But the way it looks may just be different to your expectations. Maybe it’s as the saying goes… it’s not me, it’s you….

Ouch.

Let me break this thinking down further.

When I say talent shortage, lets define:

A talent shortage refers to the situation where there are not enough qualified candidates to fill open positions in a specific industry, job function, or geographic area. This can be due to various factors such as a mismatch between the skills employers need and those available in the job market, demographic changes (e.g., aging workforce), rapid technological advancements, or an educational system that isn’t aligned with current job market demands.

Unrealistic talent expectations:

Unrealistic expectations occur when employers have excessively high standards for candidates, seeking a "perfect fit" who possesses an extensive combination of skills, experience, and qualifications that may not realistically exist in the job market, especially at the offered compensation.

Now what remains true:

• We are fast running towards the retirement cliff driven by an aging workforce that when they retire - will create a legitimate workforce shortfall
• BUT that creates opportunities for reskilling and jobs redefinition
• The competition for talent is still high - yes you have to work harder to get the right talent to choose you…
• BUT - we should always be operating from a place of offering a compelling opportunity for prospective employees… remember what Simon Sinek said - people don’t buy what you do, they buy WHY you do it….
• There are some skills that are legitimately in short supply here in Australia
• BUT that doesn’t mean we can’t acquire it in some way - what’s your buy, borrow, build, bot strategy? If you don’t have one - that’s failure #1
• The job description as we know it is dead
• BUT the job impact statement will be the new age of future of work capability statements
• Skills are the way of the future - it’s how the skills are applied and to achieve what outcomes is what will drive the future of talent
• Talent exists
• BUT maybe not the way you want or expect…what’s the one thing you could change to make a successful hire? Remember I’ve always said talent problems are either supply/demand/brand
• Every talent problem has a solution
• BUT it may just look different to what you expect

So, what do we do? How do you start to identify if it really is the market, or just your expectations? Well… what’s your data telling you?

This is still an ongoing failure within talent acquisition currently. Whilst our levels of data literacy are increasing, we still for some reason default to not looking under the hood of the car. Now if you good use your data - kudos to you. I think you are in the minority.

Data tells a story. Insights fused together can create a narrative that can be used to challenge the norm. Data can drive strategies to address talent problems.

Talent advisor to hiring manager: “I’ve done some market research and whilst A) doesn’t exist exactly to your role outline, but B) does - and here is how many there are, where they have worked, their typical career paths, average compensation etc. What could that look like for the role and how could we bridge some possible gaps through levers such as learning and development, job redesign etc.” OR

“I’ve done some talent mapping and the location we are recruiting the role remains challenging, but there is a talent in this location. Are you open to changing the location to that location, or having a pure remote worker? What could that look like for your business?” OR

“Rather than going externally for this, I have identified there are several internal employees that have the right types of skills that could be transitioned into this type of role. I’ve spoken to our L&D team, and we have identified some learning opportunities to further support their transition and set them up for success and reduce the time to effectiveness in the role. Plus, it supports our internal mobility policy and aids retention. Is that something you would be open to exploring?”

These are conversations we can have every day to influence hiring outcomes using data.

If your hiring manager says no - you simply make it commercial. “Ok thanks for considering those options, I need to be clear again, what is it costing you to have this role open?”

If they remain unmoved, you have at least tried to drive different thinking, been solution oriented and tried to influence to achieve a different outcome. You advised and consulted - which is still a win! 

Part of some of the barriers to data literacy include costs of channels or software that can read data, access to the right data sets, an analytical mindset that can read data, identify patterns and create narratives, and the old chestnut that I hear far too much still… time. “I don’t have the time to look at the data.”

This one drives me up the wall.

How can you partner with your organisations without data underpinning your decision making?

Well - I’m here to say - you need to make the time otherwise you will keep recruiting this unfillable role for the next 6 months.

Reality check - in this market - your organisation simply cannot afford to carry empty headcount for 6 months. They can’t even do it for 3 months. It’s your job to ensure you have the right strategies in place to have talent in the seats to achieve the organisational outcomes.

Question - do you know what it costs your organisation to have an unfilled headcount? Yes, there is cost, but what about customer impact, existing employee workload and gaps, project delivery impact, sales revenue going unachieved. This list goes on. You and your TA teams MUST know what the opportunity cost is for every open headcount.

You need to understand the commercial implications of what talent means for your organisation. If you don’t - are you really being a talent advisor and trusted partner?

I will at this point acknowledge there are genuine talent short areas in the market, there is no denying that, but go back to basics. Map your market, know your channels, use the right strategies, and have an attractive EVP.

For the rest of us, let’s start challenging this narrative (cough* excuse) that talent doesn’t exist - it does. It’s your job to showcase what that looks like.

I hope this has been helpful - would love to hear your thoughts on all things talent, as always! A problem shared is a problem halved!

 Till next time, as always!

J. x