Recruiting equity professionals in a candidate short market
With employers facing severe shortages of highly skilled EE candidates, attracting high calibre professionals from this demographic has become increasingly complex and competitive.
These shortages are being compounded by rising demand from organisations looking to grow, creating additional pressure on hiring managers to ensure that companies retain their existing qualified EE employees.
This whitepaper explores the effects and impact of EE talent shortages on employers and reviews strategies on how to overcome them.
How prevalent are EE talent shortages
Our research shows that more than 80% of all employers have had at least some difficulty recruiting EE professionals and a further 29% have found it extremely hard to find the right people for the majority of the roles they are looking to fill.
Despite having to contend with a severely candidate short market, the results of the survey indicate that a large number of employers are neglecting to implement strategies to attract EE professionals, undermining their ability to help their business grow. The research also shows traditional strategies such as offering higher salaries may no longer guarantee a candidate’s signature.
Key EE recruitment challenges affecting businesses
Almost half (47%) of our survey respondents claim they have simply not been able to find enough EE candidates to interview, raising questions about availability of suitable qualified professionals. However, part of the problem is that employers are only considering ‘active’ job seekers, neglecting a wide part of the potential talent pool and limiting their ability to attract highly skilled professionals.
The impact of EE talent shortages on businesses
42% of hiring managers say EE talent shortages have resulted in higher costs to retain existing staff as EE professionals often move regularly within their first years of employment, as they look to develop their career and maximise their salaries. 28% of hiring managers say that they have high staff turnover among EE employees.
Employers should take steps to ensure that their organisation is perceived as a desirable place to work. For example, offering greater autonomy, flexible working or clear opportunities for career progression.
Employers should also consider revising recruitment practices; particularly reviewing their approach to hiring professionals with transferable skills who can be retrained or upskilled to be suitable for a role.
The plan for EE talent shortages
Our survey revealed that the majority of hiring managers (60%) have plans in place to deal with talent shortages when they occur and 20% of hiring managers say they are in the process of creating a strategy to manage talent shortages.
However, one in five say that not only do they not have a plan in place, but that they also have no intention of developing any strategy for addressing this issue. With demand for EE candidates increasing, EE professionals looking for their next career move will be able to pick and choose between roles, with an increasing number receiving multiple job offers.
Businesses will need to review their current strategies for recruitment in order to secure top talent in this changing environment. Shortening the hiring process and reducing the time from interview to offer can be effective in securing candidates who are engaged in several interviews processes simultaneously.
Download a copy of our latest whitepaper Recruiting Equity Professionals in a Candidate Short Market.