76% of HR fear talent deficit threatens future of their business

Posted to News on Wed, 22 Jul, 2015

Over a half of HR leaders believe that there is a shortage of talent quality, with 84% admitting that it is harder than ever before to attract and retain high achieving employees, according to a new report. The research, conducted by Lumesse, a talent and recruitment specialist, surveyed over 840 HR specialists from across the globe, with a staggering 76% of respondents citing a shortage of talent as the biggest threat to the future of their company. Speaking to HR Grapevine, Stephan Schmitt, CMO of Lumesse, explained how HR can tackle this issue directly. He said: “HR should first pin point their specific current and future talent recruitment pain points– these will differ from company to company. “For example, are they struggling to hire for a certain skill and how do they think that skill will evolve in the future? What type of people will they need to address this talent demand? This will help them to lay the foundations for a long term recruitment strategy. “In terms of plugging the immediate skills gap, businesses need to create both internal and external tactics; internally they should build and strengthen relevant Learning and Development plans in the skills they lack the most and externally they should adopt sophisticated technology platforms to build awareness around the brand and job opportunities. “By tracking engagement with the posts across different channels, HR leaders can understand which channels work for the talent pool they are targeting thus take a much smarter, proactive outreach for these channels.” According to the report, only one in ten HR leaders classify their approach to attracting and retaining talent as strategic and optimised. Three main recruitment issues were raised in areas where HR felt they lacked confidence and skills. Only 41% felt confident in identifying potential internal candidates, 40% has assurance in tackling global sourcing and a worrying 36% felt secure with employer branding to help recruitment efforts. So what does this mean for the future of HR when it comes to this dearth of talent? “The survey findings indicate that smart recruitment is no longer optional, it’s a must,” claims Schmitt. “HR can no longer rely on ‘spray and pray’ tactics when it comes to job posting. Instead a strategic plan that addresses the priority pain points first and builds a talent pipeline for the future is a must. It sounds obvious but it’s difficult to implement – especially when there are different talent priorities across different business units. “In these instances, HR will have to rely on their expertise to identify, negotiate and educate others on the true needs of the business as indicated by the CEO.”