October 20, 2017

What we know about the looming "skills shortage"

Over the last several months, we’ve heard growing buzz about the looming skills shortage. HR professionals are in agreement: we are in an incredibly tight talent market. In fact, a recent survey by Talent Tech Labs confirmed the number one concern for Talent Acquisition Leaders is the pervasive skills shortage—among professionals who work for companies that hire more than 1,000 people per year, 69% ranked the skills shortage as their #1 challenge. The percentage increases in larger companies. Among professionals who work for companies that hire more than
2,500 people per year, 80% cite the skills shortage as their number one hiring challenge.

You say skills shortage, we say overlooked and untapped talent pool

There is absolutely data that backs up that employers are facing a skills shortage in prospective hires. But there’s also a hugely overlooked opportunity. At Talent Sonar, we’ve uncovered research that indicates companies continually hire from a traditional talent pool that is only 35% of the US population, when they should be looking at a much broader swath of the population. There is a qualified, untapped talent pool of women, underrepresented minorities, LGBT, veterans, etc. that comprises 65% of the US population.

 

 

Today, most companies are sourcing from the same talent pool as their competitors which means they over-spend on recruitment marketing with no results. Over 60% of companies rely primarily on LinkedIn for sourcing; and continue to spend more each year on LinkedIn sourcing than they did the previous year. 

 

When companies use Talent Sonar to improve their job postings, they attract a 30% larger pool of qualified candidates.

And equally crucially, once the candidates get to the door, hiring managers are able to quantitatively and objectively compare candidates side by side with identity-blind resume review. Then hiring teams follow Talent Sonar’s structured interview guides — which are shown to be twice as effective as unstructured interviews.

Learn more about tactics that Talent Sonar’s customers are employing by downloading our white paper below.