HR Leaders Are Not Confident They Can Overcome Talent Shortage

Talent ShortageFindings from an independent survey of more than 840 senior HR leaders from across the globe reveal that over a half (53%) believe that there is a shortage of talent quality, with 84% admitting that it is harder than ever before to attract and retain talent.

The survey commissioned by Lumesse, a global leader in talent solutions, and undertaken by research specialists, Loudhouse, highlights that over three quarters (76%) of respondents agreed that a shortage of talent will be the biggest threat to their business in the next two years. Furthermore, specific industry sectors that demand highly skilled employees, such as the pharmaceutical and financial industry, feel the shortage in talent most intensely.

Yet, currently only one in ten (9%) classify their approach to attracting and retaining talent as strategic and optimized and, as a result, fewer than half are very confident that their organization can effectively address what they have identified as the three main recruitment and talent sourcing challenges:

  • Only 41% felt confident in identifying potential internal candidates
  • Only 40% felt confident in tackling global sourcing
  • Only 36% felt confident in employer branding to help recruitment efforts

These three challenges represent a 360° spectrum of needs, internally and externally, domestically and internationally. The research also found that HR leaders are pessimistic about identifying and hiring the right skills in the future with (68%) agreeing they are experiencing a lack of visibility into what these needs will be in 12 months’ time.

Stephan Schmitt, CMO, Lumesse said, “The talent crisis is very real. Demand is growing for very specialized and skilled workers to help businesses compete in tough global markets. When the pace of change is rapidly increasing, and new tools and technologies are disrupting the way we do business, these skills are absolutely necessary. Yet, HR leaders do not feel confident in their ability and that of the organization’s to address this change.”

Schmitt continues, “HR leaders need to take a strategic approach to ensuring that the right processes and plans are in place to capture talent at both a global and local level. There is no silver bullet – no same approach will work for every company – but leaders should review and streamline their technology and applicant tracking (ATS) systems, automate social engagement to build a talent pipeline, and strengthen internal learning and development processes to ensure that they can adapt skillsets to changing business needs. This will help them to get better insight into data to inform talent decisions, connect with talent across multiple channels and ultimately strengthen their talent pipeline for the future.”

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