Navigating the Talent Shortage: How Successful C-Suite Leaders are Rethinking Online Recruitment
As CEO of Activate Group Inc, I’ve been privileged to guide numerous growth-driven businesses through various market conditions. Over the last few months, we’ve noticed a trend that has caught our attention: a decline in the volume of online job orders. Why, might you ask? We are currently navigating one of the tightest labor markets in recent memory.
There is an adage in business that says, “A players hire A players, but B players hire C players.” However, in this ultra-competitive market, some companies have been forced to hire below their usual standards just to keep operations going. We’ve seen it firsthand. Some organizations tolerate poor performers or even overpay for them just to fill seats. A worrying trend but an understandable one given the circumstances.
In a recent example, one of our high-growth clients, let’s call them XYZ Corp, had a key position vacant for months. The management team was overloaded with work and lacked time to fill the position. So, they opted to hire an internal recruiter. This recruiter successfully filled the vacancy, but not before the management team had been stretched thin for far too long.
Another one of our clients, ABC Inc, desperate to retain their current workforce, decided to invest heavily in creating retention strategies. Despite their efforts, they faced a high turnover rate due to competitive job offers from competitors. It’s a classic case of companies having to work harder to keep the talent they already have.
So, what does this mean for the use of online job boards? In my view, it indicates that companies are exploring other recruitment avenues. The rising talent costs and urgency to fill roles have led to a heavier reliance on external recruiters and headhunters. While still useful, job boards are not providing the immediate results required in this demanding labor market.
But let’s be clear – this doesn’t mean abandoning online job boards. It means adjusting your strategies. Here are some actionable steps you can take:
(1) Expand your channels: Don’t just rely on online job boards. Network at industry events, use professional social platforms like LinkedIn and consider engaging external recruitment agencies if need be.
(2) Improve your employer brand: If you’re struggling to attract top talent, consider how your company is presented to the outside world. Is your vision, mission, and culture evident and appealing?
(3) Offer competitive packages: Ensure your compensation packages are attractive and competitive. But remember, it’s not always about the salary. Consider flexible working conditions, professional development opportunities, and other non-monetary benefits.
If you’ve been struggling to navigate this labor shortage, I invite you to contact our team at Activate Group Inc. We’ve helped countless businesses overcome their growth barriers and would be thrilled to help you do the same.
About the Author: Howard M. Shore, CEO of Activate Group Inc, is a renowned executive leadership coach and author of “The Leader Launchpad.” With decades of experience in assisting companies to achieve exponential growth, Howard’s proven methodologies have become the gold standard for businesses seeking to reach their peak performance. Through Activate Group Inc, Howard continues to guide C-suite leaders to navigate their business challenges, regardless of market conditions, successfully.