Is The Talent Shortage A Myth?

It’s difficult today to find an employer who is not seeking to fill a role of some type. Emerging from the pandemic, what seems all to common is that many people have decided to make a job or career change while organizations scrabble to fill vacancies. As described in the media as “the war for talent” a more competitive job market has forced employers to raise wages and benefits to attract people. Some sectors are finding it more challenging than others. For example, the Business Development Bank of Canada, earlier this year reported,

55 per cent of tech entrepreneurs are struggling to hire the employees they need and 29 per cent are finding it hard to retain them

and as a result,

the only thing that is going to limit growth is going to be on the labour side.

Businesses that refine their value proposition in recruiting new hires can create a competitive advantage instead of accepting the widely held but false idea that recruiting talent is primarily a function of the prevailing economy. Although there is no ‘silver bullet’ for recruiting, by focusing on fundamental dimensions of the employment relationship beyond the standard job description, opportunities for more effectively attracting talent can be unlocked. While many Small Medium Enterprises (SMEs) may lack the dedicated human resources to take this important step, many larger businesses who do, are missing or minimizing this aspect.