The U.S. is at a crossroads as it exits perhaps the worst market shutdown in modern times.
The economy is signaling recovery mode, and demand for goods and services is up. But organizations are struggling to capitalize on the rebound because they can’t fill open positions.
Businesses not only can’t find enough quality candidates they would want to hire, they can’t find enough workers even if they hired every single candidate who applied.
This workforce shortage is impacting large and small employers alike, with 44% of small businesses reported being unable to fill an open job in April 2021. Such numbers suggest that candidate flow concerns are not unique to any sector or industry but instead indicate a lagging recovery from the pandemic coupled with a revised mental model for many job applicants of where and how they want to work.
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- Causes of the workforce shortage
- How candidate behavior is changing
- Steps you can take to ease the pressure of the workforce shortage
- The risks of being reactive and making short-term decisions that will have long-term consequences
This is a challenging time for those managing selection systems, and we do not anticipate it will naturally solve itself until much later in 2021. In the coming months, talent acquisition departments must get comfortable listening, understanding, educating, and most importantly, being flexible to the needs and demands of their stakeholders in the field.
Modern Hire is committed to continuing to provide support to hiring teams with science and innovation to overcome this workforce shortage. Our task in the current labor market is to ensure we handle the challenges of today without sacrificing the value provided to organizations in the future.