The world of talent acquisition and recruiting is substantially different today than it was 10 or even 5 years ago. Changing global talent markets, the lack of skilled workers, and the explosion of social media have all contributed to the titanic shifts. Talent acquisition leaders and human resources teams must learn to embrace these changes so as to attract and retain top talent.
“Is anybody out there?”
A decade ago, new job seekers had significantly more entry level opportunities to pick from. However, when the economic recession hit, entry level positions became extremely scarce. As the economy slowly begins to improve, there has been a recent increase in the number of entry level openings. At the same time, companies have become much more selective in their hiring needs as they have zeroed in on the skill sets they require. This has created a divide between the specific skills employers need and the available talent. Thus, those who have various different skills and experiences are few and far in between, but are in high demand. They usually receive multiple job offers, are willing to take risks (join a start-up vs. an established Fortune 500, for example), and can even be selective in their final job choice. On the other hand, those with limited skill sets find it very difficult to receive an offer altogether.
One of the biggest challenges in the current job market is its shrinking workforce thanks to an aging population. In other words, the baby boomers are all retiring. This has created a notable gap in upper management roles, since baby boomers mostly held leadership positions and helped companies grow. As they scramble to re-fill those top level openings, companies are going after job seekers who have particularly specialized skill sets in very specific industries (Finance, IT, Marketing, Sales, Software Development, and so forth) in hopes of having successful candidates eventually step into those senior roles. The fight for talent is only expected to become more intense, especially for positions requiring high skill levels and advanced degrees. Companies must now invest a larger percentage of their resources to internal training programs so as to stay ahead of the curve.
In response to these hiring trends and in an attempt to better their chances of receiving job offers, more young Americans are pursuing higher educations. While staying in school for longer and receiving an advanced degree might eventually help produce a more skilled and educated workforce, it is currently also a contributing factor to the shrinking workforce.
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