3 Ways to Find Talent In a Labor Shortage

5 minute read

written by Cápita Works

Sep 26, 2022

If you’re an HR professional or hiring manager in a growing company, you understand how difficult it is to find the right people for your team. You also know that with so many other companies competing for the same talent, offering incentives and perks isn’t enough to make your organization stand out. If you don’t have time to source and screen applicants regularly, it can feel like you’re stuck with whatever comes along.

The unemployment rate has quietly fallen to minuscule levels in many surprising regions, creating labor shortages that are making companies rethink and expand their hiring strategies. A Korn Ferry study revealed that out of the country's 51 metropolitan areas (with a population of +1M), 25 have unemployment rates below 4%.

Recruiting in such tight markets requires companies to adjust their tactics.

Here are three ways you can find talent when there aren't enough people looking for jobs: 

Ask Your Employees

 When you have an open position, ask your employees if they know anyone who would be a good fit. Tap into your current employees' network for hiring leads and referrals.

Referrals are a great way to find enthusiastic people about your company and culture. You can also use your company's intranet or employee resource groups (ERGs) to find out who would make a good fit for open positions. You may be able to connect with like-minded professionals who are already interested in working for your company. If an employee tells you they know someone who would be a good fit, it shows their interest in the company and willingness to put in the extra effort.

Expand your sourcing channels

You may need to expand your sourcing channels to find the required talent. Think outside the box when sourcing candidates; don't rely solely on job boards and career fairs. You may miss out on many great candidates who aren't actively looking for employment.

You may not be able to find enough candidates through traditional channels to fill all your open positions. In this situation, you may consider hiring contingent workers or using a staffing agency to find the needed talent. These options may be more viable than you think. You may find that contingent workers are highly skilled and extremely dedicated to their work. You may also find that a staffing agency can access a larger candidate pool and a broader range of skill sets than you have in-house.  

Utilize a remote recruiting agency

If you have a shortage of candidates, you may consider hiring a remote recruiting agency. By partnering with a remote recruiting agency, you can tap into a much larger candidate pool and conduct your entire recruiting process remotely. Remote recruiting agencies have access to candidate pools that you may not be able to tap into on your own. Also, if you find a nearshore recruiting agency, you'll be able to hire employees within your same time zone.  

You may find talent currently employed, or you may be able to find candidates who are experts in their field but are currently unemployed. By working with a remote recruiting agency, you can eliminate the need to travel during the recruiting process, leading to significant cost savings for your company. If you're looking for cost savings with remote workers, consider hiring one of our nearshore virtual assistants and save up to 75% on salaries

Many remote recruiting agencies offer specialty services. You can work with an agency that specializes in finding IT specialists or candidates for hard-to-fill positions. Working with a remote recruiting agency is ideal when you have a very specialized skill set that is difficult to find. Nonetheless, the virtual assistant industry is rapidly growing, and you can find a VA for almost any role. Check out our guide to learn how a virtual assistant can help your enterprise. 

Bottom Line

Finding the right employees at the right time can be extremely difficult, especially in a tight job market. If you are struggling to find the right talent, you must try different methods to ensure that suitable candidates apply. You can utilize employee referrals, expand your sourcing channels, and even work with a remote recruiting agency to ensure you find your company's best people. 

Follow the links to learn more about how nearshoring can give your organization a competitive advantage or about the benefits of hiring through a PEO. At Cápita Works, we're focused on connecting talented professionals to companies in the US for a fraction of the cost. Learn more about our services, or contact us at info@capitaworks.com. 


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