Innovative Talent Acquisition Long-term Solutions Amid Labor Shortages

The modern workplace is undergoing unprecedented change, and organizations that can attract, retain, and develop their teams using workforce data will be best positioned for success. Workforce planning professionals need to elevate their strategies to meet organizations’ talent needs.

In an era of labor shortages, companies are focusing on building high-retention models, sometimes referred to as “labor hoarding.” This involves improving pay equity, continuing hybrid work models, investing in human-centered leadership, and offering opportunities for career growth within the company. Talent marketplaces, skills-based development, and learning in the flow of work are becoming essential components of this strategy.

Horsefly Analytics: Addressing Labor Shortages with Data-Driven Solutions

Horsefly Analytics provides comprehensive, real-time labor market data and predictive analytics. Our platform helps organizations understand talent supply and demand trends, identify skill gaps, and develop effective recruitment and retention strategies. By leveraging Horsefly’s robust data insights, businesses can create tailored workforce plans that align with long-term objectives, ensuring they are well-equipped to navigate the challenges of labor shortages.

A significant takeaway from recent reports is how skill changes are impacting the HR tech industry itself. Many companies lack experience managing massive volumes of data, yet they must quickly adapt, as the future of talent strategy is data-driven. Talent intelligence allows companies to access vast amounts of public information about a person’s work experience, colleagues, technology usage, and more, reducing bias and providing unprecedented insights.

Previously, talent intelligence technology was primarily used for recruiting, with vendors like Eightfold, Seekout, Beamery, Gloat, HiredScore, Phenom, and Paradox predicting job fit. Now, as these tools mature, talent intelligence is poised to do much more, revolutionizing how organizations approach talent acquisition and retention in the face of ongoing labor shortages.

1. Skills based Movement: Careers that used to stay within an industry are morphing into “skills-based careers,” enabling people to jump around more easily than ever before.

2. Job Change mindsets: Employees (particularly young ones) feel empowered to act as they wish. They may quietly quit, “work their wage,” or take time out to change careers.

3. Fewer People: Fertility rates continue to drop and labor shortages will increase. Japan, China, Germany, and the UK all have shrinking workforce populations. And in the next decade or so, most other developed economies will as well.

4. New Unions: Labor unions are on the rise. While union participation is less than 11% of the US workforce, it’s much higher in Europe and this trend is up.

There are three key areas we have identified as most effective in guiding organizations toward improved workforce management:

The three categories are:

1. Predictive Analysis provides preemptive insight on workforce trends and needs.

2. New Diversity Approaches addresses overlooked talent.

3. Branding adjustments can build a competitive advantage and attract top talent.

1. Predictive Analytics

Predictive data analytics is a cornerstone of modern workforce planning, offering invaluable insights to guide strategic decision-making. By leveraging advanced data analysis techniques, organizations can anticipate future workforce needs and challenges, optimizing their talent management strategies for enhanced performance and competitiveness.

Workforce ‘forecasting’ should be a central tool for workforce management to enable them to stay ahead of the curve.

Top 5 Predictive Analytics Benefits:

• Anticipate Labor Trends: Predictive analytics enables organizations to forecast shifts in labor supply and demand, allowing proactive adjustments to workforce strategies.

• Enhance Recruitment Efficiency: By identifying future talent needs, predictive analytics streamlines recruitment processes, ensuring the timely hiring of qualified talent.

• Improve Retention Strategies: Predictive models identify factors contributing to employee turnover, enabling the implementation of targeted retention initiatives.

• Optimize Training and Development: Insights from predictive analytics inform tailored training programs, aligning skill development with future organizational requirements.

• Drive Strategic Decision-Making: With predictive analytics, organizations can make informed decisions based on data-driven projections, minimizing risks and maximizing opportunities.

2. Diversity & Inclusion

Diversity and inclusion, now more than ever, serve as indispensable pillars in effective workforce planning, offering multifaceted benefits for organizational growth and success.

For talent professionals, embracing diversity and inclusion enhances acquisition, retention, and overall employee engagement. Organizations that embrace diverse groups find they access a broader talent pool, fostering better creativity and innovation due to a more balanced range of perspectives.

Moreover, it's about being a respectable business with open and fair values.

The Benefits:

• Expands Talent Pool

• Drives Innovation

• Enhances Employee Engagement

• Improves Decision-Making

• Strengthens Employer Brand

Labor analytics play a vital role here as they offer a valuable tool to address diversity concerns. Data-driven insights help organizations understand and rectify disparities.

The ideal balance is, of course, to marry internal data. Horsefly's granular ethnicity and gender insights provide a comprehensive view of specific job roles and skill sets, globally, empowering organizations to thoroughly analyze the talent market and make informed decisions to achieve meaningful diversity goals.

2. Employer Branding

An organization's brand is paramount in both attracting and retaining a valuable, talented workforce. While this may seem obvious, businesses frequently overlook the fact that they represent a brand, neglecting to recognize how significantly this impacts a prospective employee's perception of their potential career with them.

• Brand Values: Individuals seek businesses that share the same values.

• Competitive Standout: A distinguished brand personality and reputation also attracts talent.

Data analytics provide a deeper understanding of consumer and employee preferences, behaviors, and trends. Organizations can then adjust their branding strategies to better resonate with their target workforce and track brand sentiment and perception in real time.

Leveraging an organization's brand has become even more vital in the talent acquisition battle.

We Can Help You Build New Methodologies for Long-term Workforce Planning

By leveraging analytics that enable forecasting, address diversity, and maximize branding means we can fine-tune workforce planning in unprecedented ways. These tactics foster the proactive approach leads to enhanced agility and develops a more sophisticated methodology in this dynamic and talent-limited marketplace.

At Horsefly Analytics, we offer holistic solutions to develop strategies hand in hand with your teams.

Try out our transformative labor market data - receive your FREE, no-obligation consultation and Custom Report.

Sources: Thomas.co, Deloitte ‘Work Study’. Placed-app.com, Horsefly.com, Forbes 2023, Glaad.org.