How Organizations Can Overcome the Digital Talent Crisis

Attract and Retain Skilled Employees During a Digital Talent Crisis

In today’s fast-paced digital world, organizations are facing a significant challenge: the digital talent crisis.

The digital talent crisis refers to the shortage of skilled workers with the necessary technical expertise to fill critical roles. This shortage is impacting companies’ ability to innovate and stay competitive in a changing market.

The World Economic Forum predicts that by 2030, there might be as many as 85 million unfilled jobs. This is due to a lack of skilled workers to fit the roles. To make sure organizations find and keep skilled employees, they need to change the way they operate.

The Covid-19 pandemic has put the talent crisis front and center. There’s an increased emphasis on having more control over your life. This might mean more workers are opting to work part-time, work from home, or be self-employed. Employers need to understand this mindset shift, and find ways to increase employee satisfaction if they want to fill the gaps.

Some other important factors contributing to the digital talent crisis include:

• Insufficient employee development and trainings
• Lack of diversity and inclusion
• Minimal use of data to drive recruitment
• Employee retention
• The Great Resignation
• Emphasis on remote work

By focusing on these key areas, companies have a better chance at staying competitive and attracting skilled, digital talent.

Strategies for Overcoming the Digital Talent Crisis

If companies want to survive in this competitive market, they need to get creative. Here are some strategies organizations can implement:

1. Invest in employee development and training programs

Investing in employee development and training is crucial. Up-skilling existing talent not only improves employee retention—it also makes the organization attractive to new talent. An emphasis on training and development may lead to higher employee retention rates and a better reputation in the market. A strong reputation means a greater chance at attracting new and skilled talent.

“L&D is pivotal for retaining talent. People do not want to stay in jobs where they feel they are stagnant or not growing, which is where L&D comes in to ensure that people have resources and opportunities to learn new skills and competencies.”

Alanah Jacobsen – Learning and Development Specialist, Velosio

Providing ample opportunities to learn is also crucial to keeping an organization up-to-date with the latest digital advancements. As technology takes over, organizations need skilled employees with more technical expertise.

The World Economic Forum estimates that by 2025, over half of all employees will need significant reskilling in order to meet the demands of the digital economy. But, the supply of workers with these skills is not keeping pace with demand. This is leading to a global talent crunch. It’s important to invest in employee development, especially to increase digital skills.

2. Prioritize diversity and inclusion

To attract and maintain a wider pool of talent, companies should prioritize diversity and inclusion in hiring practices, as well as company culture. Building a company culture that values and celebrates diversity is key. A diverse work environment can attract skilled workers from different backgrounds and experiences. Diversity also builds an inclusive work environment that fosters a sense of belonging among employees.

To remain competitive and relevant, businesses should establish hiring practices with underrepresented groups in mind. These practices should promote fair access to opportunities for historically underrepresented groups and identify and eliminate any biases in job descriptions and interview processes.

“It’s not enough to say you are hiring for diversity. You must actively work to build a talent of diverse talent by going to schools and organizations of underrepresented groups. Engage these groups in more dedicated ways through more targeted posting.”

Nick Millar – Talent Acquisition Specialist, Velosio

It’s also important to develop programs that support diversity, equity, and inclusion. Companies may partner with organizations that support diversity initiatives, and help the organization engage with communities who are underrepresented in their industries.

“Organizations should leverage diverse channels, encourage diverse referral channels, highlight diversity, create a culture where diversity is accepted and encouraged, remove barriers to entry, and provide training that addresses unconscious bias for anyone involved in the interview process.”

Alanah Jacobsen – Learning and Development Specialist, Velosio

3. Use data to identify skill gaps and develop targeted recruitment strategies

Organizations should also use data-driven approaches to identify skill gaps within their workforce. Pinpointing skill gaps can help develop highly targeted recruitment strategies.

Using data, organizations can better determine which skills are most in demand, and which parts of an organization are experiencing talent shortages. Analyzing data helps gain a deeper understanding of the company in relation to the market, and can even help inform recruitment plans to attract skilled talent to the company.

Data also helps organizations identify the most effective job posting channels and recruitment sources. Tools such as LinkedIn Talent Solutions provide businesses with real-time data for hiring and managing workforces. Specifically, businesses gain access to insights such as where to find talent, how to address skill gaps, and how to plan hiring for future needs.

Analyzing data like this helps gain a deeper understanding of the company in relation to the market, and can even help inform recruitment plans to attract skilled talent to the company.

4. Retain skilled workers

Ensuring skilled talent stays at an organization is key to overcoming the talent crisis. Organizations must create an environment that attracts and retains skilled workers. To do this, organizations could offer competitive salaries, enticing benefits, and a positive work environment. Managers should also foster open communication with skilled workers so concerns are addressed in a timely manner.

“Offer competitive truly compensation and benefits, provide a culture that matches what is advertised (ex. if you’re advertising PTO, have a culture where taking it and not working during it is encouraged), encourage work-life balance, offer growth opportunities (both financial and professional).”

Alanah Jacobsen – Learning and Development Specialist, Velosio

Organizations focused on taking care of their employees are more likely to keep top talent. Developing this company reputation can also help attract new employees through referrals.

5. Navigate the Great Resignation

The Great Resignation is another challenge organizations are facing. The term was coined during the pandemic to describe a trend where employees quit their jobs in record numbers. The first step in keeping great talent is to understand why employees are choosing to leave. Once companies understand these reasons, they need to address these concerns.

Factors that drive the Great Resignation include:

• Lack of work-life balance
• Limited career development opportunities
• Flawed company culture

To navigate this, organizations must focus on improving the holistic employee experience. This includes investing in:

• Building company culture
• Flexible work arrangements
• Employee recognition programs
• Career development opportunities

When employees feel valued, they are more likely to stay with the company. This helps create advocates for the organization, which organically attracts new talent.

6. Offer remote work opportunities

Remote work has become a popular option for many skilled workers. Companies that offer remote work opportunities typically attract a wider pool of talent. Offering remote work options can help retain employees who value flexibility.

Yet, remote work also poses challenges. Some challenges of remote work include:

• Maintaining company culture
• Lack of communication among teams

It’s important for organizations to invest in technology and tools that enable remote work. This helps build stronger collaboration and culture.

Some tools include:

• Video conferencing software
• Project management tools
• Cloud-based storage solutions

Technology not only makes remote work more accessible for a wider talent pool, but also promotes collaboration and productivity among workers.

The Future of The Workforce

As a whole, the digital talent crisis is a growing challenge for organizations. Implementing targeted strategies designed to attract and retain skilled talent is crucial.

Focusing on the following areas is key to thriving in this changing landscape:

• Learning and development
• Diversity and inclusion
• Employee retention
• Data-driven recruitment
• Navigating the Great Resignation
• Embracing remote work

By implementing these strategies, organizations can overcome the digital talent crisis. They can also build a strong foundation for long-term success and growth.

Velosio’s advisory service team has the tools you need to combat the talent crunch. Our team of experts will help you increase retention rates, and combat the talent shortage. We offer the technology and the game plan you need to simplify your journey. Velosio can help you navigate the changing future of the workplace.