Busting the Talent Shortage Myth
Busting the talent shortage myth
We all know that the world of work, and the job market attached to it, is currently more turbulent than ever. The move towards more flexible ways of working, and the greater priority that employees are putting on their work/life balance, has driven many to seek out different jobs. This has led to the trend termed ‘The Great Resignation’, where millions of people have quit their jobs in a very short space of time: in the United States, more than 4.5 million quit in November 2021 alone.
Because of this, it’s easy for many companies to assume that because they’re struggling to attract or retain talented staff, that there’s a shortage of skilled workers around. However, this isn’t actually the case, and if anything, the more flexible business landscape of today means that businesses have more access to talent - if they take the right approach.
This blog debunks three commonly held perceptions about the current job market, and how to turn a supposed challenge into a clear opportunity:
Those who quit are ‘lost’
It’s true to say that the pandemic recalibrated people’s outlook on their lives in many different ways. Periods of lockdown where they got to spend extended periods of time with their immediate families - and weren’t able to see other relatives - made many realize what’s most important to them. And in a large number of cases, they realized that they want to work to live, and not live to work.
However, that doesn’t mean that all those people who have quit their jobs recently don’t want to work at all: what they want is a job that fits in with the rest of their life better. This puts the onus on employers to respond with new practices and incentives that support stronger and more positive employee experiences. Examples of these include increasing the flexibility that employees have to work remotely (including working internationally if suitable to do so), and supporting better financial wellness through Earned Wage Access platforms that allow employees to be paid on-demand as and when they wish.
There is a shortage of talent in every region and industry
The Great Resignation may be a strong global trend, but it’s much more prevalent in some countries than others, and is similarly affecting some industries more than others. In particular, work involving long and/or unsociable hours, or jobs where commuting into an office is mandated, are being especially hard hit.
Remote work is the solution to this, and not just in the sense of supporting an existing office-based workforce to work from home more often. When a business fully embraces the possibilities of remote work, then the geographical boundaries of work are swept away. Employers can suddenly cast their net much wider in the search for talent, across an entire country or even around the world, allowing them to tap into talent pools that were previously inaccessible to them.
Hiring internationally is more hassle than it’s worth
There is still a stigma in many quarters around deploying staff that live and work in different countries. That’s because there can be so much red tape surrounding it: organizing relocation, applying for visas, and all the time, money and effort needed to get staff settled and productive in their new environment. However, with remote work, many of these barriers are removed, because in principle, employees can work anywhere they want and at any time.
Employers can now hire staff who already live in the country they wish to expand into, rather than sending current staff over there. Of course, there will still be some regulatory and compliance challenges to resolve, along with the need to pay staff in multiple currencies and in accordance with multiple tax regimes. However, technology like managed global payroll solutions can make these demands much easier to deal with, and help a business take full advantage of an international workforce.
It’s entirely understandable that businesses were concerned about the turbulence within the job market, but fears about a lack of talent available are generally overstated. The rapid advance of remote working has massively widened the talent pool available to employers, and technology solutions like global payroll have removed the barriers to progress.
If you’re looking into hiring abroad and need support with a global approach to payroll, CloudPay has the expertise and solutions you need. Get in touch with the team today to discuss your specific needs and priorities.