In some occasions, organizations or companies are unable to fill up the labor vacancies. This occurrence is termed as the labor shortage. Such challenges may be caused by several factors such as geographical aspects, social prestige, unattractive jobs, non-lucrative pay, and high skilled jobs, among others . Under such circumstances, the human resource (HR) is always tasked to come up with a well formulated strategic solution.
Fundamentally, the knowledge of labor market dynamics and having information on the same significantly helps the HR professionals in a myriad of ways. This assistance is through developing a quality staffing plan. Majorly, the knowledge helps the HR professionals identify the shortages, requirements, and discrepancies within the Organization. Similarly, the experience helps one to make forecasting, assess skills needed, determine the affordable source of labor as well as identify the turn over trends. Considerably, these are essential tools for developing and planning quality staffing (Bratton & Gold, 2017).
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On the other hand, recruitment is another challenge especially when it concerns the processes of satisfying positions that are crucial in a labor market, and there are talent shortages. This being the case, there are fundamental strategies, initiatives, and approaches that are effective. The strategies that may attract top talent include; considering recruitment agencies, such agencies know the labor market dynamics. Secondly, target professional associations and interest groups, in such associations, it is almost certain that HR will find the talent they are looking for (Wilcox, 2016). Similarly, campus recruitment is also a practical approach of external sourcing strategy; here the organization’s HR identifies talent while still in campus and hires them.
In the same breath, there are also internal strategies and initiatives that may be considered as effective approaches by the HR towards filling such position facing shortages. These strategies include the internal recruitment itself. In this strategy, internal employees are moved or promoted to other positions either horizontally or vertically within the organizations. This is the best approach because it is fast, affordable and motivates employees. Secondly, the use of events, an organization may hold an event where participants meet to the network. The aim is basically to attract talent and professionals (Cascio, 2018). Significantly, the HR can identify topnotch talent to poach.
Conclusively, the HR in most cases may opt to use referrals as an initiative or best strategy towards achieving an effective approach in sourcing for labor and talent in the deprived labor market. Referrals are termed as the productive and most successful approach because it may be used as an external or internal strategy of sourcing. In referrals, an organization will get the talent or the type of employee they requested for. Considerably, it is notable that referrals are the most convenient, cost-effective and time-saving strategy.
References
Bratton, J., & Gold, J. (2017). Human resource management: theory and practice . London: Palgrave.
Cascio, W. (2018). Managing human resources . New York, NY: McGraw-Hill Education.
Wilcox, M. (2016). Effective talent management: Aligning strategy, people, and performance . Abingdon-on-Thames: Routledge.
