Adaptive Hiring Strategies for an Evolving Talent Market
The market for specialized talent has been tightening for nearly a decade. In addition to an economy on the rise, rapidly evolving technologies and shifting definitions of the labor market itself only serve to further exhaust what seems to be a dwindling supply of properly trained and educated professionals. The fluid power and mobile equipment industries have not been immune to the talent drought. With a rising demand for experienced and qualified engineers, both industries face a number of obstacles that hinder them from locating the best talent. Fortunately, there are strategies to counter and overcome these obstacles. We’ve outlined three of the most common hurdles and have offered solutions to help you clear them.
The specificity of the fluid power and mobile equipment industries creates a need for professionals such as engineers to possess a particular set of skills, making these individuals highly sought after, thus difficult to obtain. What is already a difficult task is only made harder by an increasingly competitive market.
One of the primary roots of the talent gap is purely numbers. Just to provide some perspective, on average, every day the number of people turning 65 outnumbers those turning 45 by 4,000. What this statistic shows us is that the narrow age range that employers may be looking for is going to be considerably thinner than previous generations could offer. With people working longer and living typically healthier lifestyles, engaging candidates that are even in their 50s can open you up to talented professionals that can get started quicker and offer years of dedicated service.
On a macro level, the demand for STEM talent is on the rise; however, according to a 2013 report, while there seems to be an initial increase in student interest in STEM opportunities, that interest dissipates during their schooling years. What this creates is an ever-increasing demand made only more complicated by a low supply of qualified professionals. This has created an ultra-competitive market across all industries seeking STEM talent.
If you are in need of specific STEM talent, then quit conducting generic searches. Focused talent requires a focused effort. Centralizing a search to areas with strong STEM talent and with educational institutions that emphasize STEM education can pay dividends.
CHANGING WORK FORCE
With the wide gulf between those retiring and those entering the fluid power and mobile equipment industries, companies are faced with a new work force that is two generations removed from the vast majority of their present work force. An inability to understand how to attract and retain talented engineers can set an organization back quickly and leave them scrambling to find suitable talent. What research has shown is that many organizations lose out not because of a lack of talent available to them but because of an inability to adapt to a new class of professionals.
Now is the time to adapt your hiring strategies to make yourself more competitive and unique. The all-encompassing, run-of-the-mill package offers no longer attract the highly qualified talent organizations need to survive. What does work is getting to know the jobseekers who you want to hire and gaining a thorough understanding of what they are looking for. This means more than compensation, but also considering remote opportunities and specialized benefits packages that match their needs.
What is becoming increasingly clear is that partnering with an experienced and successful firm like Oris Search Group is the an efficient and effective way to navigate the talent market. Oris combines decades of direct fluid power and mobile equipment industry experience and leverages that with years of recruiting success. They are attuned to the pulse of the talent market and know how to attract specialized talent that fits what your organization needs. The statistics are continuing to mount, and all signs point to a fluid power and mobile equipment engineer talent market that does not satisfy a growing demand. But by adapting your hiring strategies and building alliances with proven partners, you can outmaneuver your competitors and land the talent that propels you forward.