The tough and tiring process of hiring talent has never been an easy cup of tea for the recruiters. With time, the market for talent saw drastic changes and is continuously facing newer trends.

The process of hiring talent requires framing efficient strategies and fool-proof planning while keeping important trends, especially the economic trends in mind.

In this article, 3 major economic trends in talent acquisition are briefed out, which are essential to take care of to hire the best talents out of the pool.

  1. Talent Shortage

Talent Shortage is a grave global concern, which is the biggest economic factor that is and will keep affecting talent acquisition. The current situation is such that job posts cannot be filled owing to a shortage in the skilled workforce globally. There is a high possibility of 85 million jobs to remain unfilled by the year 2030.

A strategical solution to this continuously growing problem is to develop and train the existing workforce of the company. Internal mobility provided to the existing workforce can help in saturating the vacant job roles of the company.

2. Gig Working Culture

The gig workers are the workers who work independently, as freelancers and contractors. The gig working culture is a massively impacting economic trend that has the potential to affect the recruitment of the employees on a global scale. The mindset shift to the gig economy is the demand for flexibility, satisfaction, and other perks by the employees, that could not be availed by sticking to a single employer.

Bringing the statistics of the gig economy and workers into focus, it’s worth mentioning here that 63% of full-time workers would switch to become independent contractors upon getting a chance. Also, 75% of the gig workforce do not want to give up working as a freelancer for a full-time job offer. The 52% of the adult workers in the U.S., would contribute or already would have contributed in the gig economy, in the forthcoming five years.

3. High Employee Turnover Rate

In today’s era, where the problem of talent shortage is on a hike, making it extremely difficult for the organizations to hire good talent and fill up the vacant job roles. And in such a scenario, loosing up of the existing talented workforce would amplify the problems for the companies. According to a study by Gallup, 51% of employees are looking up for new jobs. Thus, to conclude, employee retention, and extensively bringing down the employee turnover rate is of utmost importance for the companies. In a report by Future Workplace and Kronos, it was concluded that 87% of employers admitted that employee retention is critical for the welfare of the organization.

To narrow down the employee turnover rate of the workforce, the companies need to focus and prioritize the employee job satisfaction. The companies should provide rewards and recognition to the hard work of the employees, and an increment after each suitable period. The employees also lookup for such companies that invest in skilling up their workforce. Therefore, the employers should emphasize on training and helping the employees learn different skills so that the employees can develop while working for the company.

These are some effective methodologies that the companies can opt for to keep the employees happy and satisfied with their jobs and thus remain adhered to the company. And ultimately, increasing employee retention rate.