Important Strategies for Labor Sourcing in the War for Talent

The labor market has become increasingly competitive. An ongoing talent shortage has created long-term openings in various industries, from healthcare to telecommunications, to cybersecurity, and beyond.

Eric Friedman of the Forbes Human Resources Council described the current talent shortage as "one of the worst in recent history. To stay ahead of the competition, procurement professionals need to adopt new strategies for labor sourcing.

In this article, we will explore the latest labor procurement strategies and how they can be used to source talented employees in a competitive marketplace.

Empowering Procurement Teams with New Solutions

There are a number of labor-sourcing solutions that can help procurement teams find talent. Some of these technologies include:

Applicant Tracking Systems (ATS)

An ATS is a software system that helps companies track and manage the hiring process. It can be used to collect and store resumes, track interview progress, and generate offers.

Social Media Recruiting Solutions

Social media recruiting solutions use social media platforms, such as LinkedIn, Facebook, and Twitter, to identify and recruit potential employees. It can be used to find passive job candidates, assess skills and qualifications, and build relationships with potential employees.

Video Interviewing Software

Many companies already rely on tools like Zoom to conduct remote interviews, but there are veariosu tools available that allow recruiters to record, transcribe, and easily share video interviews as part of the candidate selection process.

Video interviewing allows employers to interview candidates remotely via video chat, so it can also widen the company’s talent pool. This is an especially important tool for companies searching for remote employees.

Employee Referral Programs

Employee referral programs allow employees to refer their friends and family members for open positions within the company. This can help employers find qualified candidates quickly and easily.

Collaborating with Other Companies

Another labor-sourcing strategy is a collaboration with other companies. This can be in the form of job fair partnerships, talent exchanges, or even temporary labor-sharing agreements.

By partnering with other companies, procurement teams can access a wider pool of talented candidates and also gain insights into new labor markets. This can also result in cost savings, as labor-sharing agreements can eliminate the need to hire temporary employees or use labor outsourcing services.

Offering Flexible Work Environments

Offering a flexible work environment can be a valuable labor-sourcing strategy. By offering employees the option to work flexible hours or remotely, companies can appeal to a wider range of potential employees.

In addition, by offering a flexible work environment, companies can show that they care about their employees and are willing to accommodate their needs. This can help to attract talented employees who are looking for a company that values their well-being.

Leveraging Contingent Staffing Solutions

As the labor market becomes increasingly competitive, companies will need to turn to contingent staffing solutions to find qualified employees.

Contingent staffing solutions are those that involve the use of temporary or contract employees. They can be used to fill long-term openings, cover for employees on vacation or maternity leave, or help with special projects.

The benefits of using contingent staffing solutions include:

• Increased flexibility: By using temporary or contract employees, companies can quickly and easily increase or decrease their workforce as needed. This can be helpful in times of rapid growth or when business needs change suddenly.
• Reduced costs: Temporary and contract employees are often less expensive than full-time employees. This can be helpful for companies that are tight on budget or who are not sure about the long-term viability of a position.
• Easier recruitment: It can be difficult to find qualified candidates in a competitive labor market.

By using contingent staffing solutions, companies can access a larger pool of candidates more quickly and easily.

Preparing for the New World of Talent Procurement

As the labor market becomes increasingly competitive, companies are turning to a variety of strategies to find qualified employees. These strategies include innovative technologies, as well as imaginative strategies like social media recruiting, employee referral programs, and collaborating with other companies.

By preparing for the new world of talent procurement, businesses can find the best employees available and compete in today's labor market.