RECRUITING IN A SCARCE SKILLS MARKET

By Micki Whitfield

As the South African economy navigates through the 4th and 5th industrial revolutions, understanding and effectively bridging the scarce skills gaps arising from this rapid evolution is paramount to ensuring sustained growth and competitiveness for business.

Skills shortages undermine numerous aspects of a business's operations; from productivity and quality to growth potential and financial stability - highlighting the critical importance of proactive talent management and workforce planning.

According to PwC’s 26th Annual Global CEO Survey, 45% of CEOs in Sub-Saharan Africa and 52% worldwide said that not having enough skilled workers would harm their company’s profits over the next 10 years. (BusinessTech Luke Fraser, 6 May 2024)

In South Africa the skills shortages are concentrated within the Engineering, Finance, IT and Medical and Health sectors, with many other sectors hot on their heels.

Employers can ensure they attract and retain individuals with scarce skills through several strategies:

• Competitive Compensation: Offering salaries and benefits that are competitive within the industry is crucial. This includes not only base pay but also bonuses, stock options, and other perks that appeal to skilled professionals.
• Professional Development: Providing opportunities for continuous learning and skills enhancement.
• Career Growth: Demonstrating clear paths for career progression or the chance to work on high-impact projects.
• Work-Life Balance: Offering flexibility in work hours and remote work options.
• Enhance your employer brand: Building a positive image as an employer can attract more applicants. By actively participating in industry events and conferences you can also help raise your profile and attract talent through word-of-mouth and referrals. Skilled professionals often seek workplaces that value diversity, innovation, and collaboration.
• Retention Strategies: Once skilled individuals are hired, implementing retention strategies such as mentorship programs, recognition for achievements, and addressing workplace concerns promptly can help maintain their loyalty.

By focusing on these areas employers can effectively create a sustainable and thriving organisational culture that attracts, retains, and develops top talent, contributing to long-term success and competitiveness.

As experienced hiring partners, MPC Recruitment can assist you to navigate many of these aspects as part of your processes, acting as an extension of your brand and bringing key market insights to your hiring strategy.

Don’t let gaps turn into chasms - let us partner with you!