Much has been written about the talent shortage facing business today. While this is true on many levels, it is also true that different generations of workers will respond differently to recruitment and outreach efforts.

In short, the same old strategies and practices won’t yield the same results today.

In years past, most companies found that a solid university recruitment program combined with print advertising, and a positive company perception would be enough to keep the resumes flowing in.

Today, most post baby boomers (gen x, gen y, millennials), respond to different stimuli.

For starters, most of us no longer start the day opening the front door to grab the morning newspaper. In fact, a growing number of American towns and cities no longer have a daily newspaper to read.

According to a Manpower Inc 2015 Talent Shortage survey, 54% of employers surveyed said talent shortage is impacting their ability to support their customers needs. Yet according to the same survey, more than 1 in 5 employers globally are not pursuing strategies to address talent shortages.

Skilled trade workers, sales people, and technical positions remain the top three hard-to-fill job categories globally. It is no surprise to most that the primary reasons often cited for this reality is lack of available talent or applicants, and lack of technical competencies among the talent that is available.

So what can be done?

Employers who have seen success have had to radically rethink their workforce strategies from the ground up.

Today’s workforce has fundamentally different needs, expectations, and goals than a generation ago. Business leaders must understand and embrace this reality, and look for new ways of engagement with their teams, and new ways of thinking about corporate culture.

1. Expectations of benefits, including the option to work remotely, must be embraced.

Healthcare plans, and a 401k or similar retirement plan, no longer rank among the most sought after by many millennials, who prefer more flexible work options and greater opportunities for entrepreneurship in the workplace.

It is important to understand your businesses unique value proposition. Find those hidden success stories, and embrace and promote them. Scale them. Build a narrative around your successes, and promote these experiences.

Build a culture of excellence and pride, while still embracing a culture of flexibility, change and variety.

2. Think global, act local

Can some of your workforce be located offshore? Can they be travelers?

Digital nomads are workers, mostly entrepreneurs, often with no fixed address.  They travel the world armed with a laptop, and can be among the most successful contributors to a team, if your culture will allow for this.

While most companies will find a core team is required to be based in geographic proximity to each other, if not in the same office, adding remote team members is an easy way to cast a far wider net when seeking hard to find talent.

3. Close the Pay gap

Among key data points often cited in talent gap discussion is the pay gap. The pay offered by employers is far lower than that sought by candidate, creating a rift and making it radically difficult to fill open positions.

This pay gap, which is not a new reality, is still trending in the wrong direction.

Employers should always do all they can to properly understand pay ranges, especially in a healing or growing economy. Too often memories of a time when candidates were thrilled to have any available position permeate HR circles. Unfortunately, the reality today (in stark contrast to what it once was) is that it’s a candidates market. Demand is simply outstripping supply.

A candidate for a permanent role would historically not entertain a contract or consulting opportunity. Yet, when the pay disparity between roles often approaches 2x, we are seeing greater movement in the ranks with candidates who historically would have accepted a $70,000 per year position, entertaining, and easily landing contract roles paying upwards of $60 or $70/hour.

Employers must understand this shifting mentality among today’s workforce. The goal of candidates in the past, seeking and holding a permanent, full time position for life, no longer holds true for today’s workforce.

Closing Thoughts

There isn’t really a talent shortage. Rather, there is a shortage of companies willing to flex their traditional ideologies to make room for their would-be future employees. Closing the pay gap, cultivating a more global (remote-friendly) perspective, and creating unique business value propositions to lure in the new fresh talent is just the start. There are many more creative ways to solve the problem.

Over to you. What do you think… how can you better align your business strategy with your talent strategy?