Some of the current challenges that have been reported by staffing firms are that there are more positions than there are talent. Where 64% of staffing professionals reported that there is a current talent shortage. Hiring managers have also reported that 44% of them missed out on top talent because candidates are seeking higher salaries than they’re able to offer initially. As a result, there has been an increase in companies hiring less experienced workers who are “motivated to learn new skills quickly.”
Another challenge is that 71% of millennials have reported that the internet is their main source of for news and information. Although, it might sound less of an obstacle, the fact that certain resources found on the internet such as Glassdoor salary estimator tool can provide bloated figures where certain realistic variables are ignored. This could be the candidates personal measurement of their own skills compared to how the market currently measures the skills they possess, as well as the between their local market versus the state or country as a whole. This creates unrealistic expectations.
In addition, millennial possess different motivators than the previous generations where the workplace benefit valued the lease is healthcare. Whereas 95% reported that work/life balance is extremely important. About 45% of the millenial job market actually would choose workplace flexibility over pay and about 69% believe that office attendance on a daily basis is unnecessary. However, 88% of millennials desire a “positive culture” extremely important to what they consider a “dream job” and 90% want their workplace to be social, collaborative, fun and encouraging.
In 2017, student debt has been reported to be around $1.29 trillion, where millennials and the following generations are seeking alternative methods to educate themselves. Alternative education such as online courses provided by third-parties such as those provided by LinkedIn Learning, Coursera, edX, Udemy, and others. Self-directed learning causes two challenges, one due to the methods being outside the traditionally accepted (Colleges and Universities) and approved criteria some interpersonal as well as hard skills may not have been completely covered in the essense of the markets previous foundation. The second issue, is that candidates educational and training experience can no longer be measured by traditional means. Whereas, some candidates may be well in fact qualified however the placement criteria is outdated.
Ntelicor may benefit by designing candidate vetting processes to incorporate certain non-traditional education, how it ranks and implement testing that conform with the needs of the client’s role to be filled. This will improve the communication of candidate skills between client and talent acquisition specialist as well as provide candidate with a better understanding of their position in the current landscape. During this process and depending on the testing methods implemented Ntelicor could possibly quantify the speed of candidates learning, which could also aid in the placement of candidates not quite up to par yet however could be with employer upskilling.When teams are appropriately trained, companies save an average of $70,000 annually and receive a 10% increase in productivity.
There are currently 6.2 million job openings in America that are unfilled. Companies can’t find the right workers, that have the right skills, at the right time, which has slowed growth in the economy. The National Federation of Independent Business reports that 45% of small businesses were unable to find qualified candidates to fill job openings and 60% of all employers have job openings that stay vacant for twelve weeks or longer, which costs them approximately $800,000 annually in lost productivity and advertising fees.