Pandemic-related lockdowns caused countless companies to go out of business, caused an unprecedented boom in the home delivery industry and ultimately had everyone going a bit stir-crazy. But maybe the most unexpected effect of lockdowns was the refusal of millions of people worldwide to go back to work once the lockdowns ended. There are a lot of reasons for this, and we will get into some of them, but our main focus here is providing firms with useful tips about how to beat the 2022 talent shortage.

What's Fuelling the Talent Shortage?

A recent KPMG and REC jobs survey - which contains information provided by JMF Associates among other sources - noted that while demand for skilled workers is high, the number of people looking to fill those jobs remains unusually low. The talent shortage is having a noticeable effect on the number of both permanent placements and temporary billings and is causing sharp increases in starting pay offers which, in turn, is helping to keep inflation at unhealthy levels.

At JMF Associates, we have experienced this phenomenon first-hand and can attest to the fact that many skilled workers remain reluctant to re-join the labour force. But why? Several factors seem to be fuelling the talent shortage:

• Some people still fear covid, especially in closed spaces like the office.
• A large number of older workers took early retirement during lockdowns.
• Others had their first chance to work remotely and don't want to return to commuting.
• And still, others are taking time to rethink their career path.

So, what can firms do to attract the accounting, bookkeeping and finance help they need to fill their job vacancies?

First Things First: Speed Up the Interview Process

With a limited talent field to draw from, firms cannot afford to waste time ruminating on staffing decisions. If you are to secure the best of the available talent you will need to speed up the interviewing and onboarding process, starting now.

Don't Rely So Much on AI to Filter CVs

Yes, AI programmes are allegedly very objective, but in some cases, they skip over people who have a lot to bring to the table. For instance, they tend to reject people for being slightly over or under-qualified without giving enough weight to soft skills the person may have. Additionally, current AI programmes sometimes reject anyone who has been out of work for more than 6 months, preventing some strong candidates - affected by the pandemic - from getting a look in.

Hone Your Business Identity

A fair number of job seekers tend to look at their options as working in Generic Office A, or working in Generic Office B. So, who can blame them for not rushing out to job interviews? Most, however, will respond positively if the business in question has an identifiable culture. This could be almost anything (within reason of course) such as "We play as hard as we work", or "If you consider yourself quirky, we consider you ideal" or a hundred other things. Providing candidates an identity they can connect with is often a more powerful draw than a few extra pounds being offered by Generic Office A or B.

Contact JMF Associates Today

The UK talent shortage is real and does not show any signs of letting up any time soon. That said, your business does not have to suffer for it. Put the above tips to work and you will improve your chances to attract and retain the kind of talent that can contribute in a meaningful way from Day 1.

For expert accounting, finance, and bookkeeping recruitment, get in touch with the team at JMF Associates by calling +44 (0)20 8663 6699 or by emailing team@jmfassociates.co.uk.