In a candid conversation with the Mayor of Vancouver at Collision 2023 in Toronto, Sagar Khatari emphasized the pivotal role of talent in business growth, marking it as the single most crucial component. However, a looming talent shortage, where the demand for skilled labor exceeds the available workforce, presents a real challenge.

The forthcoming retirement of over 75% of the Baby Boomer generation within the next decade, coupled with the insufficient training of younger generations to fill these roles, contributes to the severity of the issue. A recent Kornferry report predicts a staggering 85 million vacant positions by 2030.

Amidst this challenging scenario, organizations can navigate talent shortages effectively by adopting three strategic approaches:

1. Cultivate a Distinctive Culture

Sagar notes that the days of employer-centric power dynamics are behind us, with employees now wielding significant influence over their work environment. To attract and retain top talent, organizations must focus on fostering a standout culture. This involves honing in on core values, ensuring alignment, and emphasizing the importance of belonging. Strategies to combat talent scarcity through culture include:

• Ensure transparency in the implementation of core values across the organization.
• Foster psychological safety, creating a close-knit, trusting community where ideas and concerns can be freely shared.
• Recognize and reward employees for exemplifying core values, encouraging continuous learning.
• Promote work-life balance and employee well-being, managing initiatives seamlessly with tools like Remoly.

2. Enable Remote, Global Hiring

With a reported 90% of employees expressing a desire to work remotely at least part of the time, coupled with skills shortages in various industries, global talent acquisition becomes imperative. Sagar emphasizes the need for companies to embrace a global mindset from the outset, noting that global talent acquisition doesn't necessarily equate to remote work. With a global, distributed model, employees can be located worldwide while choosing to work in an office or remotely.

3. Fortify Your Recruitment Strategy

Contrary to common misconceptions, talent shortages are not due to a lack of interest in work. Instead, candidates, especially those from other countries, seek greater autonomy in choosing their work environment. Sagar underscores the connection between employee turnover and recruitment strategy, emphasizing the need for a clear hiring strategy to find the best fit. This involves crafting detailed job descriptions that vividly represent company culture and implementing skills-based hiring practices such as competency assessments.

Building a Boundless Company

Sagar prompts organizations to ask whether they are hiring the right talent or merely the best available locally. To address global skills shortages effectively, adopting a global employment model is essential. Remoly, presented as a supportive partner, offers a global employment platform for seamless hiring and onboarding, eliminating the need for setting up legal entities in different countries. With Remoly, accessing global talent for high-priority roles is just three clicks and 30 seconds away.