Overcoming Talent Shortage Through Outsourcing

Talent shortage is a global issue that affects businesses of all sizes in every sector. As the demand for highly-skilled labour increases, organisations are failing to meet the requirements with existing staff. Companies are having trouble finding the right candidates and are often stuck in lengthy hiring processes. The consequences of a talent shortage are significant. It can lead to productivity losses, high employee turnover, and poor customer service.

The current business environment is highly competitive and employers have to look for the best candidates to fill positions. According to a study, talent scarcity around the world has increased to 77% as employers say they are struggling to hire talents with the skills that would match what they need.

Why is there a global talent shortage?

The shortage of talent worldwide has left companies struggling to find skilled workers. Explore the reasons behind this issue.

Skills gap: Employers now are more likely to target those with experience and established expertise in a particular area. As such, budding and inexperienced talent are often overlooked, because employers want their staff to be up to date on the latest marketing and technology trends.
Economic changes: The global talent shortage is not just a result of skill gaps or education, but also due to significant economic changesFactors like globalisation, automation, and specialised skill demands have created a shift in the job market, leaving many companies struggling to find the right talent. This shortage highlights the need for businesses to adapt and invest in employee development to stay competitive in a rapidly evolving economy.
Demographic shift: Baby Boomers are retiring from the workforce, Millennials however are taking their time to accumulate experience that can ready them for the business industry. For this reason, there is a huge gap in experienced personnel which has left many employers unable to fill positions.
It has also caused a decrease in training opportunities, where new talent can develop the skills they need to be successful. In order to address this issue, companies need to create programs that can develop the skills of entry-level candidates and invest in their future. Such initiatives would encourage and develop the growth of new talent, leading to a much more skilled workforce overall.
Technological advancements: Outsourced accounting services typically include modern, advanced software and technology such as XERO, FreshBooks, QuickBooks Online, and various other business-specific platforms that can enhance your business’ reporting capabilities.

Also Read: What Are The 4 Best Accounting Softwares for Small Construction Business?

How to solve talent shortage?

Talent shortage affects the success of many companies, as the companies who are able to attract and retain the best talent are more likely to win the business race. Now more than ever, it is essential for businesses to proactively address this issue in order to remain competitive.

Here are few ways on how to solve this problem:

Consider an outsourcing solution

For businesses with limited resources in hiring new team members,outsourcing can be a highly recommended solution because it can be customised to meet the demands of the business. However, it’s important to make sure you have an experienced BPO partner to ensure quality of service.

Outsourcing presents a valuable solution to bridge the gap of global talent shortage. By tapping into a diverse pool of skilled workers from around the world, companies can access top talent and scale their business quickly. This efficient and cost-effective approach allows organisations to remain competitive in a highly skilled workforce while avoiding the challenges of talent scarcity.

Consider outsourcing as a strategic option to address the global talent shortage. optiBPO is a trusted partner in planning, building, and managing offshore teams in the Philippines.
Invest in training and development

Training and development is an essential part of any company’s success. Upskill your current staff by providing enough training and knowledge they need to do their job effectively, by doing this, you can reduce the risk of talent shortages and improve the efficiency and quality of your business.
Foster an emphasis on innovation

Creating an atmosphere that values creativity and innovation is one of the best approaches to draw in and retain talent. Motivating your team and unlocking hidden potential can be achieved by encouraging people to think creatively and innovatively.
Develop retention strategies

Although attracting talent is important, it is equally important to develop and implement retention strategies. Investing in employee satisfaction initiatives, as well as offering strong compensation packages and career advancement opportunities are just some of the ways to promote employee retention.

How does Outsourcing help?

In the last few decades, businesses all over the world have increasingly turned to offshoring especially to BPO companies in the Philippines as they have seen the benefits of outsourcing to manage labour force needs, and the trend is continuing to grow.

Here are few reasons why:

Outsourcing gives access to a larger, more talented pool of professionals.
It allows companies to save money on personnel, overhead costs, and other operational costs.
It allows business owners to focus on their core activities while outsourcing the routine and repetitive tasks. This increases efficiency and productivity.
Outsourcing can help to ensure that operations continue even in the case of unforeseen circumstances.
By outsourcing, companies can reduce their workforce size and be more agile in their operations.
There is a faster turnaround time as teams with specific skills and expertise can shorten the time it takes to complete projects.
It helps businesses reduce their risks while ensuring that the tasks are being done right the first time.

Tips in building your Outsourcing Plan

For businesses to ensure a seamless transition to outsourcing, it’s important for them to have an effective plan in place. Here are some tips for building an effective outsourcing plan to help your business overcome the global talent shortage.

Assess Your Needs

Before starting the process of outsourcing, you must first evaluate the company’s need for additional expertise. Deciding what positions need to be filled and the kind of skill sets required will help to define the scope of the search.
Research Global Markets

Once you have a clear understanding of your needs, the next step is to prepare a job description (JD) for your outsourced EA. A well-written JD will help you attract the right candidates and ensure that you and the candidate are on the same page about their role and responsibilities. Ensure that your JD highlights the key skills and qualifications you are looking for, along with any specific software or tools they should be proficient in.
Choose the right outsourcing partner

During the selection process, you should select a provider who has a reputation for delivering quality work and can provide the necessary services within the required timeframe. The right outsourcing partner should be chosen according to their ability to customise services to the business’s unique needs.

There is a wide variety of countries which specialise in providing quality offshoring services, outsourcing companies in the Philippines are on the top of the list.
Monitor and Evaluate

As the outsourcing partnership progresses, it will be helpful to regularly monitor and evaluate your team’s performance. This will help you to ensure that they meet the required standards and expectations.

Related blog : How to Get the Most from Outsourcing: A Visual Guide

What roles can be done offshore?

As businesses explore outsourcing in the Philippines, they may wonder what types of roles can be effectively outsourced, and how to ensure that they are working with the right partner to ensure they get the results they need.

Popular roles that are commonly outsourced include:

Hire the right talent with optiBPO

If you are ready to secure the most skilled and talented employees for your organisation, optiBPO is the way forward. Our team of experts can provide outsourcing solutions that will cover your talent shortage needs. Partnering with optiBPO is your trusted partner to hiring the right talent and boosting the success of your business.