In the United States, despite a significant number of workers resigning due to the effects of the pandemic and the ‘Great Recession,’ it is projected that 2.1 million jobs will still be vacant by 2023, according to a study by Deloitte and The Manufacturing Unit. This statistic is noteworthy yet equally disconcerting. Numerous employees find themselves unable to engage in the job market due to gaps in their experience or resumes. Moreover, they face barriers such as bias and lack of transportation when applying for jobs, as research from an American university revealed.
This group of untapped potential, or talent, often called the “hidden workforce,” could solve the talent shortage affecting labour markets globally. One strategy for businesses to access this hidden workforce is demonstrated by a U.S.-based financial services provider, which forms partnerships with local non-governmental organisations (NGOs) to support the wider community and identify latent talents and skills. The objective is cultivating a work environment that prioritises accountability and empathy, thereby creating opportunities for career growth.
Forward-thinking businesses can tap into undiscovered talent pools by collaborating with organisations that represent significant numbers of unemployed or underemployed individuals. To connect with these workers, businesses might provide services that support those who were previously unemployed or adjust their internal hiring practices to ensure fairness for these individuals. Companies willing to eliminate barriers to employment can utilise this strategic resource to staff their operations effectively.
Companies must establish robust practices, not just processes, to create opportunities for all types of workers. These practices require engagement from business leaders who grasp the significance of accessing talent through various channels. Companies must challenge existing norms about hiring such individuals to uncover overlooked talent. Those companies that do this successfully can forge valuable connections, access new capabilities, and implement talent strategies that can grow in tandem with the business.
HR departments can cultivate talent pipelines based on employee competencies rather than solely focusing on filling job descriptions. Companies can pinpoint business units with roles that align well with the skills and talents of potential hires and pair these units with managers dedicated to providing training. By pairing employees with experienced mentors, on-the-job training can help develop candidates possessing the necessary traits to excel in their roles and who are committed to advancement within the company.
