As any business owner knows, one of the biggest challenges of today’s business world is finding the right talent to hire. Though there are certain fields that are more prone to this (especially in IT sectors like the software development outsourcing industry and the cloud industry), most positions that require skilled professionals are suffering from this scarcity.

A single stat should speak volumes. According to a recent survey, 65% of CIOs feel that hiring challenges are hurting their companies and their respective industries. In layman’s terms, the cost of the talent shortage is too high. They can be seen in the many lost opportunities that businesses have to ignore because of the lack of the right professionals. They are also evident in the lost revenue and the rising costs of inefficient or outdated processes.

Fortunately, a strategic approach can mitigate the impact of the talent shortage and bring better candidates to any brand’s table. By using the combination of 3 well-known techniques, companies from virtually all industries can find the professionals they are looking for and use their skills to fuel their growth. Here’s a brief rundown of them.
1. Upskilling Existing Employees
Upskilling is probably the most neglected technique out there but it’s one of the most effective ones when dealing with a talent shortage. As its name implies, upskilling means teaching new skills to current employees so they can fill in any existing gaps in the team. The logic behind this is that it is easier to find a suitable replacement for a lower position than to search for a candidate for a higher position where there’s more competition and the talent pool is more shallow.

Of course, for the upskilling process to be successful, it needs to have a previous step in which the company identifies the talent gaps and the potential in-house candidates that might fill them. Then, businesses have to create a comprehensive training program to bring the necessary abilities to their “students” so they can make a successful shift.

That process doesn’t just imply teaching new skills but also preparing the employees for their new positions regarding other, non-technical aspects of their job. Finally, it’s worth noting that upskilling won’t just provide companies with much-needed talent but it will also serve to show employees that there are possibilities for career advancement within the company, which ultimately boosts the overall morale.
2. Automating Repetitive Tasks and Processes
Artificial Intelligence (AI) is becoming more and more common with each passing day to a point where most modern businesses can afford to implement an AI-based solution of some sorts to automate and streamline processes.
There are many real-life applications of AI across multiple businesses and industries, from customer service chatbots to marketing algorithms that can help in the setup of a new campaign. At its most basic, AI can be used to automate repetitive tasks and relieve people from boring tasks, such as data entry and data organization.
Going with any standard AI-based solution can relieve employees from repetitive duties and allow them to focus on more pressing issues or more important tasks. What’s more - those very same people don’t have to be laid off or see their hours limited. Companies can use the saved hours to invest in upskilling programs that would lead to further gaps being filled.
3. Outsourcing Roles
Outsourcing has always been a reliable solution for lots of companies and, today, it’s more relevant than ever. That’s because the number of activities that can be outsourced has increased dramatically. IT and software development are among the most famous tasks that can be outsourced but there are plenty more, from marketing to accounting.
Of course, companies need to define when outsourcing makes sense. There are certain activities that will surely be better when outsourced, mainly because of the talent shortage in their own fields. Some of them include cybersecurity, AI, cloud computing, and big data, among others.
Apart from accessing the needed talent, companies that choose to outsource can rest assured that they will always have up-to-date professionals that are available on-demand. Besides, by partnering with outsourcing companies, any business’ scalability increases, as they can hire professionals as the needs arise and dispense with them once the demand decreases.
Summing It All Up
The talent shortage is a pressing issue that’s forcing business owners to be more creative with what they have. Since most companies don’t have big budgets or huge perks to offer, hiring the right talent in a constricted market might feel like an impossible task. Thankfully, this 3-step strategy can alleviate the needs and bring the professionals required to get any work done.
Upskilling deserves a special mention since it’s a somewhat brand new technique that most businesses don’t immediately think about but that is already proving to be successful across different industries. Investing in in-house employees might be the foundation of any modern successful company and a great place to start to bring an end to the high-skilled-workers shortage.

Author's Bio: 

Malcom is a tech expert specializing in the software outsourcing industry. He has access to the latest market news and has a keen eye for innovation and what's next for technology businesses.