The war for talent is fierce and recruiters are struggling to get ahead of the Great Resignation, so why not look beyond the active job market to professionals outside the workforce? Niamh O'Brien explains.
Faced with the global war for talent and the Great Resignation, employers are grappling with staff shortages and accountancy roles, in particular, are featuring prominently in job ads. So, what can employers do to attract more qualified staff?
While we are in a competitive recruitment market, there are still some largely untapped pools of talent that could help to fill the gaps.
One potential source is the pool of qualified and experienced accountants who exited the workforce for family commitments, sabbaticals, early retirement, or career breaks.
According to the most recent CSO survey, the total rate of participation in the active workforce in Ireland is 65.1 percent.
When you drill down into the numbers, you find that male participation is higher at 70.3 percent than for women, at 60.1 percent. This means that there is a significant number of women who are choosing not to work.
Some are qualified and experienced yet choose to remain outside the workforce, but why? In some cases, managing family commitments while working full-time can prove to be an insurmountable challenge.
With increased flexibility, hybrid work options and a greater focus on facilitating work-life balance, however, the working environment has never been better at facilitating a return-to-work for this group.
Benefits of 'returners'
For employers, developing a talent attraction strategy that targets ‘returners’ offers numerous potential advantages in addition to a bigger talent pool.
Many returners are women who have taken time out of their career because of family commitments, but now want to re-join the workforce at a mid- or senior management level. These women are often overlooked because of the gap in their CV, despite their experience.
Tapping this pool of women returners can help to even out gender pay gap issues within an organisation.
Early retirees are also returning to work, so organisations could potentially see better generational, as well as gender, balance.
Attracting returners
Employers who have emerged from COVID-19 embracing the benefits of flexible working will be in a solid position to lure experienced professionals back into the workforce.
BDO has carried out research on the essential elements needed to ensure success for this group of returners.
Unsurprisingly, flexibility is their biggest priority, but financial reward and a sense of purpose are also common themes.
The research also shows that creating an inclusive and supportive working environment is critical to the success of both attracting and retaining returners.
Those that have been out of the workforce for a long period are concerned about the support network they will have when they return.
Providing mentoring and coaching programmes for these employees is, therefore, essential during the transition period.
Our research also shows that bespoke training for IT and technical skills, as well as guidance with softer skills, such as confidence and self-esteem, are desired by returners.
In return for accommodating these supports, employers stand to benefit from access to a valuable, and largely untapped, talent pool.
Niamh O'Brien is Talent Management Director at BDO Ireland.