The current labor shortage has experts confounded. While the unemployment rate hovers around 4 percent, millions of job openings go unfilled.
Some people have made the argument that ending expanded unemployment benefits would unleash a tsunami of labor into the workforce, but that isn’t exactly what’s happened. It’s starting to become apparent that the American labor market is going through a massive structural change. Some observers have suggested that childcare issues, drop-offs in immigration, mass retirements sparked by the pandemic, ongoing fear of COVID-19 and shifts in priorities are the main reasons behind the current labor shortage.
Regardless of the reasons, the labor shortage is impacting every industry and employers are scrambling to find talent in order to keep up with post-pandemic demand.
If your company is currently struggling to find workers, consider the following tips and how Quanta can help.
Keep the people you already have
In addition to making structural changes to the labor force, the pandemic also kept many people from looking for new jobs. Last year was filled with insecurity and many folks decided to stick with the security of a job they already had, instead of stepping out into the unknown. That pent up demand for a new job is now being released as fears around COVID-19 recede.
Employers already battling a labor shortage should first address pent up employee turnover. Many companies are continuing with remote or hybrid work situations because their employees are enjoying the flexibility. Some companies that need people to work in person are improving amenities and offering additional perks.
Consider hiring bonuses
Money talks, as they say, and offering a bonus to new hires can help to bring in more applicants. Companies that have decided to offer a hiring bonus are making it contingent on the new employee staying with the company for at least three months.
Cast a wider net and increase diversity
Sometimes, companies fall into the habit of hiring people who look like their existing team. While it’s only natural to gravitate toward people that look and think similar to ourselves, striving to create a diverse, equitable workplace, it not just expands your candidate pool, it also expands your organizational viewpoint, which has been shown to boost creativity and productivity. For example, an all-male staff might have difficulty pitching products and services to potential female customers.
Switch up your recruitment strategy
If you’re having difficulties trying to bring in the right employees, switching your recruitment system might help. Ensure you’re taking advantage of digital recruitment platforms including LinkedIn, which let you expand the range of your hiring efforts. Specialized job boards and groups on social media can help you focus on candidates in your particular industry.
WE CAN HELP YOU ADAPT TO THE CURRENT NORMAL
At Quanta, we are working hard to help our clients make sense of the current labor market and even take advantage of the surge in worker turnover. Please contact us today to find out how we can help your company.