<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=349935452247528&amp;ev=PageView&amp;noscript=1">
Find out where you can get a Taste of TAB... our global events blast is on!
Search
word-map-thumb

The Alternative Board Blog

Tips on Contending with the Labor Shortage

Mar. 21, 2022 | Posted by The Alternative Board
Labor Shortage

Recruiting and hiring aren’t easy under the best of conditions. Add to that, a global pandemic, and it’s not surprising that turmoil exists in today’s job market.

Still, the numbers are staggering. According to analysts at Goldman Sachs, the U.S. “is in the midst of its biggest worker shortage,” with “4.6 million more jobs than there were potential workers.” No wonder the financial services company is calling this “the most overheated level in postwar US history.”

While there’s no easy fix to the situation, businesses can take action steps to improve their standing among potential recruits. Here are tips and suggestions for other helpful strategies:

Explore the remote-employee option.

Today’s job-seekers often rank the ability to work remotely as one of their top preferences. If you haven’t already done so, take a close look at the positions within your organization and see how many can be done remotely (at least part-time). In your job postings, describe how your business is set up to facilitate remote workers, and “emphasize that your company culture embraces remote-based employees as key parts of the overall workforce.”

Look into outsourcing.

Want additional insight? Read 7 Steps for an Effective Hiring Process now to learn more

DOWNLOAD

Larger companies have been outsourcing key positions for years. It’s only lately that smaller businesses have tapped into this market as well. Look at third-party providers who have a network of workers with the right skills and expertise for your business.

Offer competitive wages and/or appealing benefits.

In a job market where demand far exceeds supply, it’s imperative for businesses to examine the salaries paid to their employees. If wages aren’t competitive with other businesses in the same (or a similar) industry, don’t be surprised if the response to your job openings is weak.

A complementary strategy is beefing up employee benefits, in order to make up for any shortfalls in the wages you can offer. Typically, such benefits include health insurance, retirement matching, PTO and vacation days, etc. But “the only limit is your creativity,” notes Incfile. “You can offer your employees any benefit you can think of that might help your business with retention.”

Build (and promote) an employee-centric workplace culture.

No one wants to work for an organization where employees’ needs are routinely ignored. On the other hand, job applicants are more inclined to pursue opportunities in a business that actively supports employee efforts and encourages career advancement within the company.

If you already have what you consider to be an employee-focused workplace, don’t be shy about letting the world know about it! Highlight employee activities in your company newsletter, on your business website and social media platforms, and in your marketing and recruiting materials as well.

Encourage employee referrals.

Your engaged workforce is a potentially rich source for job-candidate referrals. These employees are happy to talk up the company with friends and colleagues. Incentivizing them to do so is highly encouraged, since by offering gifts, prizes, etc., for quality referrals, “a company can gradually build a workforce of like-minded individuals—particularly those who respond favorably to a culture that welcomes their contributions.”

Welcome interns into the fold.

College students are another rich source of talent. Some businesses focus on intern-recruitment efforts only with the most elite universities, in the mistaken belief that only these students have the “right stuff” to work with them.

Don’t limit the range of diverse applications. Get in touch with local community development organizations and similar groups. Let them know your business regularly recruits interns with future employment opportunities. These organizations can help steer you in the right direction in terms of community and/or junior college students eager to tackle new responsibilities within your company.

Want to learn more? Download our free TAB white paper, “7 Steps for an Effective Hiring Process.”

 

 

Read our 19 Reasons You Need a Business Owner Advisory Board

DOWNLOAD

Written by The Alternative Board

Related posts

Peer Coaching Groups for Company Success & Employee Well-Being
Aug. 18, 2023 | Posted by Dave Scarola
Do you incorporate peer coaching and peer learning into your company? Should you? This article will explain what Peer Coaching Groups are and how they can positively impact organizations and...
What is Talent Optimization?
Aug. 16, 2023 | Posted by Lee Polevoi
Think how much easier hiring new employees would be if the process was an exact science. Well, in some respects, it already is. According to The Predictive Index, “Talent optimization” is “a...
Ay Yi Yi: The Fascinating World of AI
Jul. 12, 2023 | Posted by The Alternative Board
Artificial intelligence. What once felt wildly futuristic has suddenly become mainstream and is growing more ubiquitous by the minute. You are likely already interacting with AI, even if you are not...
5 Tips for Building a Long-Term Sales Strategy
Jun. 21, 2023 | Posted by Lee Polevoi
Any hard-working salesperson can tell you closing a sale is their ultimate goal. Short-term sale strategies emphasize the value of a clean, efficient transaction with a customer, particularly...
Watch Out for Blind Spots in Sales
Jun. 7, 2023 | Posted by Lee Polevoi
Let’s assume your company employs one or more salespeople who are responsible for generating leads and closing deals. As talented as these sales professionals might be, some “blind spots” in sales...
What Technology Strategy is Most Effective for Your Remote Team?
May. 31, 2023 | Posted by Lee Polevoi
If, like many businesses these days, you employ a cadre of remote workers, it’s imperative to do all you can to support their offsite efforts. That means providing the best technology available so...
7 Things Even Your Best Employees Hate
May. 24, 2023 | Posted by The Alternative Board
The employment market has been brutal for most companies and industry at large. While job seekers are certainly also experiencing employment volatility, it still appears that in many ways the...
How Employee Learning and Development Can Boost Retention
May. 17, 2023 | Posted by Lee Polevoi
The ideal employee is an individual who works hard, acts on their own initiative, seeks to be a high-quality team player, and wishes to grow in their career. If you have employees who fit this...
When Is It Time To Fire an Employee?
May. 10, 2023 | Posted by The Alternative Board
Terminating an employee is never fun. Even for the most polished and seasoned business owner, the process of letting someone go is almost universally stressful, unpleasant and emotionally...
How to Tackle Skills Gaps in the Workplace
May. 3, 2023 | Posted by Lee Polevoi
Finding the right candidates for your open positions is hard enough, given current labor conditions. The challenge becomes more pressing when you hire a talented individual, only to find out they...