Experiencing Labour Shortage: Tips To Hire & Retain Talents

The Covid-19 pandemic has caused the whole world to shut down. The first year saw businesses shutting off their physical premises. This led to a huge number of job losses. Those who were retained worked online from their respective homes, thus giving birth to a new culture “Work from Home”. By the start of this year, many companies have almost settled into this new work culture and also promoted their business aggressively to stay in the competition. Some have managed to outperform even their pre-pandemic sales records while others have been struggling. Whatever be it, the need for highly talented, smart, experienced professionals with the right exposure has only increased in recent times.

With restrictions getting lifted everywhere and skyrocketing consumer demand for services and goods, employers seek to fill vacant positions at the earliest. Although there are currently present lots of job opportunities, it is noticed that unemployment levels are still high! A severe labour shortage in some countries like the U.S. has made it tough for employers to hire well-qualified candidates. It is time for employers to seek appropriate Staffing Solutions from the industry experts.

Factors To Consider

There are noticed huge differences in the post-pandemic period in the functioning of several organizations. It includes the following:

• Increased focus laid on higher pay for lower-salaried and hourly positions.
• Corporate realignment, with the creation of certain positions while eliminating others.
• Non-job-related reasons resulted in geographical relocation during the pandemic.

Useful Strategies To Hire, Recruit & Retain Candidates In Today’s Time Of Talent Shortage

With the talent crisis looming large, many global business leaders and economists have offered important recommendations and strategies for organizations of all types to follow. These are considered to be viable ways to address growing concerns of different positions lying vacant in most organizations. Their approach to reducing the overall worker shortage can be reviewed and potential points can be implemented. Some of the tips offered are given below:

• Re-examine benefits package & make necessary adjustments: It has become crucial to offer talented employees a more comprehensive benefits package than before. It should be something beyond the normal 401(k), PTO and healthcare coverage plan. Rather, these items have become the minimum package that most job seekers prefer to have to join an organization. Employee benefits consultants suggest that a good number of companies have started to offer their employees voluntary benefits like financial counselling, pet insurance, and much more. Employees can be offered such benefits, thus providing them to choose a more robust or comprehensive plan to mirror closely their immediate and long-term requirements.
• Offer top pay for lower and hourly salaried positions: Good compensation package is still the main demand of all potential candidates. It is this particular aspect that dictates whether they will take up the job or seek another one. Besides this, compensation levels in diverse industries have remained stagnant largely for years. In today’s tight labour market, it has become important for employers to provide top pay to hire, recruit and retain skilled workers. A few companies also have started providing creative compensation packages, signing bonuses, and pogroms that pay off the remaining college debt. This has helped attract candidates to accept the offered job profile. If legislations like the ‘2021 Raise Wage Act’ gets enacted, then it is likely to lift immediately the minimum wage paid to $15 an hour by 2025 from the current $9.50/hour wage.

Impact of stimulus checks, unemployment benefits, and other benefits offered: Organizations these days are competing with open opportunities offered by other companies. It also includes robust Covid-related opportunities provided under CARES Act by the government. Employers may offer top pay that can help incentivize job seekers.

• Reconsider positional requirements & job descriptions: It could be that you have published overly specific job descriptions. It is rather referred to as the ‘purple squirrel’. The job publication might not be able to attract the volume of applicant flow type that you had expected it to. In such a case, it will be wise to amend immediately the minimum requirements for all open positions that you plan to fill up. It may be performing some simple act like eliminating overly specific software, company, or industry experience. With proper training, it is possible to rectify this issue. Employers must remove those barriers that might prevent potential candidates from joining the workforce. One particular step that can be taken is to eliminate excess requirements and to offer job seekers special training on the experience or skills they require to perform daily.
• Reconsider what it exactly means to work in the organization: Besides enhanced benefits and compensation, employers should make the vacant positions to become more attractive. For this, it is necessary to add more flexibility. It may include allowing a highly adaptable and flexible work schedule or getting the workweek restructured to the 4/10 model. Hence, modifying essential office hours outside the traditional rush hours is sure to reduce significantly lengthy commute times. This can help yield better employee satisfaction rates as well as broaden up the candidate pool. Employers may also consider prioritizing remote work if the position offered can accommodate it. Studies conducted have revealed that approximately 58% of all employees who resorted to remote work from home during this long pandemic situation were mentally prepared to search for a new, better job. This is more so if their employers failed to permit them with the opportunity to go remote fully or opt for a hybrid model. Employees also consider remote work options to be a tangible value. Remote work is rather valued at about 8% of wages according to the average worker. When the in-office scenario is concerned, organizations need to ensure up-to-date Covid-related safety & health programs. Only then will employees feel comfortable and safe to return to the office. Going through the Centre for Disease Prevention & Control website can help employers to know the latest recommendations and guidance to follow to ensure safe business operations.

Those struggling to hire talented employees for their organizations may seek the help of a certified nearshore recruitment service provider in canada.