A labor shortage means there are more jobs available than people out of work, and global labor shortages, along with supply chain disruptions, have become an ongoing issue for businesses everywhere. According to the U.S. Bureau of Labor Statistics, there were millions of job openings in the past few months, while the number of people leaving their jobs rose to 4.3 million. This dichotomy between open positions and people leaving their places of work is only expected to increase. To combat the ongoing worker shortage, there are several areas that businesses can focus on to continue attracting and retaining talent during this challenging time.
1. Improve the recruiting process
Recruitment has become a large issue as a result of the labor shortage, therefore, it's more important than ever to hire efficiently and train new employees comprehensively. Keeping your company on the map through the use of strategic social media and job board posts will prove invaluable during this time.
2. Upgrade the training process
Training new employees efficiently is equally essential to retain new hires. Utilizing knowledgeable employees and regular training sessions is a great way to encourage workers while building their skill sets for the job. Research from Lorman affirms this by reporting that organizations with poor onboarding processes are twice as likely to experience employee turnover, while retention rates rise 30-50% for companies with considerable training and learning opportunities.
3. Re-examine your management style
One considerable reason workers are choosing to leave their job is because of the poor management style of their superiors. The wrong approach to management can easily lead to unhappy employees with no reason or inclination to stay at their current job.
4. Encourage and offer opportunities for development and growth
Along with quality leadership and training, workers value the opportunity to grow in their field as well. A report from TINYpulse states that workers who feel a progression in their career at work are 20% more likely to still be working there a year later.
5. Improve the work environment and offer superior benefits
Toxic work environments are one of the main reasons employees are unhappy, and, ultimately, leave their job. Creating a healthy workplace, along with offering quality benefits, not only shows a dedication to the well-being of workers but is also a significant way to stand out in the job market as it continues to expand. Forbes reports that 89% of workers at companies with well-being initiatives are more likely to recommend their company to others and that positive word-of-mouth could prove invaluable at this time.
6. Automate where you can
Another approach to overcome the labor shortage is to invest in technology that can help your company. Automation may not only decrease the amount of labor necessary to complete certain tasks but may also increase productivity within the company by assisting current employees with their undertakings as well.
While a variety of reasons have led to the ongoing labor shortage plaguing the workforce, it is up to individual businesses to re-examine and modify their approach to attracting and maintaining workers. At a time of constant instability, being considerate of employees and actively taking steps to improve your place of work will be your most beneficial line of defense against this issue.