How Employers Can Survive the Current Employee Shortage

With so many people losing their jobs during the height of the pandemic, few could have predicted the current labor shortage that many businesses are facing. Unfortunately, the labor market continues to be sluggish, and many employers are desperately seeking to fill open positions.

Recently released data from the Bureau of Labor Statistics show:

• Employers added just 210,000 new workers to their payrolls in November 2021 which is significantly below the gain that economists had been predicting for the month.

• Notable job gains occurred in professional and business services, transportation and warehousing, construction, and manufacturing.

• The unemployment rate is currently at 4.2%.

As an employer, it’s important to recognize that job seekers have ample choices when deciding which job offer to take. In order to be successful, you’ll have to rethink your recruiting strategy and take into consideration what’s important to potential employees. Here are several ways to give your company an edge and make your hiring struggles a thing of the past:

Recruit Entry-Level Employees

If you can’t find the employees you want, try reallocating resources of your more experienced employees. Take the basic tasks from your experienced employees and reassign them to entry level employees. Entry-level employees can be easier to find and cost your company less money. Reach out to local college or universities in your area to help find qualified candidates. You could consider offering internships or apprenticeships.

Offer More Flexibility

Many people’s priorities and lives forever changed during the pandemic. It gave workers an opportunity to think about what’s really important and to re-evaluate which benefits were essential for them. Between childcare issues, outbreaks at schools, and health/safety concerns, today’s employee wants flexibility. If you want to stay competitive, offer flexible work hours, or remote work options to accommodate your employees.

Hire Part-Time Workers or Temps

Although hiring a full-time employee may be ideal, there are still many job seekers who are hesitant to commit to a full-time job. A staffing agency may be able to connect you with qualified temporary or part-time workers who can solve your employment needs in the interim.

Outsource

Can’t seem to find the right person for the job or can’t afford to hire someone to do it in-house? Why not outsource tasks like marketing, accounting, payroll, or bookkeeping? With outsourcing, you aren’t limited to hiring someone in your geographical area and can recruit a remote worker to fit your company’s exact needs.

Develop a Solid Onboarding Process for New Employees

Investing time and resources into developing an effective onboarding process ensures a smooth start for new employees and greatly increases your employee retention rate. In fact, 69% of employees are more likely to stay with a company for 3 years if they experienced great onboarding.

Need to Hire Additional Employees?

Don’t let lack of funding slow your business growth. SBG Funding, gets you access to cash so you can hire new employees. Apply today to see how we can help.