A labor shortage occurs when there is more work and fewer workers. However, the post-COVID labor shortage is different. Today, there is no shortage of workers in the market, yet an unprecedented workforce shortage. Why? Because workers now seek better jobs where they get flexibility, extended benefits, and more.
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However, herein lies an opportunity for businesses to beat the competition and retain & recruit top talent. How? By adopting innovative labor shortage strategies to ensure better retention and hiring success.
So, without further ado, let’s delve into the how behind the phenomenon & learn how to one-up your competition and beat the workforce shortage.
The best way to counter the labor shortage is to master retention, as recruitment seldom works unless your culture makes people want to stay. Per recent surveys, 90% of frontline workers equate their happiness to proper staffing and single out inadequate staffing as the #1 stressor at work.
Know this. Retaining the top talent with an understaffed team is ten times more difficult, as such a scenario adds needless pressure on the employees, disrupts their work-life balance, and ultimately forces the best to resign and switch jobs.
So, the principles remain the same. Keep the workforce happy and ensure your team is not understaffed and overburdened. Unless you do this, no tactics, be it retention or recruitment, will work.
Here’s a short checklist to beat the current labor shortage:
Let’s turn to the seven best practices to ensure retention and hiring success and counter the labor shortage like a pro.
Today, more than ever, employers must persuade employees by selling their culture right. And there is no better way to do so than to spread the word via those who work for you.
Referral programs remain the best way to hire top talent and leverage employees’ networks to broaden their hunt. Further, Referrals help you reach the top talent who is presently not even seeking a job, and the same proves to be faster to hire and more loyal.
Despite the new times, the principles remain. Smooth onboarding equals better retention. Per recent studies, employees who had to go through a tedious onboarding process often resigned early.
Thus, as modern-day HR, it is pivotal to ensure the new hires don’t have to jump through hoops unnecessarily. Some tricks include automating the paperwork, creating a portal for orientation material and training resources, and digitizing the experience for convenience.
An employer who cares about the employees’ growth wins an employee who stays loyal to the employer. So, prioritizing employee training remains a time-tested tactic to retain top talent and attract the best resources from the market.
Technology is advancing rapidly, and ensuring proper training and programs to keep the employees in the know helps improve productivity and lures the top talent, seeking an employer who facilitates employee growth.
The number of employees switching jobs due to the company failing to inform them about the new policy changes is rising rapidly. Today, workers don’t like being left in the dark, especially about the policy changes, as it causes them inconvenience and needless bother. Fortunately, you can retain the likes by ensuring timely and active communication and informing the employees about the latest policy changes.
Additionally, it is your duty and obligation to provide context. Don’t change the policy overnight and notify the workforce in the morning. Do more. Provide context and share the why, as it shows transparency and helps you retain the top talent.
The modern-day workforce equates flexibility to compensation and benefits. Most employees prefer the flexibility to switch between work-from-office & work-from-home, and companies who ignore it and remain adamant on the former often fail to retain and recruit the best. So, keep work flexible.
As always, the fastest way to lose a top performer is by not recognizing and rewarding. You cannot keep the employees engaged unless you appreciate.
Everyone likes being in the spotlight, and today’s employees are no different. Bonuses and perks help keep the team productive, however, you cannot inspire right without recognition and rewards.
Isolation makes the best look elsewhere, as humans inherently crave connection and a sense of belonging. So, to retain, recruit, and beat the labor shortage, you need to prioritize connection.
Create a workplace where employees feel like they belong and give them more reasons to stay than resign.
Today’s labor shortage may be unique, but most principles remain the same. And to retain and recruit like a pro, you must do the basics right. Luckily, now you know how to do so. Remember, times have changed, yet human psychology remains the same. Cater to people’s new needs and preferences, and you can rest assured workforce shortage won’t make your business fall.
Read more: Job Interview 101: How Long Should it Take and Why it Matters
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