How To Attract Top Talent During A Labor Shortage
Employers have become increasingly in need of employees in recent years. According to the Bureau of Labor Statistics, job openings reached an all-time high of 9.3 million this year. Even as employers are looking for hires, they are having difficulty finding workers who are ready and able to take those jobs.
The scale of the labor shortage is unparalleled. As far back as labor-market data goes, there has never been such a reluctance on the part of the unemployed to fill open positions.
What’s more puzzling is that there are currently more open positions than there are available workers to fill them.
So why do these gaps persist, despite the fact that millions of people are still unemployed? And, as a business owner, how do you attract top talent if you need it?
What’s Causing The Labor Shortage?
Reason #1: Caregiving For Children
When a lot of daycares and schools closed due to the pandemic, a lot of parents left the workforce. In fact, this reason accounted for the massive drop in participation for mothers.
While the reopening of schools may result in parents returning to work, many are still concerned about bringing their children back to school, especially given the rise of the Delta Variant.
Reason #2: Mismatching Opportunities
Different industries are recovering at different rates. That means job vacancies in certain sectors are surpassing the number of individuals who were laid off initially. This is especially true in the industrial and professional services industries.
Differences in talents and qualifications are limiting workers’ transition to other industries, particularly those in high demand. All of this leads to an imbalance in labor supply and demand.
Reason #3: Professionals Are Leaving Cities
During the pandemic, many individuals chose to reside in rural areas on the outskirts of cities rather than in crowded areas. As a result of the population migration, many companies found themselves advertising for opportunities to a population with a much smaller talent pool.
How To Deal With The Labor Shortage
Skilled and engaged employees will be your most valuable asset while competing in today’s marketplace. Managing and keeping talent has always been a challenge, but the COVID-19 pandemic has significantly raised the stakes.
Here are some strategies you can employ to attract and retain outstanding employees:
Make work a safe place for employees
For job seekers, safety has risen to the top of the list of workplace priorities. While your employees working from home will handle their workplace safety on their own, it is possible that employees will still come to work. Put a number of safety precautions in place and make sure to enforce them at all times.
Place a high value on clear communication and transparency
When an organization is more transparent with its employees, it tends to have more employee engagement and stronger company culture. It generates a level of comfort that allows people to freely communicate. Transparency in the workplace also makes people feel valued, promotes inventiveness, and attracts top talent.
Make your company more flexible
Flexibility is now a more valuable component of doing business than it has ever been.
Allow your staff to manage their work-life balance by offering flexible hours or even remote work when available. This will make your job offers more appealing, particularly to parents.
The pandemic made it especially difficult for employers to locate and attract qualified employees. The reasons for the labor shortage are numerous, ranging from parents caring for their children to people migrating away from cities to a mismatch between work demand and supply.
As an employer, you can attract top talent by providing a more secure working environment, more flexible hours, and a more inclusive and engaging work environment.
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Originally published at Upstack.co on Nov 12, 2021, by Ike Eguzouwa.