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This is probably the most frequent question I have heard from business leaders over the past two years: Where have all the workers gone, and how can I attract and keep them? Nearly every industry is struggling to find enough workers to run fully staffed. For so many the pandemic was a professional awakening that caused many employees to reevaluate their professional careers; not only what they want but also what they’re no longer willing to tolerate.
An overlooked segment of the labor pool is what I call the “discretionary workforce.” The discretionary workforce includes those groups who do not have to work; in the past, pre-pandemic, they chose to work. Who are the people falling into this category?
The “gig economy” is another crevasse in the labor pool, with hidden workers who continue to reduce the available workforce. They include former employees who are looking for independence, e.g., solopreneurs, Uber drivers, business coaches, virtual assistants, freelance writers, and other nontraditional workers.
The impact of the discretionary workforce on the labor shortage has been extremely underestimated. It is also a great group to try to recruit for your job opportunities. Shifting from the Great Resignation by capitalizing on the Great Opportunity starts with attracting and keeping women and the older workforce. Earlier this year leaders from around the globe, from numerous industries, shared with the Fast Company Impact Council how companies can do just that.
“Women’s labor force participation rate in the U.S. has been set back 33 years, and gender pay equity has been set back 23 years,” said Jean Accius, senior vice president of AARP. “There’s very little gender equity in there. Childcare is important. Paid leave is important. But they are not silver bullets.” For more inclusive workplaces tomorrow and beyond, there must be a commitment to equity and an overseeing of the commitment. If this can be achieved, Accius believes the positive impact on employee acquisition and retention, and the economic impact on companies and our economy, in general, will be tremendous.
Leila McKenzie-Delis, founder and CEO, of DIAL Global, shared, “In the U.S., you have about 10,000 people who are turning 65 each and every day. Currently, companies are managing around five generations at any given point in time.” Organizations with inclusive company cultures leveraging this diversity in their workforce will enjoy a competitive edge going forward, both from retaining a broad range of talent and enjoying a deeper understanding of their aging customer base.
For many experienced employees, the Great Resignation is paying off. According to a new Pew Research Center report, 60 percent of people saw an increase in real earnings after they switched employers, compared with 47 percent of those who remained in the same job. Not only that, but approximately 20 percent of current employees are at least somewhat likely to become job seekers in the next six months. Clearly, every organization needs to have a solid employee retention strategy in place.
Now that we have a greater understanding of the post-Covid workforce, how can we best inspire leaders for the Great Retention?
While the past couple of years have been chaotic, with dust still settling from the resultant pandemic restrictions and labor shortage, this can also be a time of greater understanding between employers and current/prospective employees, alike. In the words of the late American publisher Malcolm Forbes, “The best vision is insight.”
John R. DiJulius III, author of The Customer Service Revolution, is president of The DiJulius Group, a customer service consulting firm that works with companies including Starbucks, Chick-fil-A, Ritz-Carlton, Nestle, PwC, Lexus, and many more. Contact him at 216-839-1430 or info@thedijuliusgroup.com.