7 Ways To Manage A Talent Shortage
Between the rapid rollout of vaccines, the financial stimulus, and increasingly positive jobs reports, hiring is on the rise. Nearly half of the 22 million jobs lost during the early months of the pandemic have been recovered. And U.S. Treasury Secretary, Janet Yellen, predicts that the economy will return to pre-pandemic payroll levels by 2022.
Competition for talent is already intense. The U.S. recorded 8.1 million job openings in March, the highest since the Bureau of Labor Statistics started tracking that statistic in 2000. So, it’s really no wonder businesses of all sizes are struggling to find talent. In fact, 42% of business owners say they have job openings they can’t fill (National Federation of Independent Business).
Bottom line: talent is going to be hard to find for a while.
While consumer demand is revving back to life, talented employees are going to be challenging to find and keep for a variety of complex reasons. But there’s a lot you can do to out-maneuver your competition and win the war for talent in the coming months. Begin by focusing on these seven ways to manage during a talent shortage.
1. Build an employment brand from the bottom up
Post pandemic, many candidates are going to be looking for more than just a job, and more than just any company.
2. Optimize your recruiting efforts from the top down
In a hot job market, your recruiting process must be flawless; no bottlenecks.
3. Become a company known for learning and training
Workers have seen entire industries disrupted or nearly wiped out overnight. They want to recession-proof themselves by becoming more valuable.
4. Become a company known for benefits
We’ve just lived through a year that proves the importance of a robust, innovative benefits program. Employees will be taking a closer look at what you offer.
5. Become a company known for pay equity
We’re entering a new era of transparency in many dimensions of work life, especially compensation.
6. Make diversity and inclusion a cultural pillar and a business strategy
One day soon, we’ll look back to this moment and realize the companies that got DE&I right went on to become dominant players and leaders in their industries.
7. Modernize the way you develop talent
Attracting and retaining talent all comes down to the growth opportunities you can provide.
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