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Posted on June 30, 2022 at 4:00 PM
Written by Plumb
As part of a new monthly series, Plumb will provide insights and actionable tips for how to navigate some of the current challenges being faced by businesses today.
In our second installment on insights and actionable tips for how to navigate some of the current challenges being faced by businesses today, we are discussing the labor shortage and how to attract and retain talent.
Whether you call it The Great Resignation or just a huge pain, there is no denying that the pandemic has dramatically shifted the American workforce and the expectations of employees.
According to the Bureau of Labor Statistics, 47 million Americans quit their jobs in 2021. As recently as March 2022 another 4.5 million people resigned.
As a business owner, what can you do to combat these overwhelming stats? We have a few recommendations for you.
1. Define your company.
Define who you are, what you stand for, and what your short and long-term plans and goals are -- and communicate this to your employees and to the world outside of your office. According to McKinsey, 89% of employees – at all levels – want purpose in their lives. If you can demonstrate that what you do matters, and that you value your employees, this can go a long way towards both talent retention and acquisition. After all, happy workers are productive workers! (13% more productive according to an Oxford University study.)
2. Key in to the individual.
Understand that your employees are each unique people, with their own talents and challenges, and their own needs. Take the time to conduct one-on-one meetings with your team. Provide opportunities for continued professional education and growth and be transparent about their career path. According to a recent Gallup poll, 48% of American workers said they would switch to a new job if it offered training opportunities. Demonstrate to your employees that you care about them, and that their work makes a difference to the bottom line of the company.
Allow your workforce to choose to work remotely or in a hybrid. According to a recent Fortune study, 73% of all workers want a flexible work schedule. If you aren’t offering this as an option, someone else will. In fact, companies given a rating of “highly flexible” saw a 137% higher headcount growth according to a study conducted by Access Perks.
4. Prevent employee burnout.
With 24/7/365 access to everything, everywhere, it’s no wonder that people are burning out faster and younger. As an employer, you can set the standard. Ensure that the company culture encourages time off, provides mental and physical health resources for your team, and makes every effort to provide your workforce with the proper tools so they can work efficiently with a minimum level of frustration.
Ultimately, each business needs to do what is best for them. Not all these suggestions will work for every company, but the data is clear: if you communicate to your team that you value and respect them, and that you are willing to help them grow, you will be able to both attract new and retain existing employees.
Please check out our other articles about how to navigate some of the current challenges being faced by businesses today:
Founded in 1996, Plumb’s mission is to help companies and individuals achieve their business and financial goals by providing an unparalleled array of customized software and accounting solutions. Through our proprietary systems, Plumb becomes a valuable extension of internal client operations, ensuring timely, dependable, and cost-effective results.
