4 Ways to Navigate the Labor Shortage and Tips to Overcome it!
Perhaps you’ve heard: we’re in the middle of a massive labor shortage. Of course, you don’t need to read a bunch of headlines to bring you the news that it’s become extremely difficult to find the workers you need. You live the experience every day.
So what can you do about it? How can you keep your business thriving despite a lack of adequate help? Dealing with a lack of skilled workers can present a major challenge. However, there are steps you can take. Here are four ways to navigate the labor shortage:
Focus on Retention
Afraid to dip into one of the tightest labor markets in generations? Well, then avoid the trouble if you can. If you can keep your best employees in place, you won’t have to try to hire during a labor shortage.
As such, you should put retention at the top of your HR priority list. Identify your best performers and make a special effort to keep them happy. Here are some tactics to consider:
- Higher salaries
- Bonuses
- Flexible schedules
- Better communication
Boost Productivity
Having trouble finding the workers you need? Then you need to get more out of the workers you have.
By boosting productivity, you lower the pressure to bring in new employees because you can get more output with fewer people. At the same time, you have added resources to dedicate to your current team, making retention even easier.
Here are a few productivity strategies to consider:
- Invest in new technology
- Streamline your production process
- Focus on higher-margin offerings
- Minimize administration and other non-production functions
Set Yourself Up for the Future
The economy will shift eventually. In the age of COVID, the business situation changes quickly. As you deal with the near-term labor shortage, remember that it’s not likely to last forever. Conduct some long-term planning as well, preparing yourself for a more normalized labor market in the future.
As part of your future planning, look for ways to get creative about recruiting. The tight labor market might ease in the near future. But it could become a long-term hiring challenge, which means you need to lay the groundwork for a better system.
Here are a few options to keep in mind:
- Use social media to find candidates
- Search for passive talent
- Enact an employee referral program
- Use part-time/contract workers
Get Outside Help
A tight labor market means taking advantage of every possible tool. That includes expanding your recruiting options with professional assistance. A top recruiter, like SmartTalent, can find the right candidates for your open positions, whatever the labor conditions.
Contact SmartTalent today to get started.
