Fighting The 2020 Labor Shortage (Attract, Invest, and Retain)
More and more, integrators are having their worst nightmares realized. Many are actually having to TURN DOWN work due to a shortage in their labor resource availability. This recurring problem is showing up across the industry. It’s a frustrating spot to be in, not to mention it’s directly affecting the growth of your company. Your existing employees are working overtime, not to mention your own time is maxed out. Don’t think your clients aren’t noticing, either. This issue quickly seeps into every aspect of your business.
It is absolutely tougher now than ever before to find the right candidates for your specific needs. So here is a summary of our best advice.
Attract and Hire
According to research done by LinkedIn, the number one reason anyone in the United States changes jobs is for a career opportunity… Ultimately, if you are looking to attract more employees, you should consider taking a closer look at your career development ladder. Creating a path of upward mobility for part-time AND full-time employees is one of the most important things you can do to manage your talent effectively.
As employees show they are developing skills, they will become more valuable to the company. While many might see management positions as ‘upward mobility’ within the company, there are really two incentive paths that every firm should provide to its employees: management paths, and financial paths. Some employees will be better suited for the role of a manager and are motivated towards the position of leader. There are others, however, who are better suited in the position they already have and are better off with a financial raise.
Invest in Development
Investing in the development of your employees is a proven way to differentiate your company in the job market, decrease the turnover of your employees in recession, and raise job satisfaction within your employee base. AND it leads to fewer headaches as a business owner. The more you invest in effective training, the faster you can make up for your employee’s shortcomings.
Set a plan of action. This should include specific time commitments and budgeted dollars. Remember during the training process that you’re not just getting them up to speed on knowledge for the job, but to be a part of YOUR company. Immerse them in the culture. If you don’t prioritize making them a part of the community that is your current team, even the “perfect” hire won’t last long.
Retain Your Employees
If you hire right the first time, you have the best chance at retaining that employee. Hire with the intent to retain. Keeping the candidate informed during the hiring process is extremely important. They should know exactly what to expect when brought on. Time tested techniques for retaining employees include incentivizing workplace goals, involving more people on decisions, and providing a place for feedback to be expressed and acted upon. Simply making a habit of encouraging feedback can make a huge impact on the morale within the firm.
Accurate information about upward mobility within the company is another crucial piece of info for the applicant. Hidden surprises after the hire often end badly for both parties. Turnover for an employee can often cost the equivalent of 6-9 months of their salary. For even higher earners, the price can be as much as double the annual salary. So, are you investing in the futures of your employees? It saves your company money in the long run.
At HD Staffing, we believe that finding the right cultural fit is just as important as finding someone with the right skillset. If you’re trying to find an employee that is simply short-term effective, then you may be able to get by with only considering job history and experience. However, If you’re aiming to find an employee that’s here to stay, you’ll need something more. We’ve spent years matching employees with the right AV firms and companies. Let us help you find the long-term solution you need.