It’s no secret that there’s a talent shortage in the United States right now. A ManpowerGroup survey found that 69% of employers were struggling to fill positions in 2020, up from just 14% in 2010. Nearly three out of four companies are having trouble attracting workers, while more than 60% are having a hard time retaining them, according to a recent study of employers by Willis Towers Watson. These companies reported that they expected these challenges to persist in 2022.
This isn’t surprising. The labor market is currently undergoing what US News & World Report described as a “seismic shift,” the likes of which we’ve never seen before: “A complex stew of trends — reflecting the country’s changing demographics, governmental policies, technological change and a reevaluation of the contract between employer and worker — has brought about the tightest labor market of modern times. And, it is not likely to get better any time soon.”
So what does this mean? In my opinion, it means corporations will need to rethink the way they’ve always done things and open themselves up to getting creative. Gone are the days of status quo. They’ll need out-of-the-box thinking and policies in order to attract and keep their best workers.
For example, many respondents to the Willis Towers Watson said they would be raising their salary increase budgets for next year (30%), raising starting salaries (43%), and giving larger raises (49%). But many also said they would be working to improve the employee experience (39%), increase workplace flexibility (33%), and make changes to health and well-being benefits (36%).
These are a great start. I’d suggest companies also look beyond their “typical” talent pool—considering workers of all ages, in all locations, which they can now do thanks to technology and the flexibility that remote work affords—as well as offer apprenticeship and mentorship opportunities, which offer numerous benefits to both employee and employer. The employees gain valuable career advice and insight, and the employer preserves the transfer of knowledge that’s so important for growth and innovation.
At WAHVE, we’ve always understood the value of these benefits. They’re baked right into our business model. That’s why we’re busier than ever—our wahves know that they’ll get flexible work arrangements and better work-life balance, which keeps them engaged and happy; and employers can count on booking high-caliber talent from all over the country, thanks to our vast network of highly qualified individuals who are screened using our blind hiring questionnaire.
What are some ways your company is revamping its recruiting and engagement strategies to ensure it enlists top-quality workers in the year ahead?