What can be done to address workforce challenges?

Q. WORKER SHORTAGES HAVE BEEN A PERSISTENT STRUGGLE. WHAT CAN BE DONE TO ADDRESS THE CHALLENGE?

Worker shortages have been an ongoing challenge even before the pandemic. Nearly 75% of employers list recruitment and retention as one of their top business challenges - a problem that is expected to continue through 2022. Given the high cost of losing an employee, retention should be an employer’s top priority.

Employee retention is strongly connected to employee satisfaction; however, employers often focus on why employees leave. But when a company understands why employees stay, they can make adjustments to reinforce the qualities employees like most. In addition to compensation and benefits, many factors play into employee retention:

• Trust in leadership and the organization
• Professional development opportunities
• Meaningful work
• Recognition and respect
• Workplace camaraderie
• Company culture

There are many ways for employers to show up for employees and enhance the workplace experience:

• Onboarding: An employee’s first 90 days are critical. Employees guided through a well-thought-out, consistent onboarding experience will be set up for success.
• Employee Engagement: Employees want to know that their work is meaningful and that their ideas are heard and respected.
• Employee Communication: Employees who can openly communicate with management are more likely to value the work and company.
• Learning and Development: Besides helping close the skills gap, companies with strong learning cultures boost engagement and retention and reduce turnover costs.
• Remote and Hybrid Arrangements: Flexible working arrangements aren’t ideal for every role, company, or industry, so employers must explore potential options and trade-offs.
• Company Culture: Typically associated with the way interactions take place among employees, company culture is defined by its leadership, communication methods, wellness offerings, environment, corporate vision, and social aspects. Location doesn’t matter because authentic culture is based on the values that unify the workplace and employees.
• Workplace Safety: Proactive and effective safety efforts may help an organization recruit and retain employees.
• Employee Benefits: Companies that are finding new ways to innovate and evolve their existing benefits have an advantage in standing out to employees.

Compensation, benefits, and workplace flexibility are top priorities for today’s workers, creating a competitive environment for organizations to vie for talent. Employers can stay one step ahead by understanding today’s labor challenges and monitoring talent trends, which can inform strategies to effectively meet the unique needs of current and prospective employees.