Hiring in a Tight Labor Market
As companies of all sizes and types are keenly aware, finding people to fill positions was difficult in 2018. Job openings reached record heights and outpaced the number of unemployed people over the past year—and the tight labor market shows no signs of letting up as we head into 2019. In addition to challenges created by the lack of people to hire, employers are increasingly facing the prospect of employees quitting their jobs for new positions.
For companies facing the double whammy of struggling to hire and retain employees, there’s no silver bullet. But there are some foundational things employers can do to navigate more effectively through the challenging labor pool. The start of the new year is the perfect time to think about ways to improve your hiring and retention rates. Here are three ideas:
- Need for speed. With good candidates having more good options than ever, employers need to be prepared to move as quickly as possible through the interview and offer stages. Otherwise, potential hires will move on. Aim for no more than 30 days from date of posting to making an offer.
- Flexibility is key. To increase your success in both hiring and retaining employees, be as flexible as you can be, across the board, to meet the unique needs of each employee. Consider flexible hours, work-from-home arrangements, or unlimited PTO. These types of benefits really do make a difference.
- Assess and adjust. Employees who feel engaged, satisfied, and fairly compensated are less likely to leave. How do your employees think they’re doing in these categories? You can find out by conducting an employee engagement survey and benchmarking salaries. Most importantly, demonstrate to employees how you used the results to make enhancements and changes.
At TalentBridge, we have the expertise and resources to help you meet your hiring and retention needs in today’s tight labor market. Please click here to start the conversation.