Over the past several months, every news outlet is publishing articles about labor shortages, no one to hire, and the Great Resignation. These articles are full of gloom and doom, and of course, there is panic on all levels about how to hire and how to retain employees. Instead of buying into that fear, I would like to pass on to you 3 pieces of really good news.
#1: When there are lots of people leaving companies, that means that there are lots of people to hire. If you are getting applications, then you don’t have a recruiting problem. You have a selection problem.
SOLUTION: Focus on your interview process and your application process. Are you making it too hard to apply? Are you following up with people quickly? Is your ad inspiring or is it yawn-worthy?
#2: Over the last year of new hires, 58% took a pay cut to go to their new position. https://www.bizjournals.com/bizwomen/news/latest-news/2021/10/covid-19-career-change-pandemic-happier.html?utm_source=st&utm_medium=en&utm_campaign=nch&ana=e_n_bizwomen_tease
So, more money isn’t the answer to get people to stay.
SOLUTION: work on your culture. If you have crappy managers and a fear-based leadership style, you aren’t going to be successful in hiring.
#3: Of the folks who changed jobs, 78% of them are happier that they did. What this means to hiring managers is that if your interview process is solid, your culture is supportive, your new hires will be happier and more productive at work.
Bottom line: The workforce is changing and we as business owners have to change with it. If you enhance your culture, get rid of toxic people, you will hire better and retain more employees without spending more money.
Power thought: Best. News. EVER!