The talent shortage is a real and pressing issue for employers across the globe. While there are many factors at play, there are also some clear things that employers can do to address the problem. In this blog post, we’ll explore seven specific actions that employers can take to start mitigating the talent shortage in 2022.
By taking these steps, employers will be in a better position to attract and retain top talent, even as the competition for scarce resources intensifies.
Why Is There a Worker Shortage?
As the struggle to fill open roles continues in the U.S. and worldwide, employers are scrambling for ways to not just attract fresh talent but make sure that the good people they have on board do not leave.
A Korn Ferry survey in 2021 revealed that 55% of surveyors feel that employee turnover will increase even more in 2022. Many feel that their priorities have changed since the pandemic hit — leading them to explore new opportunities — while others bewail the lack of benefits, dissatisfactory pay, and lack of professional development. The exodus is high enough that 74% of those surveyed said that their companies do not have the capabilities and skills needed to prepare them for the future.
That’s not to mention the challenge of attracting talent. The pandemic has forced many people to reassess their priorities and put their health and well-being above all else. In fact, a recent study found that 43% of employees would not accept a job offer or leave their current job if it meant being in an office again. With the rise of remote work, people have more freedom than ever before to choose where they want to live and work — and, many are choosing places with a lower cost of living and fewer health risks.
All of this adds up to one thing: a serious worker shortage.
What Employers Can Do To Address the Talent Shortage
So, what can employers do to address this problem? Here are seven key actions:
1. Foster a culture of continued learning.
In order to attract and retain top talent, it’s important to create a culture of learning and development. This means offering employees opportunities to advance in their careers.
Offering professional development is one way to do this, but it’s not the only way. You can also encourage employees to take on new challenges, attend networking events, and participate in online certification courses. The key is to make sure that employees feel supported in their efforts to learn and grow.
2. Offer competitive pay and benefits.
While salary is not the only factor that employees consider when looking for a job, it is still an important one. Unfortunately, wages inched up only by a little in recent years. In order to attract and retain top talent, employers need to offer competitive pay and get creative with benefits.
3. Provide flexible work arrangements.
The pandemic has forced many employers to reevaluate their policies on remote work, and it’s clear that employees value flexibility. In fact, 51% of workers would like to continue working remotely at least some of the time even after the pandemic ends.
So, if you want to attract and retain top talent, it’s important to offer flexible work arrangements. This could mean allowing employees to work from home a few days a week or giving them more leeway when it comes to their hours.
4. Encourage a healthy work-life balance.
In today’s 24/7 world, it can be difficult for employees to maintain a healthy work-life balance — and, this can lead to burnout. To prevent this, employers need to encourage employees to take vacation days, flex time, and avail paid parental leave, among others.
5. Invest in employee wellness.
Employee wellness is not just about physical health — it’s also about one’s mental and emotional state. To foster a culture of wellness, employers should invest in programs and benefits that support employee well-being. This could include offering mental health counseling, providing access to wellness programs, and giving employees discounts on gym memberships.
6. Create a diverse and inclusive workplace.
Diversity and inclusion are more important than ever. To create such a positive workplace, employers need to focus on creating an inclusive environment. This means hiring a diverse workforce, implementing anti-discrimination policies, and offering training on diversity and inclusion.
7. Communicate your values.
Your company’s values should be more than just words on a piece of paper — they should be reflected in everything you do. If you want to attract and retain top talent, it’s important to communicate your values to employees and candidates. This means sharing your values with job seekers, living your values in the workplace, and holding employees accountable to them.
By taking these steps, employers will be better positioned to beat the talent shortage. In a tight labor market, these actions will be critical to ensuring that your company has the workforce it needs to succeed.
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