The Great Resignation, Reshuffle, Realization… Whichever R you choose, the headline is everywhere. Every employer I meet is experiencing it. There are more jobs available than there are people looking to fill them.
If you needed confirmation, the most recent data from the U.S. Bureau of Labor Statistics says it all.
The data shows that by the end of 2021, for every job that was available, there were 0.6 people looking for a role.
This says nothing about whether those 0.6 people have the skills needed for the available role. It doesn’t indicate whether they are even individuals you would want on your team.
What does this mean for employers? Simply put, the hiring game has dramatically changed. You need to learn the new rules if you’re going to win. This is the time to ensure your organization’s approach to talent is competitive. A few areas that should be high on your radar are:
Retention – Surveys, conversations, Town Hall Meetings – these are just a few of the ways you can find out what your team members are thinking. You should be using every tool you have to find out and correct issues that could cause employees to leave.
Management and Leadership Development – The adage “employees don’t leave companies, they leave managers,” has never been more true. Train your managers and leaders on how to build supportive, genuine relationships with your employees. Your investment will pay dividends long after The Great Resignation has passed.
Compensation – Business owners are looking back at the days of debating whether they should offer a $15 living wage with nostalgia and longing. Great managers, perks, and benefits can go a long way towards retention. Even so, wages are escalating quickly, and you need to stay on top of wage trends in your area. Otherwise, your retention and hiring efforts won’t produce the results you’re hoping for.
Of course, there are multiple other variables you should be considering. If you’d like to discuss them or would like guidance on implementing the ideas above, I’m happy to help. You can reach me at cynthia@humanvueconsulting.com or (470) 668-5370.