In today’s low-unemployment jobs market, leaders are struggling to find talent. In my 25+ years in staffing, I’ve seen a couple remedies for this:
1. Flex on years of experience or educational level required for the role. If before you needed someone with five years of experience, maybe now look at candidates right out of college and lower the skill level of some of the responsibilities.
You can also lower education requirements. If before a role required a graduate degree, consider someone with a bachelors. If the role required a bachelors, be open to an associates degree, and so on.
2. Develop a training program, and if you already have one, enhance it. Look at how you are giving your people skills to grow. This is a critical retention strategy. It’s what employees want. Earlier this year, we surveyed more than 5,000 millennials on what was important to them in terms of a company’s culture and majority of respondents listed learning, growth and development as No. 1. When you’re already short on people, you want to do everything you can to ensure there isn’t an exodus, which means you have to continue to train and invest in your people.
3. Encourage people internally to take on more challenging roles. You might have to promote people ahead of schedule and cross-train them so they’re able to do more. Typically, employees leave to make more money elsewhere, and they don’t realize the earning potential at their current employer.
Because the labor market is so tight and it’s difficult to find talent, there is a lot of work and projects for people to take on and add to their list of responsibilities. Once they’ve completed the additional work successfully, they can then make a case for a raise.
Companies need to make sure their people know what opportunities exist, otherwise they end up leaving to find them elsewhere.
If you like this post, follow @TomGimbel for more.