If you’ve been trying to hire people in manufacturing, construction, countertop fabrication, industrial, or just about any other industry you’re probably aware — it’s hard to hire! Economists say it’s a tight market, with difficulty finding workers.
What in the world is going on?
CNBC indicates, “The Conference Board’s latest Consumer Confidence Survey indicates that workers continue to believe they have the upper hand. Those saying jobs are ‘plentiful’ remain near 55%, while those saying jobs are hard to get is roughly 12%, a finding that has been consistent in recent months and remains near a record high. In Q1 2021, the percentage of people saying jobs are plentiful was roughly 25%.”
You may’ve seen the term: the “Great Resignation.” According to the U.S. Bureau of Labor, 4 million Americans resigned in July 2021. That’s compared to 10 million job openings. Some employees were already considering a job change, but put their careers on pause during the pandemic, worried about the risks.
What may or may not surprise you is that the highest resignations are coming from the healthcare and high-tech sectors. In healthcare, nurses and doctors on the frontlines must be exhausted from the care provided during the pandemic or the risks to their personal safety. And in high-tech, Harvard Business Review (HBR) believes they’ve had increased demands due to the pandemic and are facing “burnout.”
But, it’s not just healthcare workers and high-tech employees resigning. Mid-career professionals are quitting more often than younger workers. Among the reasons people are leaving their current employment? They want …
With the competition for workers getting fierce, unions are starting to spring up in areas that are unexpected – from logistics workers to delivery services to even museums. The Guardian indicates more than half of workers will vote for a union. Although it’s hard to predict the future, ensuring good wages and safety will be common themes throughout most industries and their employees. Chances are good if your company saw profits, your employees want a bigger share of those earnings.
Labor-friendly politicians are even speaking out.
According to the U.S. Bureau of Labor and Statistics, really there’s a supply and demand problem. There are fewer people in the job market as the population ages. The Baby Boomers, the largest generation, will be mostly retired in 2030. The generations behind them won’t make up for the workforce shortfall.
Up until now, there have been market corrections (such as the Global Recession that started in 2008 and the COVID-19 pandemic) that have made it easier to ignore that fewer people are entering the job market than leaving. With the economy booming, it’s most noticeable.
If you’re a business that’s growing, it’s important to think about both retention and recruiting, probably in that order.
It’s time to start thinking about what are you doing now to retain good workers.
Get data. One easy way to ensure employees are happy is to conduct an employee engagement survey. If you’re not sure how employees feel about your company — ask. Getting their feedback and communicating with them enables you to fix problems before they become untenable.
Doing these things will ensure you’re keeping your best employees and encourage them to tell their friends to work for your company. Your employees are your brand.
Yes, LinkedIn, ZipRecruiter, Indeed, and more will provide ways for you to advertise open jobs, but there are other things you can do to get qualified people. It starts with understanding people these days have choices.
The best way, always, to get good employees is to ensure you’re treating your current employees well. If you start there, recruiting will be a lot easier. It may be hard to close the gap on keeping good employees, but now is a good time to start. The labor force will continue to be tight for years to come, barring any unforeseen market corrections. And your business needs all the good people it can get.
Our specialty is helping businesses like yours succeed. We provide manufacturing and construction supplies to improve quality while reducing cost and time. But we know the industry and may be able to assist in increasing your network. Contact us!