The good news is, unemployment rates are incredibly low, the bad news is, unemployment rates are incredibly low. While it’s good news for the average American, it’s bad news for organizations looking to hire new employees.
There are a few ways you can respond to today’s tight labor market to ensure they keep the talent they have, and attract top talent for their open positions.
1. Be Flexible On Requirements
Originally, a role you are hiring for may have required five years of experience, but may now you can look for candidates with only one to three years experience and lower the skill level of some of the responsibilities. You can also lower the level of education required. Instead of a graduate degree, consider candidates with a bachelor’s. Once in a role, a candidate will likely learn the skills necessary after they’re given the chance.
2. Training Programs
Develop a training program, and if you already have one, ramp it up. Look at how you are giving your people skills to grow. Training programs and growth opportunities are critical retention strategies. Growth opportunities and development have been listed as most important to millennials (who will be making up half of the workforce by next year). When you’re already short on people and prospects, you want to do everything you can to ensure you’re keeping the talent you have.
3. Encourage Your People
Encourage your people to take on more challenging roles. That may mean promoting some of your people ahead of schedule and cross-training them so they’re able to do more. Typically, employees leave to make more money at a different company, and they don’t realize they could have made more with their current employer.
Companies need to make sure their people know what opportunities are available to them, otherwise they end up leaving them to find them somewhere else.