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The global pandemic has changed the workplace permanently, and moving from instincts to data-driven decision-making is imperative. In addition, it is essential to implement many business practices to mitigate risk to your firm and improve operational efficiencies. 

Many of the unemployed are not available for jobs that need to be filled for multiple reasons. For example, some lack the right skills for the open positions; others prefer not to change occupations; still, others are not looking for work because of childcare responsibilities, discouragement about their job prospects, or preference for collecting unemployment insurance over earning wages. 

Companies must begin to focus on employee recruitment and retention. To remain competitive and productive, companies must continue to cast a much wider net to find, cultivate, and nurture talent. It is simply good business to do so. Companies that value and celebrate diverse team members, who can bring far more innovation to our thinking than ever before, and we must focus on those differences.

tight labor markets

What's Next?

Employee retention should rise to the top of every business leader’s to-do list. The problem won’t ease as the pandemic fades away and the economy improves. Companies dependent on employees must train their managers to be better managers, to keep the workers they have now. Below are some strategies for recruiting in a tight labor market.
  • Increase salaries: Evaluate salaries and increase them.
  • Search more widely: Search for candidates in non-traditional places and consider relaxing some of the job requirements. 
  • Invest in employee training: Consider training existing employees for open positions. Also, consider training candidates for open positions.
  • Invest in Technology: Consider investing in technology to boost the productivity of the employees you have.
  • Conduct Stay Interviews: Consider interviewing existing staff to find out what’s working and areas of opportunity. 
The strategies that employers must take in today’s tight labor market might just come in handy in a future with fewer workers.