By Tom Sponsel, CPA/ABV, CFF
Do you see all the NOW HIRING signs everywhere? The single most current challenge to all businesses is adequately securing the talent to run their businesses — at all levels! We hear this from every business owner and manager we talk to. Alert: Your competitors are coming after your workforce!
With the COVID-related federal unemployment benefits and multiple stimulus payments, many people aren’t eager to re-enter the workforce. And because in many cases these enhanced benefits are surpassing normal earned wages, job seekers are wanting more money to come to work. In addition, the economy is predicted to boom in the second half of the year, which will drive up wages and increase competition for the needed talent to serve the growth.
Finding new talent will be extremely difficult in the coming months.
Right now, prudent business owners should focus on retaining the talent they currently have — as they seek the talent to grow their business operations.
How do you make your business one that employees won’t want to leave? Connect with them! Don’t just delegate tasks and explain daily goals. Make meaningful connections. Share your long-term vision for the company and ask about theirs as well. Talk about how you can help each other grow and thrive. The current term is referred to as “engagement,” but this is no fad, as the new generations of talent will require — nay, demand — new thoughts and new leadership skills.
Don’t just connect with people individually either. Build a team. When people become part of a team with a strong sense of collaboration and camaraderie, it’s hard for them to quit. You can strengthen your team outside of work as well, with company outings, bonding activities, etc. If you think about it, most people spend as much, if not more, time with their co-workers than their family and friends. So, you should make your work environment feel like a comfortable second home.
In addition, the younger generations want to feel that the company they work for is connected to the broader community, so in your team building endeavors, seek activities that add benefit to the broader community.
Your team members will only be as loyal as you are to them. If you communicate and make meaningful connections, they’ll surely stick around for the long haul, which is vital in this ever-changing marketplace.