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15 Perspectives on Strategies for Hiring and Retaining Workers in Today’s Labor Market

August 04, 2022

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Fundamental changes in the American workforce have sent shock waves throughout the economy. The hardworking businesses that make, move, and sell the things everyone needs are severely challenged to recruit and retain skilled, motivated employees.

In anticipation of the upcoming Epicor Thought Leadership webinar “How to Maneuver Today’s Labor Challenges,” following are links to recent reports and articles touching on the innovative tactics and strategies emerging to help small and midsize businesses (SMBs) take on the dynamics of this new workforce.

1. The Great Attrition is making hiring harder. Are you searching in the right talent pools?

New research by global management consultancy McKinsey & Company identified distinct pools of workers with varied workplace priorities. Differences among these groups show that employers must take a multifaceted approach to successfully attract and retain talent.

2. Reflex believes flex workers can solve the retail labor shortage.

An Austin-based software company’s platform helps store managers fill empty shifts while giving employees the flexible schedules they desire.

3. The Great Resignation changed the workplace for good. 'We're not going back,'  says the expert who coined the term. 

The pandemic brought the future of work into the present of work. The move to remote work and changes in job flexibility may not have occurred for another 30 years if not for the crisis.

4. Americans are embracing flexible work—and they want more of it.

The third edition of McKinsey & Company’s American Opportunity Survey finds that 58 percent of the 25,000 workers surveyed report having the opportunity to work from home at least one day a week. Thirty-five percent report having the option to work from home five days a week. This was true of work in all kinds of jobs—“blue collar” and “white collar” in every part of the country and sector of the economy.

5. How productivity improvements help manufacturers take on labor challenges.

Despite the headwinds making it difficult to attract and retain employees, ERP software that powers digital transformation in areas like production, finance, and supply chain is also a strategic tool for recalibrating your workforce.

6. Still struggling to fill empty positions? Try easing the requirements.

Without enough traditional applicants, companies have broadened their scope and dropped requirements that would have been considered the bare minimum before the pandemic. About a quarter of CEOs have altered their hiring criteria, according to a new report from the Conference Board

7. 10 free things small business owners can do now to engage and retain talent.

While investing in your employee's experience might seem costly, many of the things that a worker is looking for right now—excluding increased wages—do not have to cost you a thing, just a little time and effort.

8. Looking for knowledgeable talent? Hire your customers.

As employers scramble to fill job openings, some organizations are looking to hire new talent from among those who support them most—their customers.

9. How small business owners can pivot to attract talented employees.

Amid the many current hiring obstacles, there are a variety of methods business owners can implement to address hiring challenges and encourage talented employees to work for them long term. These include using social media to connect with top talent and expanding the geographical reach of your search.

10. Companies are betting these employee benefits will help them in the ‘Great Reshuffle.’

How some companies have stood out with policies they say are helping them in the war for talent, including 4-day workweeks, work from anywhere, “surprises and delights,” paid sabbaticals, and contract work with benefits.

11. Should you rehire an employee who left your company?

In an age when the average employee will work for more than 12 different employers during their career and companies are grappling with a tight labor market and skill shortages, many organizations are giving consideration to these “boomerang” employees.

12. 3 ways to address pay fairness when inflation is high.

Whether employees are being paid fairly or not, their perception of the matter influences their decision to stay or go. Moving forward, not all organizations can—or will—choose to adjust pay based on inflation. Still, HR leaders can minimize the impact of turnover by addressing employees’ pay concerns clearly and frequently.

14. Gen Z admits to stalking bosses on social media. What they find could determine whether they join the team.

Turns out, stalking someone’s social media in the workplace is a two-way street: It’s not just a way for managers to vet new hires, but a way for job hunters to get the lowdown on a potential boss. Gen Zers say all the online snooping helps them determine whether a job will be the right fit.

14. People switching jobs are earning more than those who stick with one company.

 According to the Federal Reserve Bank of Atlanta, based on measurements of the last three months, people who stuck with their current job saw their wages increase by 4.7%. Whereas people who switched to a new job saw their wages go up by 6.4%.

15. Automation can lead to layoffs, but it doesn’t have to.

 Sudden mass layoffs can also lead to reputation damage that tends to stick, especially with newer companies. A bad company image can make attracting and retaining the right talent later on more difficult