It’s a challenging time to be an employer. It’s a challenging time to be an employer. That’s not a typo. That’s me anticipating all of you who just thought, ”You can say that again.”
- Labor shortages: The labor market is still very tight, with more job openings than unemployed workers.
- Rising wages: Wages are rising in order to attract and retain employees.
- Skills gaps: There is a mismatch between the skills you need and the skills that workers have.
- Employee turnover: A costly nightmare for small businesses.
- Benefits: You are facing increasing costs for employee benefits, such as health insurance and retirement plans.
Here are some tips for small business owners who are facing these challenges:
- Be creative in your recruiting. Consider non-traditional recruiting methods, such as social media, job fairs, and employee referral bounties. ( Caution- never compromise on candidate quality for key roles.)
- Offer competitive wages and benefits. There is no such thing as bargain employees.
- Invest in employee training. Grow your own great employees.
- Create a positive work environment. It makes no sense to watch your investment leave for things that cost almost nothing.
- Be flexible with your work arrangements. If managed properly, it’s the least expensive high-value fringe benefit you can offer.