Beat Competitors by Leveraging the Labor Shortage
As the labor shortage continues to be a growing trend across industries, job seekers are in a favorable position to negotiate for meaningful work with rewarding compensation. About 47.8 million U.S. workers voluntarily quit their jobs in 2021, leaving hiring managers scrambling to fill those positions. A report by Pew Research Center found that 63% of workers quit due to low pay, 57% said they felt disrespected, and 48% cited child care issues. Top recruitment agencies are noticing these trends. Now more than ever, job seekers are in a great position to leverage the labor shortage for their career advancement and secure long-term employment with a company they believe fulfills their demands. Those same companies are leveraging the labor shortage to beat competitors.
Job seekers look for career advancements
Here at Amtec, our staffing agency explores how the labor shortage can be used for job seekers and recruiters alike. If you’re a job seeker, this is your moment to negotiate for the right job—the one that fits your needs and gives you the career advancement you want. Or maybe you already have the perfect job, but you’re looking for more balance in your life. Being able to work from home or part-time may not have been possible before, but now companies are becoming more open-minded during the labor shortage about what employees need so they can feel fulfilled and happy in their work. Our staffing agency has seen a spike in people pursuing continuing education, which can help make you a more marketable candidate. One of our best recruitment agency strategies includes teaming up with clients to leverage their backgrounds and skills to elevate their careers. Employers are looking for candidates who will stick around, not just drop in and drop out again every time it suits them. Career advancement opportunities, such as going back to school or earning a certification, show how committed you are to your goals.
Strong recruiters outpace the growth of competitors
If you’re an employer or manager, there’s never been a better time to invest in keeping employees happy, engaged, and around for the long haul. Companies that embrace this shift toward flexible working arrangements during the labor shortage will find themselves with a happier, more loyal workforce, which will in turn make it easier for them to recruit great talent. A survey conducted by the Harris Poll and Fortune.com shows about eight out of 10 workers say a flexible schedule is important when considering taking a new job. The same survey shows over three-quarters of the workers would take higher pay over access to unconventional benefits. But when the salary offer is roughly the same, benefits can offer a competitive edge.
Strategies to help companies adapt to the labor shortage
Our staffing agency knows finding and keeping great hires is important. That’s because the hiring process can cost employers a significant chunk of change. One survey shows that the average cost of terminating an employee is 33% of their salary. A high turnover rate can result in crippling financial implications for a business when recruitment fees, training, and lost productivity are considered. If you’ve been looking for ways to reduce employee turnover during the labor shortage, here are some of our best recruitment agency strategies that will help:
1. Schedule regular check-ins with employees so they know their voice and input matter
2. Set clear expectations from day one so new hires don’t feel lost or like they don’t measure up
3. Keep promises made during the hiring process (like bonuses and flexible work schedules) so that employees feel valued and respected
4. Offer ongoing training opportunities for career advancement so that employees feel empowered to grow within your organization
For companies, the labor shortage can be an opportunity to strengthen their company culture and brand so that they can retain long-term employees. Companies with strong recruiting practices can leverage the labor shortage to outpace the growth of competitors by developing more robust employee retention strategies. Companies who take advantage of this time to create positive changes in their workplace will emerge from the labor shortage with a strong, experienced workforce and a great reputation in their industry.
Let us be your strategic partner
If you’re a job seeker, learn more about how you can advance your career with Amtec. Our staffing agency cares about helping you reach your unique career goals. It’s our purpose to help you find meaningful work by matching your character, competence, and culture with an organization that truly values what you have to offer. For employers, our agency’s job is to attract, identify, qualify, hire, and retain the absolute best talent for your team. Our recruiters know how the labor shortage has affected a variety of industries, and can bring insider knowledge for what employers value. Amtec serves as your trusted partner in recruiting top talent so that you can maintain focus on managing core operations.