The headlines tell the tale of the 2021 labor market: Companies are desperate to attract qualified staff members, especially hourly workers.
CNN reported in May that “though US manufacturing activity surged to a 37-year high in March, the industry has more than half a million job openings. Factories are struggling to find skilled workers for specialized roles such as welders and machinists. Manufacturers are even having trouble hiring entry-level positions that do not require expertise.”
It’s a nationwide issue. I am working from Anchorage, Alaska, for two months this summer. I recently dined in a restaurant that chose to cut back its menu items to simplify processes because it can’t find enough workers to staff its kitchen. An influx of tourists (like me) is compounding the challenge in travel destinations.
In addition to tweaking business operations, many entrepreneurs are putting significant levels of money and effort into attracting and hiring the employees they need. Even owners of small companies are spending thousands of dollars on recruiting. Sign-on bonuses are back–a trend we haven’t seen in at least a decade.
Nonetheless, business owners can’t dedicate money and energy to recruiting at the expense of employee retention. Employee retention is even more crucial during times when quality applicants are scarce.
Here are six reasons why employee retention should be a business’s top priority now–even above recruiting…
You can read the full article here to get Tina’s insights.