This week, Craig Siminski, of CMS Retirement Income Planning, shares an article discussing what small-business owners can do if they are struggling to meet staffing needs:
The pandemic kicked off a severe labor shortage — and the most challenging hiring conditions for small businesses in many years. Many owners have had to turn away orders (and revenue), disappoint customers, or work 80-hour weeks to help fill the labor gap, none of which is likely to be sustainable.
Workers sidelined by the pandemic may seek work again at some point, but longer-term factors such as declining birth rates, less immigration, and a wave of baby boomer retirements mean the pool of available workers is shrinking and aging. As a result, labor market conditions could remain tight for some time.
What can small-business owners do if they are struggling to meet staffing needs?
Look Closely at Compensation
It can be hard for a small business to compete with larger companies when it comes to pay and benefit packages. However, offering competitive wages may be necessary to attract job applicants for open positions and keep reliable employees from seeking better opportunities.
In fact, a July 2022 survey found that 48% of small businesses had recently raised wages, and 25% were planning to do so in the next three months.
Be Willing to Bend
It’s ideal if you can find employees with skills and experience that match your immediate needs, but those applicants may be few and far between. You might consider lowering the minimum qualifications for hard-to-fill positions, offering on-the-job training for less-experienced workers who seem capable and motivated to improve their skills, or cross-training current employees to fill different roles.
It may be easier to find and retain good employees if you accommodate the scheduling needs of students, parents with young children, and…
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 25 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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