One of the continuing challenges that we face is a shortage of labor. This appears to be true across businesses especially the construction industry. Everywhere we look there are businesses with signs up announcing “We’re Hiring”. The overwhelming low unemployment rate has created a competitive job market causing employers to ramp up recruiting and hiring tactics.
Beyond the search and hiring of new team members, we all face the issue of retaining our human resources. Companies should be and need to be working to find good people while prioritizing how to retain them. Retention takes planning and if you don’t have a plan or actions in place you are at risk of losing your good people. One way of supporting this is to use the “Stay Interview” concept. This concept starts with managers discussing and asking questions in a casual manner with the idea of getting an understanding from current employees of what they feel are the key benefits of being employed with the company. This information can then be utilized to market to potential new employees.
Most leaders know that the biggest asset that is not on the balance sheet is employees. They are critical to business reputation every day of the week. Not having enough employees impairs the ability to provide good service to the customer. Companies that provide top-level customer service win the game and affect the bottom-line results as well.
The labor shortages are key to business success, customer service and most importantly to being able to take care of the valuable human resources within our company.