27 Jul The Economy Continues to Grow and Unemployment Is Low! How to Fight the Talent Shortage
The US economy continues to grow (2.4% annual rate in the second quarter). Consumers keep spending despite rising interest rates, which goes hand-in-hand with a healthy job market. The US unemployment rate (3.5%) is near the 50-year low and employers are still adding hundreds of thousand jobs every month, yet some employers struggle to find the right fit for their needs.
Employers who are experiencing a talent shortage know that it has a major impact on their ability to meet client needs, hit their business sales and customer service targets; basically, it hurts their ability to win in the workplace. Hiring must be more science than art in order to be consistently effective and beneficial for both the employer and the employee. Let’s look at how you can develop an action plan to not only make more effective hires, but most importantly, to keep people long term.
An effective plan includes these critical people-centered areas:
ACQUISITION
First, you need to determine what are the ideal qualities required for each role and understand how each candidate would then fit in that role. You can measure their individual behavioral tendencies and interview candidates in relation to that ideal job model. This includes the education, experience, behavioral, cognitive and competencies required for success.
DEVELOPMENT
Organizations that want to be successful should create a culture of coaching to grow and develop employees. You’ll want to focus all communication and development efforts to the needs of individual employees for positive, sustainable results. This requires that each manager be self-aware of their own behavior style, as well as the impact that that manager has on each unique employee. They must work with their employees to create development plans that empower each person while also getting the desired business results.
RETENTION
Most leaders want to use a “one size fits all” management or coaching style. Business Results helps organizations address talent shortages by adopting best-in-class people practices. The best way to keep people is to understand and work with them as they need to be motivated. Using people data to minimize costly and frustrating turnover helps managers and leaders at all levels avoid mismatches between how people tackle their work and the skills, educational and other job requirements. We teach clients how to understand each person’s behavioral styles, and to help managers be better leaders and how to help employees understand their own behavioral styles to grow in their careers.
HIGH-PERFORMING TEAMS
Want winning teams? People data is incredibly valuable to improve workplace performance whether in an office, factory, job site, or other remote environment. One often overlooked key to performance is understanding group dynamics. Business Results helps each group or department maximize their team performance. We help you identify both the strengths and weaknesses of a group of people, and address differences to stop problems before they appear.