By Dan Simmons
Quality candidates—where are they, how can you get them, and how can you keep them?
The upcoming candidate shortage, fueled by the imminent retirement of the Baby Boomer Generation, has been a well-documented fact. There is virtually no end to the amount of statistical data regarding this phenomenon.
So if there’s a worker shortage overall, it stands to reason that there’s also a corresponding shortage of the best and brightest workers. It’s not an exaggeration to say that the companies that have those workers are the ones that are able to succeed the most—and in some cases, simply able to survive.
Take the appropriate action to ensure your company continues to employee top performers.
- First, face the truth. The most important thing you can do is to take a close look at your succession planning. That means you should be thinking about what would happen if your best employee gave you their two-week notice today.
- Look at your overall recruiting strategy. Consider internships, cooperatives with universities, and campus recruiting. Plan to hire more people with two or three years of experience. Overstaffing with top performers at the entry level now will save many mid-sized companies by the end of the decade.
- Be creative and flexible with your benefits/comp plans. Did you know that one of the hottest benefits is a flex schedules and day care? Because of conflicts between the typical 8 a.m. to 5 p.m. work schedule and when school begins/ends for your employees’ children, flexibility for these working parents will be key.
- Examine possible ways to transfer knowledge from your most experienced employees, the ones who may leave in the next one to five years, to those employees who are going to remain. This could take the form of job shadowing, a mentoring program, or perhaps in-house training seminars.
- Implement a cross-training program. Strive to spread critical knowledge among your employees. That way, if somebody leaves, there’s not a dead vacuum. Someone else can pitch in for a while until a replacement is hired.
- Strive to create a mentoring environment. This is different than a specific mentoring program. A mentoring environment is one in which continuous teaching and learning is initiated and encouraged, both by the management and employees.
- Study your compensation structure. Is it competitive enough to hold the people you want to keep and to attract the people you’re going to need? If not, it’s imperative to upgrade and improve your compensation to put you in a better position.
Preparation is an important part of success, regardless of the endeavor, and never has that been truer than with the impending candidate and worker shortage. The steps you take now could have long-lasting and beneficial consequences for the rest of the decade and beyond.
Need more information? Continental Search has additional action steps that will help you succeed as you review your plan. Contact Dan today!
Daniel C. Simmons is a Certified Personnel Consultant who has been recruiting since 1991. Dan has won over twenty awards in the last decade with the Top Echelon Network, America’s leading placement network including Placer of the Year in 2009 & 2010.
Frequently Dan also is a recruiter trainer and has been featured at various Top Echelon Conventions and online as a speaker for various webinars. He has also been published in The Fordyce Letter the recruiting industry’s #1 magazine.
Is Your Company Looking for Great Candidates? Contact Dan Today!