There are millions of open jobs out there, but a drastic shortage of workers to fill them. This summarizes the meaning of the term “sansdemic.” At the root of the word, “sans” means “without” and “demic” means “people.” And today’s employers are literally without enough people to do what needs to be done.
Although Covid-19 brought it to a head, the current global sansdemic can’t be blamed totally on the pandemic. Businesses were already beginning to feel its effects toward the end of the last decade, as an aging population retired and decreasing birth rates dating back 25 years or so led to fewer younger people entering the workforce.
- For all these reasons, there were 3 million job openings in the U.S. on the last business day of February. A recent Society of Human Resource Management (SHRM) report delves deeper into the problem, examining the disconnect between businesses and unemployed Americans.
Many companies are raising salaries to better attract and retain talent. And yes, competitive pay rates are more critical than ever. But they are not a panacea. Other areas to focus on include:
- The candidate experience: A big part of optimizing job seekers’ experience with your company is staying in touch with them. In the SHRM report, 73 percent of organizations surveyed said they were seeing a drop in the number of applications for their difficult-to-fill jobs. But at the same time, 42 percent of unemployed Americans said the reason they were still out of work was that they’d applied for jobs, but hadn’t received any response from employers. There are many aspects involved with a successful candidate experience, but effective communication is among the most critical.
- Remote and hybrid work: People’s preference for a better work/life balance also started well before Covid-19, and it should be no surprise that it’s not going away anytime soon. So remember, as long as the work gets done, don’t stress over whether that happens on or off site. And hey, another positive offshoot of Covid is that everyone became better at remote work and meetings. So, find whatever works best for your company and enables you to meet your talent management goals at the same time.
- Brand ambassadors: Do you have an employee referral program whereby you reward current team members for bringing in new hires? If not, why not? Your current high performers are your best brand ambassadors.
Outsourcing May Be the Answer
With all these considerations in mind, for small to mid-sized companies, partnering with a professional employer organization (PEO) may be the best strategic solution to your sansdemic related hiring challenges. PEOs offer specialized expertise in sourcing and qualifying job candidates and moving them through the application and hiring process – so you can stay focused on running your business.
How Can A PEO Help You?
To learn more about how a PEO partnership might benefit your company, read our related posts or contact Lyons HR today.