It’s no surprise that a once-in-a-generation personnel shortage should follow a black swan event like Covid-19. But the drought that began in the service industry appears to be spreading to every sector of industry. Guesses to the cause range from unemployment benefits outcompeting low-paying jobs to a worker’s awakening valuing “life” over “work” in the work/life balance scales. Traditional enticements for talent like money, time-off, and benefits are having trouble competing with the new idea of renting a person’s sacred time. Here are a few highlights from the HBR article Attracting Talent During a Worker Shortage.
Dinosaurs are Still Extinct
A few months after the decline of shutdowns, many thought leaders believed it would become an employer’s market. The prevailing idea being with so much unemployment, people with jobs would be afraid to alter the only stability they had in the pandemic environment. Instead, those companies that stuck to traditional recruiting and retention practices see little to no success filling their ranks. The writing on the wall suggests new methods are needed to attract and retain top talent.
Commuting costs still have an impact. Companies who recruit closer to the office can “hitch a ride” with personnel who would normally be traveling in the area. When people are proximal to their place of business in their non-work routines, commuting to an office doesn’t seem like commuting at all. Recruiting locally also gives companies a leg-up in negotiating work-from-home practices.
The newest innovation for attracting talent is reality-based compensation when dealing with actual cost-of-living penalties. For example, inflation-adjusted numbers for a $30k starting salary 20 years ago would be $45k today. Innovative companies like Amazon, Bank of America, and McDonald’s have raised the pay of over 500k workers to meet this adjustment.
Consider the above-referenced article when thinking about how to recruit top talent. You can also rely on the deep expertise of top talent recruiters like BCT. Whatever your IT staffing needs, BCT can help.
If you are interested in learning more about getting the best IT talent in the Dallas metroplex, BCT specializes in recruiting IT talent in Dallas, Ft. Worth, and North Texas. If you are looking for a rewarding career, contact us today.