Overcoming the Talent Shortage
Whether an employer or a consumer, everyone has been affected by the talent shortage.
Across all industries, employers are reporting a shortage in employees’ access and an increasingly higher turnover rate. This has caused an increase in the cost to hire and retain talent and continual disruptions to business as usual.
What is causing the talent shortage in the United States?
- Baby Boomers retired at a greater rate during the pandemic, and all will be of retirement age by 2026. Between health risks from in-person labor or finally cashing out on those elusive pensions, Boomers left the workplace at the double the pace as in previous years.
- Unfortunate COVID-19 deaths in the U.S. reached 850,000 at the beginning of 2021. This includes more than 200,000 working-age deaths, and the effects of changing family dynamics continue to take a toll on the workforce.
- Workforce trends shifting toward remote, home office, or flexible work opportunities means low-wage jobs (mainly in food service, hospitality, and retail) remain unfilled. Social selling has seen an uptick (think Avon), with social media earners (think TikTok) continuing to increase.
- Workers are still slow to re-enter the workforce due to childcare concerns and infection fears. With unreliable in-person learning and stricter guidelines on health checks in daycare centers, parents are required to become teachers/babysitters at a moment’s notice.
- Employee productivity gains with automation mean replacement of the current workforce. Companies are seeking new skillsets and savvy tech employees, and hiring this talent is faster than training the current workforce.
The fact of the matter is that many industries have too few unemployed workers per job opening, exacerbating the issue and providing a bleak outlook.
Start searching the internet and talk to others. Almost everyone we contact shares their challenges and innovative solutions to their unique talent shortage situation.
- Reorganize administrative services into Shared Service Centers, providing efficient resources to shared workforces
- Implement a range of technological solutions, like video meeting platforms, E-signature tools, and project management software
- Expand your talent market by hiring virtual talent in different parts of the country, or even the world
- Hire up-and-coming professionals and provide job training, or hire interim professionals through staffing agencies when the need is urgent
- Go back to square one and solidify your employer brand, re-evaluate your market value including your mission, vision and values
- Implement an employee referral program, placing your best brand ambassadors in the position of spreading the good word
- Strive to be an Employer of Choice in your niche market, including an evaluation of employee remuneration, leadership, innovation, and community integration
The talent shortage has gone beyond unfilled vacancies causing stagnant growth. Companies of all sizes report production stoppage, low morale among their workforce from overworked and burnt-out employees, and lost business contracts. If you´re tired of being part of the constant talent dating game or throwing more money at the problem, it´s time to consider an alternative.
Administrative professionals in Mexico have been groomed to fit your needs. With a surplus of bilingual professionals trained on international systems and software, it´s no wonder why more corporations are mindfacturing in Mexico.
Read about 8 Reasons to Source Administrative Services in Mexico here, and contact us to learn how mindfacturing can solve help you overcome your talent shortage problem in the United States.