Options to Help Attract Potential Employees

With the current labor shortage in the United States, all types of businesses are facing the challenge of filling open positions. Depending on who you listen to or what you read, there appears to be multiple reasons why we have this problem. For example, people have anxiety about contracting or spreading the coronavirus, adults may have to stay home to take care of children, open positions are not paying enough or are located too far away, or applicants lack the necessary skills and certifications.

By Steve Kring, Regional President, Horizon Bank.

Regardless of the reasons, there are things that you can do to address this challenge. The first thing that comes to mind is increase wages to retain or attract people, but for many small businesses this is not an option due to budget constraints. Compensation is important, however in many cases it’s not always only about the money. Folks are looking for other benefits such as self-fulfillment, growth and learning opportunities, and flexibility. The following are some options you could implement to help attract potential employees:

• Offer better benefits such as paid time off, sign-on bonuses, professional growth and training opportunities, maternity and paternity leave. Having these types of benefits sends the message that you care about your employees and elevates your company’s culture.
• The pandemic has changed the way many companies view working at the office. Many have found employees are just as productive, and in some cases more productive, working from home then at the office. With that in mind, offer your employees the option to work remotely part of the week.
• Partner with local high schools, colleges, not for profits, and other organizations when looking for new talent. Contact these organizations to hand out your job ads, conduct interviews on site, and strengthen the partnerships by offering free workshops and training.
• Leverage social media to spread the word about your company’s culture and job opportunities. Highlight why you are unique and why people enjoy working for your company.
• Your employees can be your biggest advocates by talking with friends and family and using social media to highlight your company. To promote this idea, establish a referral commission program that incentivizes your employees to bring in qualified applicants.
• Offer tuition reimbursement for full time employees. I read a story about an owner of six restaurants in Arizona who lost many employees to larger retailers at the beginning of the pandemic when he had to close and struggled to hire after he reopened. As a solution, he offered tuition reimbursement at a local community college to full time employees. He now has more than 20 applications.
• Businesses are benefiting by making annual payments on new hires student loan debt. They are finding that new graduates are buried financially with student debt and helping them pay their debt meant more to them than their health benefits.
• Consider hiring an intern. High school students, college students, and even recent grads need job experience. Hiring an intern can help fill a short-term gap, making your job easier while also supporting local youth.

We are all hoping that the labor shortage will come to an end soon, but until that happens taking some of the suggested steps to remove employee obstacles and concerns can make working for your business more appealing.

By Steve Kring, Regional President, Horizon Bank.