The bottom line is no industry will be immune to the workforce shortage issue. The demand for labour in general is expected to exceed availability. Factors like aging population; younger workers' shifting expectations for "work" are making workforce shortage a real thing, resulting in employers' inability to fill all the jobs. So, what should be done by the organizations to ensure that they have the talent they'll need for tomorrow?
The primary focus should be on employee retention. There is nothing more costly to a company than losing a critical employee. Retaining critical employees doesn't necessarily mean throwing money around. Successful retention is more strategic and has several key components. Here are five key management steps that can be helpful dealing with workforce shortage.
1.Recognizing the generation Y: Generation Y will comprise a large percentage of the work force so the employers should be sensitive enough to their needs to reap the benefits of A-level talent in the increasingly competitive marketplace. Offering them the chance for professional growth and development can be very effective in this regard. Showing these workers appreciation for individuality and letting them be expressive will also keep them around.
2.Reengaging and retaining mid-career workers: While the enthusiasm of the young employees can serve an organization well, the experiences of the mid-career workers can double the development in the organization. There are prevalent biases against older workers. Too often, employers feel that older workers are more expensive, lacking in fresh skills, less adaptable and less technology-savvy. More flexible approaches to work, careers and retirement in later life that meet individuals' and employers' needs can be effective in holding the experienced mid-career workers back.
3.Implementing flexible work arrangements: Most of the surveys being conducted at high-technology companies have revealed that flexible work arrangement is introduced to retain the best brains. Compressed work weeks, job-sharing, reducing working hours and annualized work hours are a few tactics that can be employed to retain top talents, providing them comfort and convenience.
4.Implementing employee compensation and benefits: Employers pay to provide worker's compensation, social security pensions and unemployment payments to their employees because the law requires it. Many companies offer other benefits beyond the minimum to help reduce turnover and attract the best candidates. Employee benefit programs usually include some form of basic health insurance, life insurance and other specialty benefits as a part of the overall plan. What makes an employee more tempting than others is its flexibility that would serve employees? Interest to the maximum.
5.Understanding of the composition of the future workforce: In this regard, a clear assessment of future workforce needs is of utmost importance. The assessment requires leaders to think critically about how the organization will do business in the future. Apart from this, particular attention should be paid to identifying and projecting mission-critical occupations. Here, two components should be focused: first, the estimated workload and related staffing requirements; and, second, the likely competencies and skill sets needed. The organization should compare the current workforce inventory to the assessment of the future workforce needs to identify the human capital gaps that must be filled to achieve organizational success
No comments:
Post a Comment