Last week, I wrote about staying nimble as an organization and shared some of the advice I often give clients, which we need to be sure to follow at St. Louis Staffing as well. With the current shortage of workers in the United States, however, I believe this topic could use some more attention. It’s vital that companies understand how to make the best of an inadequate supply of talent and collaborate effectively with staffing firms to minimize the impact.
It’s not only necessary to act quickly to hire and retain available workers; it’s best to respond the same day. We suggest that our clients give us feedback on submissions almost immediately, or risk losing those candidates to other opportunities. Furthermore, we make sure to reinforce to our clients the reality that there are fewer options to choose from. Staffing firms like ours are scrambling to find available talent, so there simply can’t be the expectation of having numerous options. It’s an adjustment that is difficult, but necessary in the current economic climate.
An additional concern is the high turnover of workers, requiring companies to be aware of the need to pay competitively. The fact is, wages have been stagnant the past five years, and that has to change if we’re going to hold onto our talent. According to a recent survey by Randstad USA, “Despite the signs that companies may need to increase salaries to recruit and retain top talent, most have kept their wages the same. Only one-third of companies have increased their salaries in the last 12 months, while six-in-10 companies (60 percent) have kept them the same as they were 12 months ago.
In an economic climate in which workers have multiple offers, it’s more important than ever to pay them fairly. We recently had a client lose a worker because they tried to avoid paying him his full overtime. Beyond the ethical issues, such a tactic ensures that workers end up unhappy and go elsewhere. Ultimately, it is detrimental to the bottom line of the company to cut corners if it means they can’t retain their talent.
This is a difficult time for many industries, but the good news is that collaborating with a staffing firm can minimize the struggle to find workers. Be sure to follow their advice, though. According to Amy Bingham of Bingham Consulting, “If your staffing provider indicates the position requirements are too steep for your company’s budget and the market commands a higher pay rate for that role, you have two choices if you want your position filled: raise the pay rate or eliminate some requirements.”
Though the candidate-driven market presents some challenges to employers, the fact is, we’re in this together. Staffing firms are invested in getting these positions filled every bit as much as their customers.
