Since even before the pandemic, millions of Americans have left their jobs. In fact, we have more than three million fewer Americans participating in the labor force today compared to February of 2020, according to the U.S. Chamber of Commerce.
So, how can you ensure you don’t create your own labor shortage as a business owner? Read on for our best tips.
Create a Strong Company Culture
What are the signs that a business has great company culture? High employee retention, transparent communication, employee benefits, employee recognition, opportunities for development… The list goes on.
But how do you get to this level? To create a strong company culture, you should consider the following:
- Determine what this culture looks like
- Ask for employee input and LISTEN to what they have to say
- Hire for culture
- Encourage (and model!) work-life balance
- Make sure employees know your expectations regarding culture
Of course, this is a shorthand list of things you can do. Building a strong company culture is crucial to ensuring you maintain the workforce you do have, and don’t create a labor shortage for your own business.
Ensure Your Workplace is Safe
Your workplace, regardless of your industry, needs to be safe. This includes big-ticket items like following any regulations and codes as well as small things like ensuring rugs are adhered to the floor to prevent tripping, for example.
Ensuring your workplace is safe will help increase employee retention and lower your risk of receiving workers’ compensation claims against your business. It’s a win-win.
Read on to learn more about rising workers’ compensation claims and what you can do.
Provide Growth Opportunities for Employees
What opportunities are you providing to help your employees grow? Are you paying for outside training? Seminars they’d like to attend?
Increased employee retention is one of the best benefits of a successful learning and development (L&D) strategy. In fact, according to a LinkedIn study, “94% of employees would stay at a company for longer if the business was investing in their career development.”
Implementing learning and development opportunities for employees can help:
- Retain top talent
- Increase job satisfaction and morale
- Improve productivity, and
- Earn more profit…
In fact, research shows that “businesses that have actively interested and dedicated employees see 41 percent lower absenteeism rates, and 17 percent higher productivity.”
Consider: What training and development might your employees benefit from?
Invest in the Right Insurance Coverage
Of course, we wouldn’t be who we are without mentioning insurance. Having the proper coverage for your business makes for safer operations and employees.
Although the types of insurance your business needs vary on a case-by-case basis, most businesses need the following types of coverage at a minimum:
- General Liability Insurance
- Workers’ Compensation Insurance
- Commercial Property Insurance
- Cyber Liability Insurance
- And more
Read on to learn how much business insurance should cost.
Focus On What Matters Most
Our biggest overarching rule is this: Focus on what matters most. Employee retention is all about making your workforce feel special, valued, and safe. Take some time today to think about how your specific business might achieve this.
Interested in learning more about the labor shortage? Read on to see how the California labor shortage is affecting the construction industry.