Improving Workforce Strategies in an Unpredictable Labor Market
By Christy Pashkovskiy, Marketing Director
As we look back on 2022, we reflect on the challenges several industries faced like rising costs, supply chain issues and labor shortages. With looming concerns that the obstacles of the past year will continue into 2023 along with forecasts of an economic slowdown, companies should focus on organizational practices they can control to have the best business outcomes possible. Below we have outlined 3 areas for leadership to improve upon in the current unpredictable market.
Focus on Retention
The Great Resignation was a term coined after the pandemic, when a record number of employees left their jobs. The pressure doesn’t stop there; According to LinkedIn, recession fears won’t stop the ‘big quit’ either. This puts an even greater obligation to focus in on retention more than ever before. Through a mix of strategic initiatives, employers must make sure they approach their top-performing employees with the goal of finding out what will make them stay. Consider the following at your organization to entice employees to stay:
- Professional development opportunities and training
- A formalized review system between managers and employees for valuable, consistent feedback
- An audit on your onboarding processes and procedures to identify gaps or where improvements should be made
- Reviewing your compensation and benefits to ensure you are offering reasonable packages to your current employees
It’s no secret that the hybrid and remote workforce is here to stay. In order to make sure employees are happy, be sure that you are offering flexibility in your workforce model and allowing them to have autonomy over their schedules as much as possible. Before, this sentiment largely affected desk-workers; now, employers are looking for ways to provide flexibility for frontline workers as well. According to a 2022 Gartner survey of 405 frontline worker managers, 58% of organizations that employ frontline workers have invested in improving their employee experience in the past year; about one-third of those who haven’t said they intend to do so in the next 12 months. Flexibility in the workforce includes looking at things like paid leave, work-life balance, work hours, flexible schedules and more.
In 2023 and beyond, businesses aren’t just changing how and where employees work—they’re finally realizing that employee engagement plays an increasingly important role in the success of the business and digital transformation overall. When it comes down to it, engagement is all about employee empowerment—helping employees not just be satisfied in their work but feeling like a valued member of the team. Below are a few best practices for engaging your employees- regardless of location.
- Recognize Employees and Share their Successes
- Foster Collaboration
- Keep Communication Open
The labor market is constantly changing and forcing employers to adapt to factors driving the workforce. Focusing on retention, flexibility and engagement during uncertain times will ensure that organizations are fostering a great work environment and happy, engaged employees.