A recent article in Barron’s, “The Great Labor Crunch,” offers some pretty telling statistics about the talent crisis facing the U.S. right now, including:
“…with the economy in its ninth year of growth and another baby boomer retiring every nine seconds, the labor crunch is about to get much worse.”
“From 2017 to 2027, the nation faces a shortage of 8.2 million workers … the most substantial shortfall in at least 50 years.”
This labor shortage is even more severe in Texas. In the article, an operations manager from a Permian Basin oil company says, “It’s an emergency, a crisis actually. It’s causing major delays,” and goes on to add that he has never had such trouble finding and retaining good employees. His company now offers signing bonuses to workers that sign noncompete clauses to help improve retention.
The good news is that signing bonuses aren’t the only way to compete for talent during a labor shortage. Ian Martin has been helping companies source contract and full-time employees since 1957. Over that time, we’ve helped hundreds of companies thrive through labor shortages. Here are three of our surefire ways to rise above the competition when there is a war for talent going on in your city.
1. Stop posting job openings—start MARKETING them.
Want your company’s open positions to stand out from the competition on job boards? Think about the factors that matter most to potential employees and make these points the focus of your job ad. This blog post offers some easy tips on how to elevate your job ads.
2. Reach for the passive candidate goldmine.
It’s no longer good enough to post an opening on a job board and cross your fingers. According to LinkedIn research, 60 percent of the total candidate pool is passive. That means they aren’t looking for a new job but may be very open to offers.
Our Hiring Experts can help your company tap into this valuable pool of qualified talent. And check out this blog post for some creative suggestions for finding new ways to connect with passive candidates.
3. Treat your salaried AND contract employees in a way that makes them want to stay.
Keeping existing employees engaged reduces the chance of them leaving. Contract employees who feel like they aren’t treated as well as salaried peers may feel disengaged and opt for an opportunity with a different company.
Ian Martin’s Contractor Success Team increases retention and return rates of contract employees. Each contractor has access to a dedicated support team that is 100% focused on addressing any issues that arise related to their employment. Whether it’s a question about payroll, expense reimbursement, holiday time or income tax, Ian Martin contractors know that help is only a phone call, text, or email away.
Would you like more advice on how your company can come out on top in Houston’s job seeker’s market? As one of North America’s leading technical recruitment and project staffing firms, Ian Martin has an extensive network of over 500,000 talented candidates.
- The next generation of contingent workforce programs - June 18, 2020
- The Case for Managed Direct Sourcing - March 31, 2020
- How You Can Tackle Houston’s Labor Shortage Head On - May 28, 2018