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Workforce Management

7 Ways to Manage a Talent Shortage

7 WAYS TO MANAGE A TALENT SHORTAGE

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Between the rapid rollout of vaccines, the financial stimulus, and increasingly positive jobs reports, hiring is on the rise. Nearly half of the 22 million jobs lost during the early months of the pandemic have been recovered. And U.S. Treasury Secretary, Janet Yellen, predicts that the economy will return to pre-pandemic payroll levels by 2022.

Competition for talent is already intense. The U.S. recorded 8.1 million job openings in March, the highest since the Bureau of Labor Statistics started tracking that statistic in 2000. So, it’s really no wonder businesses of all sizes are struggling to find talent. In fact, 42% of business owners say they have job openings they can’t fill (National Federation of Independent Business).

Bottom line: talent is going to be hard to find for a while.

While consumer demand is revving back to life, talented employees are going to be challenging to find and keep for a variety of complex reasons. But there’s a lot you can do to out-maneuver your competition and win the war for talent in the coming months.

Download Paycor’s latest whitepaper to discover seven things you can do, starting now, to land the top people for your company.