Over the last few years, we've seen a severe talent shortage as COVID drove more than 5 million out of the labor force in April 2020. Of course, there are solutions to this problem, including pay, alternate schedules, hybrid work, and feedback/recognition. But what does that mean for your Amarillo business? Let's discuss some ideas for addressing talent and labor shortages.  

Recruiting Solutions – New Way of Hiring & Retaining

As you look at talent shortages, it's not just about hiring anyone who walks in off the street. You need talented candidates who meet your needs. So, how do you identify the ideal candidates for your business? You can start by looking at your trusted, top-performing employees. Consider the most effective way to seek out and recruit ideal candidates.

• What do your top performers have in common?
• Can the skills of top performers be learned or taught? 
• How can you improve the application process?
• Can you make it easier with virtual interviews?
• Which platform are you using for recruiting? Are you getting qualified candidates from those sources?
• Have you considered alternative recruiting strategies? Have you asked your trusted employees to share the job opening with their friends and colleagues?
• Is the process too complex? Is it taking too long? Are you fully communicating your expectations and process requirements? What is your value proposition?  

Hiring the right employees takes time and planning. The talent shortage has only exacerbated the challenge of finding the right employees for your business. If you're in panic mode or rushing through the process, you won't find candidates who will meet your needs now and in the future.

Employee Onboarding  – New Way of Hiring & Retaining

When you've recruited an ideal candidate for your business, that's not the end of the process. The next step is important to your company's health and longevity. Your onboarding process ensures that you've fully communicated your expectations and shared details about your company's culture, benefits, and other HR policies. Here are some tips to ensure your onboarding is successful.

• Start right away. During the interview, you can discuss company culture and processes. It's a great way to get them excited about joining your company and becoming part of the team.  
• Tailor your onboarding to each employee. Encourage open and honest discussions about skills and training needs. Then, include those training modules in the onboarding process.
• Make it a warm welcome. The first day should be a celebration of the newly hired team member. Make the CEO part of the welcoming process and introduce them around.
• Don’t rush productivity. It's always nice to think that newly hired employees will hit the ground running. However, it can take some time to get acclimated and set up to fully take on the role you've hired them to do.
• Avoid assumptions about processes and technology. There are no shortcuts. You should train your employees and provide training materials. You must ensure they fully understand how to perform tasks for your company.

As you onboard new employees, consider offering training to long-term, high-performing employees too. It's an excellent way to ensure your entire team is on the same page. It also relates back to avoiding assumptions. You can tell them how important personal and professional development is for employees.

Addressing Workplace Issues – New Way of Hiring & Retaining

With talent shortages, managers must keep tabs on workplace issues and address them immediately. Here are some tips to consider as you retain your talented workforce.

• What about promotions? Are employees promoted because of their performance at their last job?
• What about manager training? Are you giving your managers the tools they need to succeed? Are you supporting their growth and development as a leader in the company?
• What about your team? Have you looked at your employees' skills and talents? Do you have the right people on your team to ensure optimal growth and success?
• Have you asked for feedback? How are you encouraging engagement? Do your employees feel safe and secure enough to share honest feedback?
• What about conflict resolution? How do you deal with company disagreements and personality clashes?
• What about succession planning? What is the long-term goal for each employee? Have you thought beyond who will hold leadership positions?

Maintaining open and honest communication is one of the best ways to retain your employees. Part of that communication involves asking for feedback and considering what your employees need to succeed.

Understanding Company Culture – New Way of Hiring & Retaining

Company culture continues to be an essential factor in hiring and retaining employees. Unfortunately, it's easy to lose sight of why your company is so special, particularly if you've been around for a while. Consider getting back to the basics with these quick tips.

• Unique Selling Proposition: What makes your organization unique or successful? Also, consider what makes your company appealing as a workplace. What do your employees want? This goes beyond benefits and pay. Are they looking for flexibility, free coffee, or appreciation?
• Feedback: The best way to find out what your employees and candidates want is by asking them. Use surveys for new hires/onboarding, quarterly employee check-ins, and exit interviews to better gauge their wants and needs. Surveys are an effective way to learn your employees’ motivations, skills, interests. and rewards.
• Training/upskilling: How are you training your employees? Or are you not training them because you're afraid they will get a better job and leave if you train them?

The adage holds: Train them well enough to leave, but treat them well enough that they don’t want to! What can you do to make your employees love your company culture so much that they'll never want to leave?

What is the Talent Shortage? Why is Understanding Important?  

While all these tips and ideas are essential for your Amarillo business, we still face talent shortages. You can't ignore them or wish them away. Some estimates say the global talent shortage will reach 85.2 million people by 2030. Of course, that's global, but it will still affect your business here in Amarillo. So, what does it mean, and how does an understanding of the talent shortage help you?

• Balance of power: The talent shortage has shifted the balance of power from you (the employer) to workers (your employees and candidates).  
• Efficiency: Talent shortages require that you rethink how to become more efficient in every part of your business.  
• Outsourcing: It may mean outsourcing tasks or roles in your company to staffing agencies, freelancers, or other external workforce solutions.  
• Creative staffing solutions: You may need to ask your employees to take on additional tasks when employees leave, and you cannot find replacements.
• Rearrange workloads: Talent shortages may mean juggling timelines and strategic approaches to better accommodate your team's capabilities.  

There's not just one solution to adapting when talent shortages continue. The impact will be more significant for some industries and businesses. Investing in training and focusing on your company's culture should be essential components of your strategic approach.   

Tapping Into Public Relations – New Way of Hiring & Retaining

There is more to public relations than just potential customers who search for you. Potential colleagues learn about you and your business through public relations efforts. Here's why PR is important:

• Public relations is an effective way to illustrate your company's personality. 
• It showcases your mission and leadership values. PR allows you to connect with your audience, including candidates.  
• Public relations sheds light on your company's culture. Your community activities and PR-worthy events demonstrate why your company is special. 
• It establishes credibility. PR lets your audience know you're not going anywhere. You're a presence in Amarillo. 

How Can the Amarillo Economic Development Corporation Help?

Amarillo Economic Development Corporation promotes business expansion in the greater Amarillo area. We aim to build a stronger, more diversified economy and increase the community's economic vitality and wealth. Continue to check back with Amarillo EDC for the latest news and up-to-date information on all things Amarillo.