Businesses of all sizes and industry types are experiencing increased new challenges facing workforce attraction and retention. Prior to the pandemic, according to a 2018 Goldman Sachs 10,000 Small Businesses Summit report, 70% of small businesses were already struggling to find and retain skilled talent. No matter the size of your business, it’s crucial that you consistently hire reliable and motivated employees to build a strong team. Even after onboarding solid new candidates, the work isn’t over. Retaining your most valued employees, both new and old, is integral to running a successful business and helps to avoid the costly expenses of turnover.
In what’s been recently labeled as the “Great Resignation,” an increasing number of employees are leaving jobs not only for better compensation and benefits but also to prioritize desires such as flexible work arrangements or career development opportunities. Now is a good time for employers to evaluate and implement strategies to acquire and retain fitting candidates that are actively searching the market.
Amid these labor obstacles, smaller employers should focus on what’s feasible. Often, small employers have the agility to respond to the employment market with new strategies. This Tool-kit highlights helpful attraction and retention resources full of tips and strategies for small businesses.
Start with the Basics: Employee vs. Independent Contractor
1099 and W2s are the different tax forms used to deduct payroll taxes on different types of employees. 1099 employees are self-employed independent contractors. They receive pay in accord with the terms of their contract and get a 1099 form to report income on their tax return. A W2 employee receives a regular wage and employee benefits. The employer withholds income taxes from the employee’s paycheck and has a significant degree of control over the employee’s work. Which classification will work best for your business operational needs and help attract the most fitting candidate?
Developing an Employee Recruitment Strategy
Whether hiring for the first time or supplementing your workforce, finding and attracting qualified candidates has become more challenging than ever. Learn tips how to build your Employment Brand by considering:
- Organizational Culture
- Market for Employees
- Work location and Scheduling Strategies
- Benefits
- Compensation
Employee Retention Strategies for Small Business Owners
Is “Great Resignation” the new normal? With unemployment rates nearing all-time lows and a high number of job openings, employees have become a scarce resource and retaining them has become more important than ever to business success.
Workforce Development Resources for Small Business
One key role of workforce development is to help businesses find the qualified workers they need. As a business, you will find local services including electronic job orders and job fairs, regular referrals of qualified candidates and skill training for your workforce.
The benefits of workforce development are two-pronged: on the one hand, the employees themselves stand to gain from retraining, and on the other hand, the employers also enjoy a higher-skilled team.
Coaching Skills for an Engaged Workforce
Having issues with retaining employees, customer satisfaction or business performance? Employee Engagement is one of the most powerful solutions businesses have to fixing these problems. Yet many managers struggle with how to engage their teams.
Coaching helps develop great employees and creates an environment where employees feel valued and respected.
Capstone Resource: How Small Businesses Can Remain Competitive in Today's Workforce Environment
While many variables may account for workforce shortages, the COVID-19 pandemic has certainly exasperated the issue. But wait, you don’t have to fret. There are many things an organization can do to remain competitive in today’s business climate. Get ahead of the issues by ensuring the following things are in place: