HR Centre of Excellence by Payor
7 Ways To Manage a Talent Shortage

Analysts from Goldman Sachs to McKinsey are predicting a robust post-pandemic recovery. This is great news. But it also means your business needs to hire and retain talented people in a highly competitive market.

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

The U.S. recorded 9.3 million job openings in April, 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).

Key Takeaways

About This Report

1.Build an employment brand from the bottom up
Post pandemic, many candidates are going to be looking for more than just a job, and more than just any company.

2. Optimize your recruiting efforts from the top down
In a hot job market, your recruiting process must be flawless; no bottlenecks.

3. Become a company known for learning & training
Workers have seen entire industries disrupted or nearly wiped out overnight. They want to recession-proof themselves by becoming more valuable.

4. Become a company known for benefits
We’ve just lived through a year that proves the importance of a robust, innovative benefits program. Employees will be taking a closer look at what you offer.

5. Become a company known for pay equity
We’re entering a new era of transparency in many dimensions of work life, especially compensation.

6. Make diversity & inclusion a cultural pillar and a business strategy
One day soon, we’ll look back to this moment and realize the companies that got DE&I right went on to become dominant players and leaders in their industries.

7. Modernize the way you develop talent
Attracting and retaining talent all comes down to the growth opportunities you can provide

About the Publisher

Paycor builds HR software for leaders. Our Human Capital Management (HCM) platform modernizes every aspect of people management, from the way you recruit, onboard and develop people, to the way you pay and retain them. But what really sets us apart is our focus on business leaders. For 30 years, we’ve been listening to and partnering with leaders, so we know what you need: HR technology that saves time, powerful analytics that provide actionable insights and a Personalized Support Model. That’s why more than 40,000 organizations nationwide trust Paycor to help them solve problems and achieve their goals.

Publish Date

August 2021