to do more with less and adapting their processes to accommodate a smaller staff and strained resources. While it is not ideal to ask your staff to buckle down and bear with you through this time, transparency will be important. Continue to keep your staff informed of your efforts and encourage them to make referrals or share the job postings to their networks. The increased communication will inspire loyalty and, in turn, increase retention. Get Creative! In response to the ultra-competitive talent market, we are seeing 57% of employers offering referral bonuses and 43% boosting pay. Apart from raising wages, companies are looking at alternative benefits to attract and retain employees. One of the most requested benefits is flexibility, but employers are taking a different approach in some industries where flexibility is not possible due to the nature of the job. Forty-four percent of employers are taking the opportunity to upskill and reskill their staff members through different training programs. Organizations are becoming increasingly aware of the impact coaching can have on the employee and the business. By implementing a training program, you can show your investment in your workforce and care about their future with your company. The training opportunity can lead to increased morale and loyalty amongst the workforce. Another differentiator when navigating the labor shortage is granting employees early access to their paychecks. Studies show that 83% of workers are eager to be paid at the completion of each working day. An accelerated payroll program allows employees to quickly gain access to their funds and encourages employer loyalty. It may be easier to offer “fun” perks of happy hours and catered lunches; those tend to only be short-term culture changes. By providing long-term programs in your business, you show your employees and future employees that you care about their well-being and success with your organization. Whether through financial means or career development, candidates are looking for what your company can offer them beyond the typical benefits. March • April 2022 11
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