Following the COVID-19 pandemic, returning to the workforce has been anything but an easy task for businesses across all industries. From an employment perspective, 2021 has been classified as the period known as the Great Resignation, and 2022 continued to display lingering issues with attracting and retaining talent, as well as maintaining workplace culture. According to a survey conducted by the Society for Human Resource Management, nearly 90% of 1,200 employers said they were struggling to fill open positions and 73% said they’re seeing a decrease in applications for those hard to fill positions. As job openings continue to be an issue to fill, employers are constantly finding themselves asking, how do we attract new talent into our doors?
Attracting New Talent
Americans resigning from jobs are now accounting by the millions each month – with a record of 4.5 million employees quitting their positions in November alone, according to U.S. BLS. To attract new talent, some employers are paying higher wages, offering bonuses, and providing more benefits to employees. Another way businesses have appealed to job candidates is by developing greater flexibility for the typical work experience. More companies have begun offering opportunities to work remotely, whether this be full-time or part-time. Remote work has opened doors to hiring without geographic limitations. According to research conducted by McKinsey & Company, 58% of Americans now have the opportunity to work from home at least once a week. Despite attempts to accommodate the financial and personal needs of employees, businesses are still finding difficulty filling open positions.
Looking beyond financial compensations and personal accommodations, employers are seeking to expand their candidate pools by looking to universities with recruitment programs. Companies that offer internship opportunities have shown great success in attracting young, talented, and ambitious individuals looking to kick-start their careers. Internship programs do not need to be limited to universities as some employers are attracting talent even earlier in their careers.
One of the significant areas that building material dealers and wood-related businesses are struggling with is attracting and retaining good drivers. Experienced drivers are in short supply and dealers need to get creative in finding new talent. PLM has compiled a guide with some tips on attracting the right candidates while retaining your current quality drivers.
Employers that are successful in getting talent in the door now face the whole new challenge of retaining those employees. Individuals embarking on their career paths are no longer just looking for positions with adequate pay, they are seeking positions that keep them engaged, happy, and growing throughout their employment. The average cost to onboard a new employee is slightly over $4,000 based on the following factors.
- Person-hours spent on paperwork and administrative costs
- Loss of productivity during onboarding and training.
- Workplace set-up
- Welcoming kits.
- Travel and relocation
- Employee training and support
- Company culture and morale impact
Just as maintaining customer retention is important for businesses, retaining employees is as equally critical for an operation from a cost efficiency and productivity standpoint. At PLM, we are dedicated to keeping our employees happy by supporting the individual and upkeeping a family-like atmosphere. Some of the ways we are able to keep employees engaged is by hosting family friendly company events, encouraging community and volunteer service projects, sending annual gifts for careers milestones or holidays, and even participating in charity softball events. Establishing an emphasis of togetherness has been a challenge in itself following COVID-19, however, this has helped developed a new appreciation for opportunities to gather as a company and a family. PLM also weighs heavy importance on the growth of our employees by encouraging participation in continuing education programs within the insurance industry. Employee retention all begins with the conveyed message of the workplace culture. It is important to reinforce company values through employee objectives and overall engagement.
As an employer, it is critical to recognize the value in employee relationships as well as our customer relationships. Job candidates and employees should understand who your company really is, what you support, how you work together, how you help each other grow and promote each other’s successes. Maintaining a positive workplace environment and staying in-line with company goals all begins with the cultural practices you convey. PLM’s culture of caring is broadcasted through our employees. Our unwavering dedication to the wood industry for over 125 years is backed by our employees’ eagerness to understand the needs of our customers and our commitment to keeping them safe.
Are you interested in being a part of the PLM family? Check out some of our available positions and apply today!