Businesses are working harder than ever to attract talent. With unemployment levels at record lows, those looking to hire are seeing a shortage of applicants, a lack of required skills and significant competition from other organizations. According to the Business Development Bank of Canada (BDC), more than half of small- and medium-sized employers are already struggling to find talent. And with hiring difficulties projected to continue throughout 2022, the labour shortage will last for the foreseeable future.
But hiring isn’t the only hurdle. Employers are also having trouble retaining workers. Recent surveys suggest that high turnover will also persist as employees look for new opportunities that address their demands over pay, culture and remote work options.
Staffing crunches are adding to an already complex post-pandemic economy, but there are options to move forward. Incorporating these strategies can help you deal with the labour shortage so you can grow your business and remain competitive.
Invest in technology
Consider going digital if your business is spending too much time on manual or time-consuming processes. If you’re struggling to fill or retain positions, explore options to prevent burnout and create a better workplace like adopting a cloud accounting solution. Automation and digitization can alleviate unnecessary pressure by reducing the reliance on your workforce.
Make an acquisition
Want to build your business? Consider making an acquisition to acquire much-needed talent or technology. Whatever your goals, it will be necessary to find a good acquisition candidate, conduct due diligence, consider the tax implications and determine how to finance the deal—especially as the cost of borrowing rises.
Look beyond your borders
Be open to remote work models to allow you to leverage a new pool of talent. But don’t forget to do your homework first. Consider the tax regulations and employee benefit rules in the jurisdiction where those individuals are sitting. Also be aware of the increased cyber risk that comes with employees working remotely and relying on technology to do their jobs.
In a labour-constrained market, efficiency is everything. Conduct a review to find ways to streamline complex processes and tedious tasks. Eliminating inefficiencies can cut unnecessary costs and reduce the strain on your team, creating a better culture and improving employee retention.
Create a better culture
A strong and healthy work culture should never be underestimated. To help you attract and retain high-quality talent, conduct a review of your organization’s culture to find ways to strengthen it. A positive work environment is always crucial, but particularly when there’s a labour shortage. Building a culture that offers flexibility and work-life balance isn’t a value-add option anymore—it’s an expectation.
Have questions? Let us help.
Remaining competitive amid a worker shortage isn’t easy, but we’ll work with you to find the right solution for your business. Whether you’re looking to build your talent base, explore remote work models or reduce reliance on your workforce, our advisors can help you find the way forward.