How Currently Record Low Unemployment Can Impact Your Business
It’s a job candidate’s world when it comes to the employment market. With record low unemployment, there are plenty of opportunities out there and not enough people to fill them. For employers, though, this can spell trouble in a number of ways, including with:
Higher costs to fill roles.
When it comes to attracting the best people for the job, you’ll often have to pay them more. When a candidate has their choice of job offers, they’re going to opt for the one that provides the most competitive salary and benefits. Therefore, with today’s employment market, you’re forced to pay out more for the same workers who would have cost significantly less just a few years ago.
Higher competition for candidates.
When there are fewer job candidates on the market – thanks to low unemployment – it means there’s a lot more competition for the ones that are actively looking for work. You’re essentially competing with companies similar to yours or those with deeper pockets for the same pool of talent. As a result, it can take longer to fill positions, impacting your productivity, ability to take on new projects and bottom line in the process.
Higher stress in the workplace.
When you have a hard time filling job openings, you’ll often have to give your existing employees more responsibility until you’re able to hire. This can lead to stress and burnout, impacting morale and productivity in the long run.
Higher turnover.
When there are plenty of opportunities out there and not a lot of candidates to fill them, your employees are more likely to job hop, leading to high turnover. Employee retention efforts should therefore be a part of your overall business strategy.
Clearly, low unemployment can be a challenge for many businesses, especially those that fall into the small and mid-size category. However, if you’re looking for an easier answer, one solution is partnering with a staffing agency in the Grand Rapids or Holland area, like Gill Staffing. We know where to look to find and recruit qualified candidates, all while you focus on other business priorities. You’ll get the people you need, faster, all without the hassle.
Contact Gill Staffing today to learn more or get started.
