Employers across Canada are losing sleep over labour shortages, which are expected to last throughout the next decade. These shortages affect a company’s revenue and growth, increasing costs associated with wages and benefits, requiring existing employees to work longer hours, and influencing competitiveness because of deteriorating quality or unfulfilled services—not to mention a frenzy of recruitment wars.
Labour shortages affect organizations of all sizes but are particularly concerning for smaller employers. A recent survey conducted by Business Development Bank of Canada found that 39 percent of small to medium-sized companies are having difficulty finding new employees. Why? Because a labour shortage leads to a job seekers’ market. Job seekers can place higher demands on employers because the number of job vacancies is high. Job seekers have options and they know it; many employers are fighting for the same talent. So the next question is: what can employers do?
Although it would be great to offer candidates more money and endless perks like having every Friday off, these are not realistic solutions. There is no quick fix to this problem; companies must find ways to adapt and successfully recruit in a market where job seekers have the upper hand.
It is important for employers to consider basic factors like competitive wages, a great company culture, and flexible schedules, but there are different strategies employers can use beyond the basics. There are many things your organization can do to help improve your attractiveness to potential employees that are inexpensive or no cost.
What can you do to enhance your recruitment efforts in attempt to attract the best candidates for the job? Download our FREE Guide to Winning in a Recruitment War, which provides cost-effective strategies for recruiting qualified employees in a highly competitive market.
Labour Shortage: Here to Stay
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