Finding workers for your business is harder than ever. According to June 2018 article from CNN Business, There are now more job openings than workers to fill them. With unemployment nationally around 3.8% and here in Wisconsin at 2.8% business owners and leaders are struggling to find workers. I find this issue to be profound and troubling. The reason, purely anecdotal but I feel a well-qualified anecdotal, is that I communicate weekly with a lot of unemployed highly skilled workers around the US. To a person, they tell me they can’t get hired. These workers all have one thing in common; they are very experienced people over the age of 50. And…you aren’t hiring or considering hiring them because of your limiting beliefs
There are a lot of people telling Business Owners what to do with their business. Accountants are telling them to reduce their tax exposure, Advisors are telling them to sell more to make more or plan for their business exit, Consultants are addressing business pain points, and Coaches are either telling them to feel good about their business or are helping owners solve their business problems themselves. All of that conflicting and competing advice and owners are confused about what to do. As a result, many Business Owners do nothing. That is, without question, the worst thing a Business Owner should do. The question remains – what should a Business Owner do?
It sometimes seems as if every business in the US has decided they are the one. It appears that every business has either declared itself an Employer of Choice or a Best Place to Work. In a market where competition for talent is everywhere, I don’t understand why every employer wants to be just like everyone else. There are seminars on “Becoming” a Best Place to Work, workshops on leveraging yourself as a Best Place to Work or Employer of Choice, and courses on Employer of Choice recruiting. It seems as if every business is exactly the same and in being the same they become nothing more than words…so what do you do to overcome this?
What’s the solution?
We are experiencing significant prosperity both as a nation and in business. Business profitability is up; the economy is up, business is good. According to Market Watch, “A torrid U.S. economy blazed a 3.5% pace of growth during the summer and boosted corporate profits to the highest rate in six years, fresh government figures show.” But as some would say, “But wait, there’s more.” “Adjusted corporate earnings before taxes rose 3.4% in the third quarter. More notably, profits in the past 12 months have climbed at a heady 10.3% clip, the fastest increase since 2012.” Business is making a profit and a good profit at that. Sounds good, doesn’t it? So why the question? Are there other questions you need to ask? Is profit the only business number you need to pay attention to?
Let’s are honest, the lack of labor is hurting many businesses. Work is being done more expensively; huge unsupportable pay increases are being used to attract workers and yet, some of them still ghost you, leave you or simply cannot do the work at the quality level you and your customers demand. This issue is harming your business growth AND the sustainability of your business. You feel like you’ve tried everything and frustration is everywhere. Your Cost of Goods Sold is increasing primarily due to excessive overtime and increasing wages to compete with your competitors who are doing the same. What more can you do?
There is a solution.