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
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?
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.
If you don’t want to plan your exit from your business then don’t. It’s that simple. However, that doesn’t mean you shouldn’t work on your business. Work on your business to make it more productive, more efficient or as I like to say, help make it recession proof. Being prepared is part of being successful at business.
With Baby Boomers owning most US Businesses it is understandable that the focus of many business consultants is to focus on helping them transition their businesses to others. Why wouldn’t they, with roughly 10 trillion dollars of business involved it only makes sense. But Baby Boomers don’t own everything, and not all Baby Boomers are thinking of retirement. We are living longer than our parents and Grandparents so staying in the business longer also makes sense. The youngest Baby Boomers are about 53. They could have another 20 or 30 years of working life left if they choose. Their businesses need to do things too.
If you don’t want to plan your exit, what should you do?
Good health is important. It is important to our bodies, and it is important to our business. When you care about the health of your business, you are demonstrating an interest in more than just the money that flows through it. You are showing that you fully understand the different parts of your business that contribute to its success – its good health. Just like we visit our Doctors once a year for a checkup, we take our cars to a mechanic for a tune-up, or we visit the Dentist for a cleaning, we should also conduct a checkup on our business at least once a year. Some suggest conducting a checkup twice a tear. Whichever you choose, you may be wondering – What exactly is a Business Checkup?