Emsi published an eBook this past year about the approaching sansdemic. Sans meaning without; demic meaning people. In this eBook, they talk about the talent shortage and how the COVID crisis has impacted this shortage. In today’s blog post, we breakdown the sansdemic drought and three ways employers can help.
What is the Sansdemic Drought?
Before the COVID crisis, 70% of US businesses reported a talent shortage and that number is only increasing. Today there are millions of people out of work, millions of open jobs and millions of people voluntarily leaving the labor market. The US labor force participation rate (LFPR), which is the number of people working or in search of work, has dropped to record lows we haven’t seen since the mid-1970s recession. Despite the countless job postings seen while driving around town, employers simply cannot find enough people to fill open positions.
How Can Employers Help?
1. Offer wellbeing and culture programs
Today, health and wellness as well as company culture are top of mind for employees. There are a lot of corporate wellness programs for employers. WellSteps, highlighted the top 17 wellness companies and programs for 2021 which is a great place to start. Studies have shown that when companies incorporate these programs, they are more likely to attract talented candidates, as well as have reduced amount of sick days, a healthier workforce in general and reduced turnover.
2. Invest in tools to make the workplace safe
This became a huge topic since COVID and will continue to be important as we head back to the new normal. This not only means making the workplace physically safe but also protecting employee personal information. By implementing these tools, employees will feel at ease in the workplace.
3. View employees as an asset to a company
Executives must realize that employees are an asset to a company that appreciate over time, not just an expense or line item on their payroll. Investing in benefit programs, raising wages and development and career growth opportunities pay off. If companies are not investing in their people, the company will not grow.
To prevent the coming sansdemic, we must value every employee and potential employee by implementing programs and investing in tools for the workplace. If we can help with any of your staffing needs, please reach out to us at (770) 937-0410.