As we wade through these unprecedented times, the word “unprecedented” itself has begun to lack meaning. It feels like everything since early 2020 has been “unprecedented,” but here we are again, talking above the strange dichotomy that is the current competitive talent market and continued economic uncertainties.
This highly competitive talent market is leaving many organizations with significant gaps in their workforce, especially with a saturated market of more than 11 million jobs and fewer than 7 million actively seeking one. While, simultaneously, we’re facing the start of an economic downturn that’s been particularly hard on several industries.
While the job market goes through ups and downs, periods of high turnover, and more, the unique and (please forgive me) unprecedented part of the equation is that in November and December of 2021 many people quit without another job lined up – something that is highly abnormal.
The consequences of the mass exodus of workers in November and December 2021 are still weighing heavily on many industries, especially in:
- Administrative and Support Services
- Information Technology (IT)
- Business and Professional Services
- Advertising, Media, and Publishing
- Finance and Insurance
It’s uncertain at this point when the talent market will level out. Companies need to have short-term and long-term plans to handle the current and potential future states of the market. Three key aspects that can (and likely should) be included are:
- Evaluating your company policies and benefits to better align with what workers are looking for.
- Update technology to create a more efficient working environment for new hires.
- The use of managed services to maintain current technology, boost retention, and off-load tasks from short-staffed teams.
Having a rock-solid short-term plan can help prevent turnover while long-term planning can attract new, high-quality talent – the two together can affirm the culture and benefits of working for your business, increasing retention.
It’s the golden trifecta.
Key Aspect #1: Ensure Retention By Leveraging Managed Services for Tech Staff Shortages
One of the ways to fill staffing gaps is to leverage a managed services offering, whether to augment the current team, keep the lights on while your recruiters are battling their way through the competitive market, or to handle budget cuts if your business is preparing for a potential recession.
As a retention measure, managed services can also improve the quality of work for full-time employees, reducing burnout and dissatisfaction with an organization.
One of the most difficult positions to fill – and to keep filled – are full-time Salesforce administrators. This isn’t exactly a “new” issue, it’s one we’ve heard from clients for years now. They hire an administrator, train them, and then the administrator gets a better offer elsewhere. It’s always been a competitive position to staff long term, but it’s hit a critical level these days.
Any stretch of time without a Salesforce admin is difficult, which is why opting for an expert managed services package can be beneficial for several reasons. Hiring a Salesforce administrator is expensive, and even more so when offering enough compensation, benefits, and sign-on bonuses to lure top talent to your business.
Alternatively, managed services are a fixed cost, a line item on your procurement finances, and can save a significant amount compared to hiring a full-time in-house person. Add that to the fact that there’s no need to train, handle benefits, vacation days, or otherwise, and the value increases.
Whether you treat managed services as a short-term solution or as long-term augmentation for your in-house team, this service can reduce department cost as well as take maintenance and administration tasks off your team’s plate, letting them focus on high-value, profit-driving initiatives.
Key Aspect #2: Improve Work Environment for Current Employees By Updating to Efficient Modern Technology
Resources are a key factor for attracting competitive top talent. Disconnected organizations, ones where each department is either heavily siloed with its technology or relies on manual methods to perform routine tasks, are difficult to sell, especially to top talent.
There are very few people who want to spend their days pinging department after department to chase down data, not only because it’s tedious and inefficient, but also because, by the time it’s all said and done, that data isn’t up to date.
A modern data strategy with a fully connected tech stack is invaluable for analyzing and getting ahead of the market, to make predictions and run potential scenarios, and cross-departmental collaboration. Investing in a Business Spend Management (BSM) tool is also an ideal way to manage spend and prepare for any economic twists and turns.
Investigate standing up a Single Source of Truth that includes optimal technology for each department to create a better tech environment for your entire organization – and then make sure candidates know just how much time and effort you’re putting into this initiative.
Key Aspect #3: Evaluating Company Policies and Benefits to Sustainably Compete for Competitive Talent in the Market
Crucial for attracting and retaining top talent in this competitive market is to evaluate your company policies, benefits, messaging, brand, and culture.
One of the most popularly cited reasons people left their jobs at the end of 2021 without another job lined up was because they couldn’t find a good work/life balance – and people ultimately chose to prioritize life. Similarly, many left due to burnout and stress or, in other words, poor mental health that could very likely be correlated to that work/life balance.
Those that left and have returned often did so to find companies that better aligned with their personal needs and preferences, had sustainable work performance expectations, were staffed with leaders who cared, and provided opportunities for growth or advancement.
Every company needs to:
- Ensure salaries are market competitive
- Review benefits to see if there are areas for improvement
- Identify hiring incentives that may help win candidates with multiple offers
- Closely review your flexible work policy (inflexibility and requiring employees to come back in-office full time is one of the highest cited reasons for leaving a business)
- Eliminate lengthy hiring processes – be decisive
- Invest in DE&I and Inclusion initiatives
Companies that prioritize the well-being of their people are winning out over other organizations that lack a distinctive culture. Ensure that the marketing around your workplace internally is as high quality as your external marketing so prospective employees choose you.
Spaulding Ridge Can Help Support Your Technology Needs During Staffing Shortages
At Spaulding Ridge, we partner with best-in-cloud technology that provides optimal return-on-investment for each department of your organization. We’ve advised and implemented technology for hundreds of businesses and know them inside and out – which makes us the perfect people to manage it, too.
Our Managed Services practice provides cost-effective, expert care for your technologies like Salesforce, which can be difficult to staff in-house right now and can also be an excellent solution for tightening budgets – our managed services offering can save you as much as 45%.
Reduce your team’s administrative load quickly in a cost-effective way by partnering with us!
Questions? Reach out to Jessica Cook.