When the economy is particularly vibrant, as it is right now, one of the downsides is attempting to ramp up staffing levels in order to meet higher demands.
Complicating matters is the very low unemployment rate, an indication that there aren’t a lot of people out there in need of a job. There’s also the growing sense that the market is due for a downturn. Markets are cyclical and after many years of robust growth in many industries, it could be time for a slowdown.
Many companies use a range of workforce strategies in order to navigate the uncertainties of the market. Consider applying the following strategies to navigating the market in 2019 and beyond.
Workforce Management Tips For Uncertain Markets
1. Reach Younger Job Seekers through Technology
Younger workers grew up with high-speed internet as an everyday reality, making apps and social media their go-to way of information gathering and communication. Your company has a better chance of connecting to this generation if it has a good interactive website, an active blog and having a strong social presence, particularly on Facebook, LinkedIn and Twitter.
When it comes to retaining these employees, be sure you are providing with current digital tools that allow them to communicate and automate daily tasks.
2. Employee Retention Programs
Even a basic employee recognition program can go a long way to keeping down turnover. Awarding free meals, ideal parking spots or even gift cards for coffee are all simple but effective ways to say thank you.
More important than the reward is the thought behind it. Be sure you are rewarding specific achievements or actions. If you don’t, these rewards will have less impact than they should.
Simple verbal recognitions are probably more important than material rewards and should be given daily. Praise goes a long way to making employees feel secure in their work, boosting morale and keeping top talent. And best of all – it’s free!
3. Cross Training Benefits Employees and the Company
Cross–training employees gives your company significant flexibility so that it can react to unexpected situations. For instance, having someone who can switch roles at the drop of a hat can help you address surges in demand, or an employee calling in sick. Also, cross training makes your staff members feel trusted and valued, as well as more connected to your company. All of this will make them more productive and more likely to stay with you long term.
4. Cultivate a Talent Pool
Don’t wait until an employee quits to begin the process of trying to find candidates. You should always be networking with an eye toward building a pool of potential job candidates for future open positions.
When you are networking and building a talent pool, keep an eye out for people with the soft skills needed to succeed in your company, such as attention to detail or strong communication skills. When people have the skills needed to succeed at your company, they are better able to transition into your organization across a range of different capacities.
Let Us Help Your Company Address Market Uncertainties
At Cornerstone, we provide custom talent solutions that allow our clients to deal with all kinds of different markets. Please contact us today to find out how we can help your company.