As the economy continues to recover from the recent shutdown, many employers are asking, “where are the workers”? The answer, in part, may be in a recent article published by the Wall Street Journal titled “The Other Reason the Labor Force Is Shrunken: Fear of Covid-19”.
The article cites a survey conducted by the U.S. Census Bureau in the second half of March that found that about 4.2 million adults aren’t working because they are afraid of spreading the coronavirus. This fear, coupled with millions of dollars in stimulus checks and extended unemployment benefits, is just one more challenge facing employers trying to overcome an ever-growing talent gap.
What can be done to compete in today’s talent market?
- Identify overlooked talent pools. These groups can include older workers, previously incarcerated individuals, or individuals with disabilities.
- Network with resources in your community. Actively seek out local resources and networking opportunities.
- Strengthen your employment brand through positive testimonials and online reviews. Increasingly, job seekers are doing online research to learn more about companies before they make employment decisions.
- Know current market values and compensate accordingly. In today’s job market, wages are rising quickly. Successful employers will have a proactive plan to stay current, attract and retain talent.
- Hire for potential rather than experience. Focus on identifying potential employees based on their passion, drive, and ability to learn the job rather than how long they have done something.
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