Lisa, Here Are Your Articles for Wednesday, April 14, 2021
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Hiring in a New Era

 

As you create your company's hiring plan for a post-pandemic world, you need to adapt to a new reality. To begin with, you will need to consider these trends:

  1. Talent shortage. There is an ongoing talent shortage in many industries, making the hiring landscape more competitive than ever before. Businesses need to assess what new hires in their industry are looking for and strategize about how they can meet those wants. Among the steps they can take are:
    • Increasing the effort and budget they allocate to recruiting on social media. As they do, they should utilize the platforms candidates in their target demographic are most likely to use.
    • Instituting a job referral program if one is not already in place. These programs offer bonuses to current employees who refer others to apply to jobs in the company.
    • Taking the time needed to hire the right candidate. There are many talented people looking for new positions. Some of them are currently unemployed or underemployed, while others would become willing to switch jobs if their current companies require them to return to the office. If necessary, consider hiring someone for an interim position or as a contract worker.
  2. Corporate image. Consider your company image, especially as it relates to corporate social responsibility (CSR). CSR is an important factor for new hires. Many potential job candidates will not work for companies whose beliefs do not align with their own.
  3. Look internally for new talent. A recent Monster survey found that 87% of employers are struggling to fill positions because of a skills gap. It may sound counterintuitive, but there may be someone on staff currently who can be upskilled or reskilled to take on the new position.
    The key to successfully accomplishing this is rethinking job performance. An assembly line worker who offers good suggestions for better work processes, for example, has analytical skills and an ability to approach company leaders that may be underused in the worker's current position. How can those skills be nurtured so this talented person can better use them?
  4. Women in the workforce. The pandemic has had a disparate impact on men and women. According to the National Women's Law Center, the percentage of women in the workforce has already dropped to 57% — the lowest level since 1988. Unless employers step in and offer additional support and training, recent projections estimate it will take them two years longer than men to recover.
    Companies willing to make a significant investment can tap into this talent pool. Flexible work schedules and help with child or family care needs are two options, but companies can be creative in offering appealing work arrangements to talented women.
  5. Benefits. The pandemic has caused a shift in people's priorities. When it comes to benefits, offering free lunch at the office has lost much of its luster. Instead, the workforce wants medical and dental care, they want support for their mental health, and they want to be trained in financial wellness. Most want to continue working remotely at least part time even after the pandemic ends. A recent survey found that 29% of working professionals would quit their jobs if they had to return to the office.

Companies that take the time to strategize about their hiring practices and benefits packages are likely to have an easier time hiring.

 
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McCullough Rossi & Company, Ltd.
McCullough Rossi & Company, Ltd.
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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