WORKFORCE CONNECTION

Update from CareerSource Gulf Coast

by: Kim Bodine, Executive Director, CareerSource Gulf Coast

As our local economy continues to emerge from the pandemic, attracting and retaining talent remains at the forefront of business strategy. Employers are learning how to adapt in a disruptive environment, and as a result, innovative strategies have emerged.

Florida’s Open for Business environment, along with the ‘Return to Work’ initiative, helped to drive job seekers back to work, resulting in a lower unemployment rate. Although we have seen substantial improvement in individuals re-entering the workforce, there are still positions that are taking longer to fill. There is no single reason for the tightness in the labor market but rather a combination or culmination of factors at play.

Job seekers tell us that their return to the workforce has been rocky, with childcare centers often closing for weeks at a time due to exposure to a positive COVID staff member or child. Also, there is still concern about recurring outbreaks of new variants of COVID. Some individuals have made the decision to leave the workforce entirely and have found that they can survive on one income or savings. Although we know these are a few of the issues keeping some folks on the sidelines, we don’t believe it is a substantial number.

Even before the pandemic, the US labor force was shrinking, with approximately 2 million baby boomers retiring annually. More than 3 million baby boomers retired in 2020 alone, more than any other year, according to the Pew Research Center. The Centers for Disease Control report US birth rates have been declining steadily for more than a decade. In fact, the U.S. total fertility rate remains far "below replacement" – which means there wouldn't be enough babies born for a generation to exactly replace itself (National Center for Health Statistics).

Finally, we also know that many of our Gen Xers and Millennials have different views about work than their baby boomer parents and grandparents. In many cases, the children of these baby boomers will inherit or have already inherited the wealth of their parents, which may allow them to work less and retire earlier. They value free time more and do not generally follow the work culture that their parents believed in, often opting for gig jobs or changing jobs much more often in order to find a career with the flexibility and pay they desire.

So how do employers respond to this shift in the workforce? A change in strategies related to recruitment and retainment of talent is likely in order.First, broaden recruitment strategies beyond the traditional demographic and geographic area. If a position is conducive to remote work, your candidate pool can extend beyond geographic constraints and bring talent that will help your business continue to be productive and prosperous. The pandemic revolutionized work-from-home acceptance. Some employees have a strong desire to remain remote or participate in a hybrid in-office work arrangement. A recent Federal Reserve Economic Data (FRED) study showed that productivity increased during the pandemic when many employees worked remotely. There are also many types of software platforms and technology available to employers to ensure that remote employees are working and being productive during their working hours. This may be a low-cost option as many remote and hybrid employees already have the technology to perform effectively at home. Remote work may also help retain current employees and may reduce overhead costs due to a reduction in utilities and space needed to house staff.

Below are a few other options to think about for recruiting and retaining talent:

› Consider allowing flexible scheduling when appropriate. This is a no-cost way to improve the employee experience.

› Offer employee assistance programs and programs to support employee wellbeing to combat burnout and fatigue that has increased since the pandemic.

› Consider populations that you may not have focused on before such as those with disabilities, senior workers, or ex-offenders. Often, we find that employers shy away from hiring first-time job seekers with little experience. Training programs and peer mentoring may be necessary to engage this population as employers seek to leave no pool of potential workers untapped.

› Don’t overlook existing staff who have an interest in career growth. Employers here are building the talent base themselves by offering upskilling and reskilling opportunities for incumbent workers. This type of training may be offered in-house via on-the-job training or through traditional training programs offered online or in-person at our local post-secondary partners.

› Above all, value people as an important resource and asset that cannot be taken for granted.