State of the Industry – Dealing with the Labor Shortage

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Dealing with the Labor Shortage

Why attracting, developing and retaining talent should be a top agenda item for business owners in 2023

“No one wants to work anymore” is the oft-used refrain heard from some businesses struggling to find and keep employees. But we know that that’s not actually true, as evidenced by the continued low unemployment rate in the U.S. People do want to work; they just no longer want to work for companies offering bad work environments, paying poor wages, providing no flexibility, and offering few, if any, benefits.

Referred to as the Great Resignation, we have seen a large number of people leaving their jobs since the COVID-19 pandemic, as workers reassess their positions and what they want to get out of their lives. And the mass exodus may not be over. According to a recent McKinsey & Co. report, half of frontline retail employees are considering leaving their jobs in the next few months, and 63 percent of frontline retail managers are thinking about quitting soon. The number-one reason cited for this potential mass exodus is not enough workplace flexibility.