Universally, there is a shortage of "good employees." While many will use that as an excuse, it can be a great opportunity for those who seize it.
That's why we paid particular attention to this commentary by Ty West in The Playbook*.
- "Businesses across a range of industries are struggling with both recruitment and retention, yet surveys and experts continue to show many are unwilling to change their strategies to improve their ability to compete."
And therein lies the opportunity.
Moreover, those who are ready to grow their own good employees can have a decided advantage. And it matches up with the values that Millennials and Gen Z want most of all. Good coaches win out!
The first recommendation: focus more on career development.
- "During the Great Resignation, if an employer is not willing to train and upskill its workforce, those employees may begin to look for an employer that will.”
Next, catch up with how your organization has changed.
- The accelerated embrace of technology retailers experienced in 2020 and 2021 means new and different job responsibilities.
- These in turn require updates to positions and growth opportunities, and therefore the need to search in different ways and places for candidates.
- And by the way, it all is happening at a much faster pace than before.
Third, and this is the real game changer for many, the dynamics between employees and management have changed. And those managers who won't change must go!
- "Culture" is something that does matter, especially to Millennials and Gen Z.
"Many companies have been trudging along for years with bosses holding a 'You're lucky to have a job,' mentality that won't cut it in the Covid-19-era. Companies would be better off cutting ties with those managersif they're not willing to change."
Our shorthand description for this is it all comes down to respect. Respect for your employees, as well as respect for your customers.
There are qualitative factors beyond the paycheck that do matter to employees, especially the Millennials and Gen Z folks who you can grow with.
For sure, pay them fairly. But also train them, challenge them, listen to them, promote them when deserved. They want to be engaged with businesses that matter.
* Having trouble hiring? Three ways to ease your hiring challenges. Ty West, Editor-in-Chief, The Playbook. January 21, 2022.