New data released by the government shows that the Construction sector added 36,000 jobs nationally in May while the labor market remained tight. Overall, there are currently over 10 million job openings across the country and only 8.4 million people looking for work. From this, it is clear that job seekers are in demand and can be choosy about selecting their opportunities. For employers. the challenge is to create job opportunities that promote growth, have long-term stability and offer a good workplace environment.
Promoting Employee Growth
Enabling employees to grow their skills not only helps build their resumes but greatly enhances a firm’s ability to thrive. Employees that see opportunities to grow are far more likely to remain with a company. This reduces turnover and promotes higher quality work.
Here are a few ways to encourage employee growth:
- Propose Regular One-on-one Meetings
- Get Employees to Set Goals
- Prioritize Skill Development
- Offer Leadership Development
Enhancing Employee Stability
With a tight labor market, there is always a firm ready to offer more money. The challenge for employers is to focus on the employee experience. To optimize your employee’s experience, employers need to listen and respond quickly to employee ideas, feedback and requests.
While these practices may take more time, it is important to consider the cost of replacing good, trained employees. Retaining a good employee is far less expensive that recruiting a new hire.
Providing a Good Workplace Environment
Employees that work in a positive atmosphere typically are more productive, make fewer errors and are absent far less frequently. Here are a few ways to make sure your workplace is a positive environment:
- Make onboarding a priority
- Create open lines of communication
- Recognize good work
- Management must set a positive example
- Actively support your employees efforts
While a tight labor market can be challenging, it can also be an opportunity to asses your firm’s workplace and look for ways to engage and retain the people that are fundamental to your success.