Reducing the talent shortage in the short and long term:
Have a written, long term strategy that shows how you plan to hang on to top staff. Increasing retention also reduces the cost of training because you’re keeping the individual for longer, which makes the per-year cost lower and improves ROI.
Show them the opportunities
This can be one of the weaker areas for small businesses because it’s harder for people to advance and move around different roles but by having open discussions around what career paths are available you can encourage staff to take a long term viewpoint of their time with the company.
While pay may not be the only important thing, for many workers it is their first concern with a new role. Make sure you are at least meeting market expectations and if possible offer competitive benefit and perk packages as well.
The omniscient “they” say people leave managers, not companies and while there are exceptions this is generally true. “If you’ve got poor leaders and you’re seeing turnover in those teams you’ve got to have some development for those leaders, or you need to move them along because they could be really hurting your retention,” Luft said.
Look within your organization for people who don’t have the skills today, but who have the aptitude and desire for a specific role, then assess what your organization can do to develop those individuals so they can take those roles on.
Work with local educators
Let high school and tertiary guidance counsellors know that there are talent shortages in specific areas, and that certain industries are likely to have a good long term outlook. In some cases you could even talk to local colleges about offering specific courses and diplomas that fit your needs.
Luft also suggested that industries across Canada needed to work together to streamline credentials, so they are accepted inter-provincially. It is difficult to encourage a worker to move across the country if they know they will have to re-train to work in their chosen field.