From the fading “help wanted” signs posted in windows of local restaurants, to the daily news headlines, it’s no doubt the effects of The Great Resignation have permeated throughout America’s hospitality industry. And not only are business owners struggling to find new talent but even retaining their existing workforce has become a challenge; according to research, as many as 95% of employees are considering quitting their jobs or switching careers altogether.
In an effort to understand what these trends mean for Ohio hospitality businesses, WVC RubixCloud’s parent company, William Vaughan Company teamed up with regional leaders to host a panel discussion where we discussed innovative techniques companies are starting to employ in order to attract and retain talent. Here are our top 5 takeaways:
- Expand your search to include traditionally untapped talent populations. Every 1 out of 4 adults in the United States is currently living with a disability, however, in 2021 only 19 percent of those individuals were gainfully employed. Making small changes to your workspace to accommodate these individuals can often be funded by grants and opens up an entirely new pool of talent from which to pull. Other talent pool opportunities include the previously incarcerated or second chance communities which are roughly 70 million Americans and the veteran population. Thinking outside the box and investing in untapped talent could be a real solution in an extremely competitive job market.
- Be proactive in recruiting by keeping your “talent pipeline” full. Just as companies keep track of pending deals in their sales pipeline, keeping track of applicants in a “talent pipeline” is equally as beneficial. While an applicant may not be the right fit for an existing job opening, keeping their information on hand for a future job posting could prove to be useful.
- Check-in with new hires within the first 90 days. Studies show the majority of turnover happens within the first 90 days of employment. Improving onboarding procedures and checking in with new hires within that 90-day window is crucial to employee retention.
- Get involved on local school boards. Last year alone, 80 percent of local college graduates relocated for work. Making connections with board members at local high schools and universities has proven to be a great way for businesses to get their foot in the door with up-and-coming talent.
- Leverage professional connections. While recruiting firms and temp agencies may provide some momentary workload relief, leveraging connections with industry-specific business consultants may lead to finding that perfect, long-term hire. For example, our parent firm, WVC offers CFO, Controller & Bookkeeper Placement services that help our clients make the right decisions for their long-term objectives.
Interested in hearing the entire discussion? Visit our Youtube channel for the full recording. To learn more about William Vaughan Company’s onboarding and placement guarantee, be sure to reach out to our team of trusted business consultants.