Accepting the new reality of today’s workforce
Are you still waiting for this new era of recruitment to end? Are you holding out so you don’t have to shell out higher wages? Well, doing this may cost you more in the long run. Continuing to resist this new era of recruitment and retention will only damage your workplace culture.
- Refusing to pay current and future employees more (what they are worth), will cost you more in the end, because losing people is expensive.
- This will affect the type of people you have as employees- people who end up working for you won’t be quality employees.
- Blaming employees for finally demanding what they are worth will leave you with a workforce that will begin to resent you.
Why should you accept this current reality?
What can we say, now that people can get paid an equitable wage, they are no longer going to settle for less. The market may slow down, in terms of turnover and resignations, but people now have knowledge that they didn’t have in the past. With the transparency of pay on many different apps and websites, it is easier for employees to educate themselves and negotiate their salary/pay.
The never ending cycle
Now, you may be wondering – what happens if I just wait it out? This will lead to a cycle that will only consume your company’s time and finances.
- It will start with the “good” employees leaving when they find jobs that meet their needs.
- As stated earlier, they are no longer settling for less. These employees know that their skills are desirable elsewhere and will be the first to find a better suited job.
- Once those “good” employees are gone, you are left with the ones who are underperforming.
- They are comfortable and do not necessarily have the skills to leave and find a higher paying more flexible job. Having a workforce that is now made of underperforming employees will begin to hurt your bottom line.
- Dealing with the underperformers will cause you to overcompensate. You will be desperate to make up for what the remaining employees lack.
- You will be hiring people to fill positions and not strategically. You will end up having more people doing duties that were originally meant for one person. This will lead to an inefficient workforce.
- The lack of “good” employees and the high turnover rate will slowly start to infect your company culture with negativity.
- Then you begin to ask yourself – how do we get back on track?
How can we avoid this?
The key is to be proactive. Do your best to avoid this scenario in the first place. Embracing the change in the market and paying current and future employees a fair and equitable wage (based on the market and the specific needs of your organization) will save you turmorial in the future.
We can help. If you’re not sure where to start, how to organize your workforce, or even sure if you can pay people more we can be your strategic partner.
