It is safe to say, just browsing business headlines in the recent months, that the most common complaint for almost all business sectors is the inability to find workers.  The COVID-19 pandemic and its aftermath helped fuel this perpetual problem for businesses of all sizes.  According to an article on the U.S. Chamber of Commerce website, the latest data shows that we have over 10 million job openings in the U.S.—but only around 6 million unemployed workers.

When it comes to thinking about starting your own business, this stat can cause for a serious pause.  Being able to find people to run and work in your operation is a key component to your success.  Good news is a proper plan in place can mitigate quite a few of these challenges.  Read more as we provide a few tips and tricks to consider when navigating a post-COVID labor market.

Follow Trends Closely

In a tight labor market, job seekers know the ball is in their court.  They know if you aren’t willing to meet their expectations, they can find another employer that will.  It is important, before starting the recruitment process, to know your opponent.  Research what the current compensation trends are, why people are leaving their jobs, and what they are looking for in their next position.

The biggest trend we all watched, and are still experiencing its residual effects, is the Great Resignation.  Workers left their jobs in mass quantities in search of greater flexibility and competitive pay.  If you are looking at a workforce that is comprised of hourly workers, see what the going rate is in that market.  If you can’t meet where they are at dollar wise, are there some over incentives you could throw in such as extra days off or the possibility of remote work?  Don’t be afraid to get creative.

Embracing Gig Work

Another big workforce shift we witnessed in a post-COVID world is the popularity of gig work.  Workers are not looking to get tied down by one company or group and looking at taking on several different “gigs” to create their own schedules with the possibility of making more pay.  Does your new venture leave any room for taking on contract workers?

There are many benefits to embracing the gig economy if the business model allows.  Contract employees can be less expensive than taking on full-time workers and easier to let go if they are not a good fit for your organization.  Can project-based work be added into your business plan?

Tap Into the 'Why' Behind Your Business

Today’s workforce wants to feel connected and believe in the organization they are working for.  The employee/employer relationship is no longer strictly transactional, as emotion has now made its way into the consideration process.  

Potential prospects want to know why you do what you do and see if it fits into their personal belief system and goals. While it may sound silly if you are looking for hourly employees at your window cleaning franchise, you still have a “why” you wanted to go into business for yourself.  Employees can connect to that story and witness firsthand the joys of being your own boss.

New Challenges, New Possibilities

The pandemic has led us to rethink so many aspects of our lives.  From lifestyles to career plans, we all have had to make readjustments at some point over the last two years.  While the labor market has undergone this dramatic shift, it just boils down to reframing your mindset and planning for the new landscape ahead.  With new challenges, always come new opportunities.

Are you looking to explore the world of business ownership and don’t know where to start in this post-COVID world? My team and I would love to help you get started. Utilizing our data driven approach, we specialize in helping our clients find that perfect franchise fit. Schedule a call today, and we will happily handle the rest.