Hiring Employees in a Tight Job Market [Growth Hacks]Editorial Team
Both big and small companies are struggling to onboard new employees. In fact, over 40% of small businesses have unfilled job openings. But why is hiring so hard right now? In episode one of Netsuite’s Growth Hacks, a series covering how to scale your business, Ramon and several experts answer this question and more.
Kedma Ough and Loren Feldman cohost with Ramon. Kedma is an entrepreneur who wrote Target Funding. Loren was an editor at Forbes, New York Times, Inc.com. He is the founder of 21 hats, a platform for business owners. Special guests were Sophie Wade and Jess Kennedy. Sophie is a work innovation specialist and author of “Embracing Progress: Next Steps for the Future of Work.” She is also the founder of Flexcel Network. Jess is the COO and co-founder of Beeline, a digital mortgage platform.
Several questions discussed on the show were:
- Why can’t businesses fill job openings?
- Should we be concerned that a labor shortage will last?
- What can small business owners do to combat the lack of help?
One point emphasized was that the future of work is here. Work is more digital, and the pandemic accelerated this. In turn, new rules are being drafted when it comes to recruiting new talent. For instance, employers should consider what an extended talent pool looks like and add non-employees to fill needs. Also, they may have to change their business model or how they sell goods and services. Moreover, offering employees flexibility with work location and hours can go a long way with potential job candidates.
This is important because job candidates are now considering many questions such as:
- Where do I want to live?
- What kind of company do I want to work for?
- How do I want to work?
Overall, there needs to be a mutual and more positive arrangement where both parties benefit.
When Kedma helps companies avoid going out of business, she mentioned several common top issues:
- Lack of trust
- Culture misunderstanding
- Confusion of vision or mission.
The main issues had nothing to do with money but leadership.
To summarize, the panel discussed several solutions in detail. They consisted of the following:
- Consider raising your prices.
- Prioritize your people.
- Focus on opportunities
- Don’t be afraid to try new things
- Embrace being small
You can watch the full discussion below. Then afterward, check out or bookmark the next Growth Hacks episode.