News & Insights from republic bank

Staffing and Hiring Challenges

Ever since the “Great Resignation” and the post-pandemic labor market, companies are seeing very different staffing and hiring challenges than they have in the past. Workers are increasingly looking for best-fit positions with companies that share their same goals and ideals, offer flexibility, and value their time and skills.

Given higher demands from workers and unusually high resignation rates, it’s time for companies to rethink and reorganize their typical hiring practices.

Reevaluate and Prioritize Company Culture

Now more than ever before, people in the workforce are looking to join companies with a culture that aligns with their own priorities and values. Company culture includes things such as diversity and inclusion practices, work-life balance, health and safety management, remote or work-from-home options, prioritization of and support for mental health, benefits packages, and so much more.

The labor market is growing more competitive by the day, so it’s important to truly and authentically prioritize company culture. This also looks like spending extra time asking and listening to your current employees about what they enjoy about the company, things they might change, and how they feel best represented as employees. This can be accomplished with surveys, regular evaluations/check-ins, roundtable discussions, etc.

Rethink Necessary Qualifications

Depending on the position being filled, requirements will of course differ widely. However, look at the qualifications you require and decide what is necessary at the role’s core. For instance, perhaps you have a position listed that requires 5+ years of experience in the field. Depending on the position, is it truly the number of years that qualifies a candidate, or is it the skills associated with the role? Is there a better way to determine that a candidate possesses those necessary skills?

Provide a Quality Onboarding experience

Even when times are difficult and you experience staffing and hiring challenges, be sure not to leave new employees without support. A high-quality onboarding experience will set the tone for their entire employment with your company, and the more resources and support they have access to, the more they will feel like valuable assets to the team. Setting employees up for success from the get-go will significantly improve overall satisfaction, performance, and productivity and will encourage employees to contribute their ideas and input more authentically. Once the onboarding process is complete, be sure to check in with employees on an ongoing basis periodically.

Consider Flexible Work Options

The pandemic has drastically changed the way people work and has presented many new opportunities for flexibility, which is something employees are valuing more and more in today’s work environment. While some positions require an employee to be on-site, perhaps there are opportunities to provide remote or hybrid work models for those positions that do not require in-person duties. Companies can also consider providing flexible hours, days, or other scheduling adjustments for particular positions if it suits the role.

Speak to a Financial Advisor

Staffing and hiring can also be tricky regarding budgets, salaries, and other financial considerations. Because the work environment has shifted so much in the last few years, speaking to a professional can help you allocate your finances in the smartest way possible while still gaining and retaining stellar employees. At Republic Bank, we offer financial advising services to help small businesses manage money and strategize their finances in a way that works for them. Reach out to us today at 800-526-9127 to speak with a team member or search current Republic Bank openings!

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