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Small business owners are facing an ongoing crisis. Chronic labor shortages continue to be a widespread economic challenge for a variety of industries, particularly the skilled trades.
It’s not all bad news, however. Today’s labor market is challenging, but the right retention strategy can help employers turn those challenges into opportunities. Successfully identifying and implementing a purposeful plan designed specifically for them, businesses may even establish a commanding long-term competitive advantage in recruiting and retaining key employees.
One common result of the labor crisis is extreme turnover, which has serious ripple effects. Inexperienced staff members are more likely to work slowly or make mistakes. Without experienced employees to serve as leaders and mentors, it takes longer for new team members to get up to speed. A lack of direction and motivation may lower morale. Lack of productivity and poor service diminish the customer experience and ultimately affect the bottom line.
On top of that, the hiring process itself is expensive. It takes time and personnel to recruit and train new employees. Employers who effectively and consistently keep skilled workers on their team can reduce employee turnover – and the significant costs and losses associated with it.
