Apr 27, 2023

Business Matters: New Employment Environment

By Glen J. Dalakian Sr.

Have you noticed the change in hiring and employee attitudes these days? If you haven’t, you better and quickly. The demand is high, but the rules have changed and now the employees are driving the market with their unexpected demands and expectations for high compensation with minimum output.

We interview people regularly at our company as we expand and look for unique individuals to fill a variety of positions. This has been giving us some unique insights into new hire availability, compensation and productivity outlooks. The work ethic that drove our companies only a few short years ago has waned, and it is increasingly difficult to find people to meet the needs of small and large businesses alike.

There are the obvious causes for this including fear of COVID-19 (and whatever else is floating around out there), the government paying people to stay home, companies jumping to the conclusion that working from home is just as productive (the verdict is still out on this one and I challenge anyone to prove it is), the comforts of home surrounding those whose positions may allow for remote employment and so on. But the astute entrepreneur must dig much deeper if they want to survive over the next few years. 

I do believe the market will someday correct itself, and we will return to a time where people realize they need to work to create a lifestyle they can enjoy, but business owners must deal with reality, so here are a few observations that may help:

1) Evaluate every position in your company, whether currently filled or not, to see if working remote is truly feasible for your needs.

2) Pay more for new hires and existing staff. With pizzerias giving signing bonuses and competitors in desperation offering unreasonably high compensations – this will bite all of us in the end – the old wage standards are out the door.

3) Perks are more important than ever. If you are not doing the basics: healthcare, 401K, bonuses, etc., you need to get on it. People are looking for more from employers. Vacation days, sick days and other policies are all being heavily reconsidered and negotiated.

4) Good work environment is also of high interest for new hires, so be sure you have a neat and clean facility to make your staff comfortable.

5) Look deeply into what candidates want and do your best to fashion your hiring around what they are insisting upon.

Times have changed, and although hiring has always been challenging, it’s a new game today. If you do not adapt, you will find yourself with the wrong people on your team which will derail your operation.  Don’t miss out! There are still good people out there, and most people – believe it or not – are looking.  At a higher level than has ever been seen, some are even quitting without the prospect of another position.