The pandemic has inspired many people to rethink their lives, including their professional trajectories. During the fourth quarter of 2021, 44 percent of employees were either actively seeking new jobs or anticipated doing so during the first few months of 2022, according to a survey conducted by .
These statistics illustrate what many are calling the Great Resignation or the Great Reshuffle, a shift that began in the U.S. approximately a year ago, according to CNBC. With employees saying “I quit” en masse, among other trends shrinking the workforce, businesses across various industries now face labor shortages.
Employers nationwide struggle to find talent
In a January 2022 article titled “Quantifying the Nation’s Workforce Crisis – State of American Business 2022 Update,” the U.S. Chamber of Commerce reported 0.76 available workers for every job opening, far below the historical average of 2.7. It’s the lowest that ratio has ever been since data gathering began in 2000. Not surprisingly, 94 percent of state and local chambers of commerce surveyed in December 2021 said businesses in their region were having a hard time finding qualified employees.
High resignation rates by people inspired to change jobs and join growing industries are likely one of the factors contributing to the labor crisis. Economists say that people concerned about their health and safety during the pandemic might have sought out jobs that they can perform remotely or that have more flexible hours, according to a January 2022 CNBC article. That phenomenon has potentially left some industries – such as foodservice and retail – with a smaller pool of willing workers, while sectors like insurance and finance have added jobs.
Other trends such as Baby Boomers retiring, declining millennial workforce participation, and lower immigration and birth rates could fuel a long-term talent shortage, Emsi Burning Glass senior economist Ron Hetrick told CNBC.
However, all hope is not lost for companies struggling to fill job openings. If you’re grappling with a scarcity of available talent, you don’t necessarily need to hire more employees to get the work done and drive growth for your business.
Closing gaps with the right business partners and solutions
If you’re short-staffed and your wanted ads aren’t bringing in qualified candidates, a technology advisory firm can assess your situation and find ways to boost your productivity without adding more staff members.
Our trusted advisors work with various suppliers whose solutions can address labor shortages and climbing costs. Here are just a couple to consider:
- Robotic process automation (RPA): There’s no need for your team to devote hours to mind-numbing tasks like emailing invoices or responding to basic customer service queries. RPA software can complete repetitive work faster and more accurately than human workers, reducing your staffing needs.
- Business process outsourcing (BPO): After evaluating your pain points, needs and goals, our advisors can connect you with a leading business process outsourcing provider specializing in your industry. Outsourcing your call center and other processes can lead to better customer experiences and lower costs without hiring in-house.
Ultimately, dealing with a lack of available talent is stressful, but the right solutions and services can make your life easier by reducing workloads for your internal staff. If you’re interested in learning more about BPO and RPA solutions, our trusted advisors can assist you. Connect with our team today by calling 877-599-3999 or emailing sales@stratospherenetworks.com.
