Page 24 - The South China Business Journal
P. 24
C. TODAY
How One Small Business Is Finding
Workers in a Tight Job Market
By U.S. Chamber of Commerce
Wyoming Machine is offering flexible “We have offered a lot more flexibility on
work schedules, a benefit rarely seen in recent job openings than we've done in the
manufacturing, to attract and retain talent during past," Tapani says.
the worker shortage.
“We are now offering the options of part-time
Today, businesses large and small are facing work as well as full-time work, hoping that we
unprecedented challenges in finding enough might be able to attract some people that are only
workers to fill open jobs. What’s more, the latest available during certain hours of the day. And I do
data reveal the national worker shortage crisis is think that that's helped us get more applicants."
getting steadily worse. There were 10.6 million
vacant job openings in the United States—a The labor shortages are having impacts across
record high—at the end of November 2021, the many industries. Last quarter, 60% of commercial
latest month for which data is available. building contractors reported putting in higher
bids for projects and 45% reported turning
The pandemic forced businesses to get creative down work because they couldn’t find enough
and adapt in order to survive. Now, the worker skilled workers. Meanwhile, 54% of middle
shortage crisis is forcing them to improvise again. market companies indicated they had increased
In this new world, one Midwestern small business compensation to obtain workers.
is learning new ways to find and recruit workers
to stay one step ahead of the competition. Tapani says her company offers paid time off
sooner to newer employees than it has in the
“Right now, we're doing whatever we can to post. She added that the more traditional tactic
attract the workers that we need,” says Traci of offering higher wages is also helping the
Tapani, Co-President of Wyoming Machine, company find more talent as wages rise
a precision sheet metal fabricator based in throughout the economy.
Minnesota. “We are using more than one
contract employment agency to try to help us find “We have done proactive wage increases across
candidates. We're also using online resources to the board, here among our existing workforce,”
post jobs.” Tapani says. “That has been a way to try to retain
those individuals because there is such a tight
Almost half (46%) of small businesses say their labor market, as well as offering higher wages to
business is facing a worker shortage according to people who are just starting.”
date from the latest MetLife and U.S. Chamber
of Commerce Small Business Index. Even more The competition for talent shows no signs of
notice their peers can’t find enough workers: letting up. Of those small businesses surveyed
Fully 76% of small businesses surveyed reported 38% of small businesses anticipate increasing
noticing staff shortages at other small businesses their headcount next year, an increase from
in their area. last quarter (28%) and the highest mark for
this measure since 2017. 56% of middle-market
This has forced companies like Wyoming companies said they will increase hiring,
Machine to expand their benefits to attract talent. and 68% implied they would increase pay to
A top priority has been offering more flexible attract workers.
work schedules—something many workers have
become used to during the pandemic—but is still Get ready for the competition for workers to stay
rare for an assembly-line manufacturing business hot in 2022.
to offer.
21 AMCHAM SOUTH CHINA
How One Small Business Is Finding
Workers in a Tight Job Market
By U.S. Chamber of Commerce
Wyoming Machine is offering flexible “We have offered a lot more flexibility on
work schedules, a benefit rarely seen in recent job openings than we've done in the
manufacturing, to attract and retain talent during past," Tapani says.
the worker shortage.
“We are now offering the options of part-time
Today, businesses large and small are facing work as well as full-time work, hoping that we
unprecedented challenges in finding enough might be able to attract some people that are only
workers to fill open jobs. What’s more, the latest available during certain hours of the day. And I do
data reveal the national worker shortage crisis is think that that's helped us get more applicants."
getting steadily worse. There were 10.6 million
vacant job openings in the United States—a The labor shortages are having impacts across
record high—at the end of November 2021, the many industries. Last quarter, 60% of commercial
latest month for which data is available. building contractors reported putting in higher
bids for projects and 45% reported turning
The pandemic forced businesses to get creative down work because they couldn’t find enough
and adapt in order to survive. Now, the worker skilled workers. Meanwhile, 54% of middle
shortage crisis is forcing them to improvise again. market companies indicated they had increased
In this new world, one Midwestern small business compensation to obtain workers.
is learning new ways to find and recruit workers
to stay one step ahead of the competition. Tapani says her company offers paid time off
sooner to newer employees than it has in the
“Right now, we're doing whatever we can to post. She added that the more traditional tactic
attract the workers that we need,” says Traci of offering higher wages is also helping the
Tapani, Co-President of Wyoming Machine, company find more talent as wages rise
a precision sheet metal fabricator based in throughout the economy.
Minnesota. “We are using more than one
contract employment agency to try to help us find “We have done proactive wage increases across
candidates. We're also using online resources to the board, here among our existing workforce,”
post jobs.” Tapani says. “That has been a way to try to retain
those individuals because there is such a tight
Almost half (46%) of small businesses say their labor market, as well as offering higher wages to
business is facing a worker shortage according to people who are just starting.”
date from the latest MetLife and U.S. Chamber
of Commerce Small Business Index. Even more The competition for talent shows no signs of
notice their peers can’t find enough workers: letting up. Of those small businesses surveyed
Fully 76% of small businesses surveyed reported 38% of small businesses anticipate increasing
noticing staff shortages at other small businesses their headcount next year, an increase from
in their area. last quarter (28%) and the highest mark for
this measure since 2017. 56% of middle-market
This has forced companies like Wyoming companies said they will increase hiring,
Machine to expand their benefits to attract talent. and 68% implied they would increase pay to
A top priority has been offering more flexible attract workers.
work schedules—something many workers have
become used to during the pandemic—but is still Get ready for the competition for workers to stay
rare for an assembly-line manufacturing business hot in 2022.
to offer.
21 AMCHAM SOUTH CHINA
