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Overview of how the landscape of the labour market has changed.
The COVID-19 pandemic has had an impact on all aspects of our lives, but one thing that has vastly changed is the labour market. The last few years have laid bare what mattered and what did not and as we move forward, we find ourselves in a very different work environment.
As the demand for employees increases, having a strong understanding of the factors around labour acquisition and retention can set a small business up for success in recruitment and growth.
As a small business, you can learn more about how to prepare for opportunities in this ever-changing and challenging landscape. Read on…
The Changing Labour Market for Small Businesses.
From labour affordability to labour availability, the pandemic has created a super competitive labour market for small businesses. But one common denominator that most small businesses are facing — a labour shortage. This has been fueled by various factors such as availability of people to fill jobs and not enough skilled labour.
To combat this, many business owners have taken it upon themselves to hire new staff and retain top talent by offering attractive benefits and various working options.
Here are a few ideas:
Attractive salaries and benefits
Despite the importance of maintaining a healthy work-life balance, Canadians still rank competitive salaries and benefits as their number one driver. According to a survey done by Randstad, this number one ranking remained the same from a previous survey, where salaries and benefits were also the most important factor when comparing career options. Both men (65%) and women (73%) found attractive salaries and benefits to be the most important driver1.
Pleasant work environment
The pandemic created havoc with our working environment and still does. Businesses need to maintain a safe place for their employees to work. In addition, they also need to create a positive work environment. Having a positive work culture that focuses on improving workplace morale and employee engagement can help to boost job satisfaction rates across the board, which, in turn, can increase retention rates and improve talent acquisition outcomes2.
Job security
In today’s current work environment, it’s only natural that employees are concerned about job security. To ensure they feel confident, be transparent with them and keep the lines of communication open. This way you can build trust with them, and your employees can feel confident about their job.
Identifying High-Quality Talent
For many companies, the immigration system has become an integral part of their recruitment efforts. According to Business Council of Canada, More than a third (35%) of survey respondents expect to recruit more recent immigrants in the next 6 to 12 months. Half (50%) of the companies we surveyed anticipate recruiting more recent immigrants in the next five years, reflecting the important role immigration plays in bringing talented workers into the Canadian economy3.
It may also be that top talent is sometimes right under your nose — your current employees. You can upskill your employees by investing in training and development. Sometimes this is the most efficient and cost-effective way to move forward.
While all of this does help you understand how to hire and find the right talent, there are monetary matters you need to consider. Recruiting and retaining top talent comes with a price, so to help you better understand current cash flow and potential for freeing up for a higher salary you can use the TD Cash Flow Improvement Calculator.
Consider how digital automation can help you.
As a small business owner, time is never on your side, so you should consider various methods and tools to help make your life easier so that you can focus on running your business.
For instance, when you’re looking to recruit candidates, consider using services that can distribute job applications to multiple job-hunting websites at once, which will help free up some time for you.
When it comes to payroll and your finances, there are a large number of digital automation applications (including Paying Your Employees Online | TD Canada Trust Ceridian® HR Solutions,) which can help reduce hours from a small business's week and may also be able to provide greater oversight of costs.
Bank smarter with TD Products and Services that work hard for you and discover tools and resources to help you manage your finances more effectively. No matter what industry you're in, talk to one of our Small Business Account Managers today.
