Unemployment continues its downward trend and there are over 6 million job openings nationwide. While this might seem ideal, hiring has actually slowed. Only 5.05 million hires were reported in April by the JOLT survey. This means that will companies need workers, they aren’t finding the right matches.
While increased jobs are generally a good thing, what can companies looking to hire do when those looking for work don’t have the right skill set?
Skill shortages are nothing new, and if companies manage to bring more manufacturing jobs back to the U.S., there will be even more skill shortages. Thankfully, the picture isn’t completely bleak. By investing in one’s current workforce and training new hires, companies can ensure they will have a pool of skilled labor when needed.
Reassess Job Roles
There are still many Americans who are underemployed. Ensure your company is utilizing the individuals you already employ in the best manner. You may find that some of your employees have additional training that can help them transition into another role and fill a gap that you hadn’t been able to hire for.
Train Your Current Staff
Similarly, some employees may be willing to attain further training if it is subsidized or offered. Employees will feel like the company cares about their development and the company will effectively increase its employees’ skill sets.This may also assist with retaining employees as employees who feel they have growth opportunities and that their company cares about them are more likely to stay with the same company.
Train New Hires
If you can’t find individuals with all the skills you are looking for, determine which skills are the most essential and which you may be able to provide training for. As you hire, keep this baseline in mind and implement a program to get your new hires up to speed.
Connect with Schools
High schools, community colleges, universities, and vocational programs across the nation partner with employers to help ensure their graduates are able to find employment once they graduate. Connecting with local schools and discussing what your needs are may help increase your pool of applicants.
Training isn’t an inexpensive endeavor. It is, however, a worthwhile investment in the future of your company and industry. In addition, it can help promote retention with your employees and ensure that work is being completed to your specifications.
If you’re interested in training your employees, you may find that you need additional cash flow to cover payroll for the training hours or other operating expenses as some of your staff focus on learning new skills. If you’re in the manufacturing or construction sectors, consider purchase order financing or factoring to increase your cash flow. It can be difficult and frustrating to apply for a bank loan even when the benefits of increased capital are clear. Rather than relying on the traditional banking system, speak with a business funding group that offers PO financing and invoice factoring to see how you can increase your cash flow to grow your business.
Business funding groups like Capstone Corporate Funding, LLC work with companies in particular industries to provide needed cash flow in a timely manner. If you work on an invoicing system, you may be eligible for a factoring program. To find out more, visit the Capstone Corporate Funding, LLC website or contact us today.
