Labor shortages are becoming common across many industries – even more so in multifamily housing when factoring in high turnover rates. As a result, the remaining workforce is taking on more responsibilities and management is struggling to find solutions. Learn how companies are finding new ways to retain or promote their current talent while seeking unique strategies to connect with job seekers.
Workplace dynamics are changing, and proactive companies are learning to adapt. We’re seeing companies increasing their wages and using bonuses and/or additional training to attract talent. As management teams work to solve their labor shortages, a group purchasing organization (GPO) provides an edge in attracting and retaining quality talent.
Learn how to achieve effective, quick, and low-cost solutions through the problem-solving power of a GPO.
What Your Company Can Do Right Now
Employers can take the following steps to keep employees engaged and motivated.
Keep top performers engaged: Top performers are often the most susceptible to burnout. Focus on a path for their career growth to keep them excited about their job. High performers sometimes quietly go about their job while internally being unhappy. Ask about their goals and offer training to help them reach their full potential.
Recognize employees: A simple thank you increases morale and ensures your team feels valued. Ask employees how they prefer to be recognized – some want public acknowledgment while others do not.
Conduct stay interviews: These are informal reviews between a manager and an employee. Discuss progress, and solicit ideas and feedback to learn what really matters to your workforce. Stay interview questions include:
- Are we fully utilizing your talents?
- Is there anything you want to learn or do beyond your current responsibilities?
- What would you change about your current role if given the chance?
- Do you feel you’re making a difference in our company?
New Approach to Hiring & Retention
We’re in a candidate-driven market. Companies are adjusting hiring standards, developing digital hiring experiences and providing more flexibility for job candidates and current employees. These strategies can give you an advantage as companies are competing for the best job seekers in the pool.
Your hiring process encompasses many elements, including medical and pharmacy benefits, human capital management and payroll technologies, financial wellness and relocation programs, and services, including background checks and drug screenings. Using a purchasing partner, like OMNIA Partners, can help you source these programs to attract, prepare and retain great talent. This provides more time to concentrate on presenting candidates with options that make them confident they’re selecting the correct organization for their diverse needs, families, and overall well-being.
Though technology is a helpful and efficient part of the hiring process, some argue that businesses may rely on it too much. There must be a balance to encompass the value of both technology’s ease of use while maintaining a human connection.
Providing a talent engagement and communication platform to stay connected to employees via text or email goes a long way. Personalizing the candidate’s journey, videos in their messaging, and texting the candidate with timely updates keep them engaged and in the loop. If the hiring manager doesn’t respond quickly (within 24 hours) to the initial application/related conversations or the hiring process is too long, the potential employee could lose interest and engage with a different company.
It’s likely your hiring goals include agility, diversity, quality, speed, and savings in both time and money. Your purchasing partner’s expertise in monitoring the market and access to immediate supplier solutions can provide the assistance you need. Though not an overnight fix to the labor shortage, management’s use of group purchasing is having a positive impact on many organizations through collaboration and creativity.
Management's Leverage through Group Purchasing
Management must continue to create innovative strategies to deliver talent solutions and source supplier assistance without the long vetting process. GPO contracts are fully vetted solutions available for immediate use. Contracts save time and offer cost savings that individual companies could rarely achieve on their own.
“Procurement and sourcing teams are leveraging relationships that OMNIA Partners has already established and cultivated over several years,” says OMNIA Partners VP, Partner Development – Corporate Services Barb Sexton. “These provide speed to savings, knowledge, and resources. You don’t have to hire anyone. You can just consult with us on what we’re seeing in the marketplace and with other member organizations.”
There's no guarantee that the job market will stabilize soon, but there are steps you can take to show your current employees you value their work, and you want them to grow within your company. For sourcing your external candidates, a purchasing partner can provide immediate supplier solutions for expertise in hiring and unique solutions you may not be able to create on your own.
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- Procurement
- , Real Estate