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The hot labor market finally cool downbut still grim by historical standards. The mass layoffs of technicians have not dampened the overall demand for salaried workers in other industries, and there is a huge shortage of hourly workers across the board.
Meanwhile, hiring and training costs are higher than ever. According to SHRM, the actual cost of replacing an employee is three times the starting salary. Soft costs, such as dragging department heads and executives into the interview process and away from their primary responsibilities, make up a large portion of that cost.
To compete in the new normal, employers must rethink old approaches to employee safety. … [+]
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In such an environment, providing employee safety and well-being is simply not ethically correct. It’s a business imperative. Employees who face burnout, financial instability, or safety threats are more likely to underperform and eventually quit than those who feel safe and fulfilled. Become.
As a leader, you have more power than you can imagine to change this dynamic. Adopt these four strategies to rethink workplace security and team well-being.
1. Leverage advanced fraud prevention solutions
Identity thieves and financial fraudsters have targeted workers and their employers for years. Recent economic turmoil and rapid advances in artificial intelligence have exacerbated the problem, creating an unprecedented threat environment.
according to 2022 report by PwC, more than half of companies with annual revenues of $10 billion or more will be targeted in 2020 and beyond. Nearly 20% report losing at least $50 million to a single incident.
Experian’s Fraud Future Predictions for 2023 We see enterprise-level fraud getting bolder and more innovative than ever before. Social engineering scams are becoming more and more common. So are “synthetic” or “Frankenstein” ID scams. Fraudsters mix real and fabricated data to create convincing fake identities, which they use to set up lines of credit with as many retailers as possible.
Leaders can combat employee identity theft by employing proper cybersecurity training, fraud prevention and identity verification tools. By setting up the right systems, processes, and tools, your employee will feel and more likely to be protected from identity fraud on her part.
2. Help employees upskill on their own time
Finding time to pursue a new certification or simply meet continuing education requirements can be a challenge for employees working unpredictable shifts or meeting the “always on” demands of remote work. difficult for members.
Historically, employers didn’t have many incentives to help find the time or cover the costs. However, it is becoming increasingly clear that career education is beneficial for employers as well.
With a shortage of potential hires, it is better to offer tuition and time off (or at least set flexible schedules) for career development coursework and bootcamps to replace those who have already finished their jobs. It is more cost-effective than hunting around in the market.
For example, online learning markets such as edX We help make upskilling accessible to everyone. Through online learning marketplaces, employers have the opportunity to improve the skills of their employees with online learning experiences and retain them better.
Upskilling can take many forms in a specialty. According to the Institute for Professional Excellence in Coaching: 1.5 million Monthly searches are conducted by people and companies looking for business coaches, life coaches and executive coaches. This has resulted in companies such as: bravely We partner with employers to provide one-on-one career coaching for different types of teams.
3. Make hourly shifts more predictable
Regaining lost hourly talent used to be as easy as taping a “I need help” sign to your door. Employers in low-margin, labor-intensive industries need to be more purposeful and creative when it comes to attracting and retaining quality employees.
The good news here is that simple solutions can dramatically improve employee well-being and boost overall morale.Breakthrough 2018 survey Gap stores with relatively stable employee schedules outperform comparable stores where employees are expected to be asked to show up at the last minute or told to stay home. It turns out that
The study cited tight labor costs as an obstacle to widespread scheduling stability. Revising schedules 10 to 14 days into the future is a logistical challenge, even in dynamic retail and restaurant environments. But predictability slows burnout, reduces financial stress for employees who may be living paycheck to paycheck, and reduces turnover and replacement costs. This leads employers to consider ways to adopt systems where predictable and consistent schedules are standard practice in order to promote a more stable work environment.
4. Create a safe space to manage your mental health
Helping employees who openly suffer from unpredictable work schedules or financial fraud is relatively easy. Coping with invisible struggles such as personal or family loss, depression, and anxiety is often more difficult.
Cultural barriers can complicate the challenge. In certain often male-dominated industries, open discussion of emotional or mental health issues is taboo, and vulnerable employees are separated from colleagues who are eager to provide support. Research Shows For example, construction workers are more likely to commit suicide than other occupations.
Unless culturally vulnerable industry leaders deliberately attempt to tear down barriers to psychological safety in the workplace, this will not change. said Cal Beyer, Director of Risk Management at . Lakeside Industriesled the expansion of his company’s employee assistance program to cover hourly union employees and expanded safety orientation to cover mental health and suicide prevention. The number of cases has increased rapidly, and the cooperation between labor and management on mental health in the workplace has deepened.
Organizations can face a variety of employee security and well-being challenges and may find different ways to make a difference. But maintaining the status quo doesn’t work. Leaders must take actionable steps to foster and promote an environment in which employees feel safe and valued, not just as employees, but as people.