If you are a business owner, you have probably been aware of or perhaps you have been affected by the recent labour shortages across the world. Many blame the pandemic for this; however, recent studies have shown that it has little to do with what is happening all over the globe. In a recent article by CBC News, the labour shortage is described as “the inevitable culmination of a seismic demographic shift decades in the making.”
According to Statistics Canada, we are dealing with a historically low unemployment-to-job vacancy ratio in Canada, which can be worrisome for everyone, especially for business owners.
So how can business owners make it through a labour shortage?
To understand what can be done, business owners must understand what is causing it. If we look at the patterns and trends across the last decade, we can see that employees have realized they no longer want to work in an environment that compromises their universal needs. On top of that, employees are no longer willing to push through a job that is detrimental to their mental and physical health.
There are three universal needs that employees are currently seeking in a job: foundation needs, value needs, and growth needs. What do they entail?
1) Foundation needs: these are the needs that link back to the basic things we need to function in society. Things such as child care, health care, working hours, and compensation will often come up whenever those needs are discussed.
2) Value needs: these are the needs that connect with self-worth and the sense of being valued by employers. It has become more and more common to see individuals quit their jobs because they felt disrespected, a lack of support or belief, or not recognized for their contributions. It is important that business owners are constantly mindful of the role their employees have in the success of their organization—and that they are making them aware of that.
3) Growth needs: these are the needs that link to professional growth in the workplace. It is important that your employees feel there is a space for them to grow professionally in your organization so that they feel motivated and see a purpose in coming to work every day.
As business owners, there isn’t much that we can do to avoid events such as a pandemic or a labour shortage. However, we can build an environment within our organization that provides our employees and future employees a sense of belonging and purpose. We have talked about the benefits of an engaged workforce in the past, and we strongly believe this is something that should be implemented every day.
At BTA, we are always looking for different ways to help you and your business succeed – no matter the scenario. Contact us at email@example.com for more information.
We are business owners and advisors that offer consulting services to entrepreneurs. Working hands-on, we help develop and implement effective strategies that increase business value, growth and profitability, to prepare for the future.