8 Ways SMBs Can Win in a Tight Talent Market

The Great Resignation has made competition for the best employees more intense than ever

There is no way to sugarcoat the impact of the Great Resignation, which saw 38 million U.S. employees quit their jobs last year, and there are no signs of relief in 2022. With more than 11 million job openings currently unfilled, a recent Labor Department report tabulated a robust 678,000 new jobs added in February and the unemployment rate dipping to 3.8 percent. The biggest challenge small and midsize businesses (SMBs) currently face is filling jobs in the midst of a severe talent shortage, says Mary Kay Engelhardt, vice president, recruiting and selection, at Insperity aptly puts it. With millions of employees having left the workforce and millions more hesitant to change jobs due to a continued atmosphere of uncertainty, including the lingering pandemic, high inflation, and the war in Ukraine, talent is scarce, and many jobs remain unfilled, she says.

That's the bad news. The good news is that this upheaval in the workforce is creating opportunities for forward-thinking SMB leaders to boost their future prospects by attracting and retaining the most talented employees with a variety of tools and strategies. These include: Compensation packages, professional development, enhanced recruitment, remote work arrangements, and company culture. In addition, strategic use of technology, contract professionals, and recruiting firms can help make SMBs more attractive to prospective employees.

COMPETITION HEATS UP