Find the Right People During the COVID-19 Era

Even before the pandemic, SMBs faced an uphill battle for the best talent. Here’s how technology and the right partners can help meet new challenges.

Recruiting, hiring, and retaining the right team members have always been top challenges for small and midsize businesses (SMBs). They face stiff competition from larger companies targeting the same pool of talent and bringing greater resources to the fight. The worldwide COVID-19 pandemic has only compounded the situation. To succeed in this environment, SMBs must leverage all the tools at their disposal. Fortunately, they have many options.

“Pre-pandemic conditions saw the tightest labor market in history, making it very challenging for employers to find the talent needed to support their growth plans,” says Claudine Zachara, president and COO of ThinkWhy, a firm that forecasts employment trends and talent supply and demand. “Interestingly, post-COVID conditions are no different, depending on the industry you serve. Industries like professional services, technology, and finance are still experiencing a talent shortage for skilled roles. It’s a very competitive model.”

While the industries hit hardest by the pandemic, such as hospitality and restaurants, may benefit from a temporary talent surplus in the short term, SMBs face challenges even in those sectors, says Deborah Cain Good, a faculty member at the University of Pittsburgh’s Joseph M. Katz Graduate School of Business. Extended unemployment benefits and stimulus checks make staying home viable for some parents of children not yet able to return to school. “Child care is expensive,” she notes, which means some may be slow to return to the workforce.

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