This 1st post is part of a 5 part series on “The Keys to Finding & Keeping Great People”
It's the same conversation everywhere we turn. So very frustrated, many small business owners are on the verge of saying, “Forget it! Forget trying to grow this thing called a business. Forget trying to make something good happen for my employees, and my family. I just can’t seem to find any good people anymore”. Does this sound like you?
The talk on the street we hear, and see realized, is when businesses’ can’t attract of keep great people they’re left feeling stuck & stressed:
- You can’t seem to grow – and it’s hard to see the very real opportunities to do so
- You feel resigned to the reality of putting in more hours just to make things work
- You are afraid of losing good people because of the “wage game”
- Your view of people has become just a bit jaded. If its to be done right I need to do it myself
- Vacation…yeah, right! That would be nice but who would mind the shop?
- You are resigned to thinking that living a life with a deep sense of wellbeing is wishful thinking
- Customers are frustrated with the level of service from you and your team
- Your culture, productivity and profit is hurting because of poor hires, losing good people or not being able to find top talent
Here are two sobering reality checks why you may be “feeling the pain” of not being able to find and keep great people.
1. SUPPLY & DEMAND:
- 31% of Canadian employers face skill shortages
- 21% of Ontario’s construction workforce alone is retiring in the next 10 years.
- But the total provincial labour force will only grow by 1% annually in that same time period.
- 72% of business owners in North America struggle in attracting and finding great people. 74% of those owners do not know how to attract and engage millennials. And yet by 2020, millennials will make up 46% of the labour force.
- 83% of millennials say that business needs to be measured more than financial performance. At the same time 2/3rds of companies have little ambition beyond just making money
2. THE MODERN CANDIDATE:
(Deloitte 2018 Millennial Survey)
- 72% of business owners in North America struggle in attracting and finding great people. 74% of those owners do not know how to attract and engage millennials. And yet by 2020, millennials will make up 46% of the labour force.
- 83% of millennials say that business needs to be measured more than financial performance. At the same time 2/3rds of companies have little ambition beyond just making money
Pierre Cléroux, in a recent study from BDC (Business Development Bank of Canada), says “BDC found out that around 40% of Canadian small and medium-sized businesses are struggling to find the people they need to grow. This limits their growth and will eventually impact the economy. Business owners need to get creative to find the talent they need to continue to remain competitive.”
So, what does this mean for business owners?
- Productivity challenges
- Customer service challenges
- Increased competition
- More employee turnover
- More training and overhead costs
As small business owners we need to be like the “men (and women) of Issachar 1 Chronicles 12:32 who “understand their times…who know what to do”.
The sobering reality is real. The pain is real. The competition may be fiercer than ever before. And yes, the supply of labour talent is lower than before, with little signs of improving soon. Do you know what to do?
Want to break through the noise and learn a new and better approach? Stay tuned for our upcoming blogs on this topic!
In the meantime, we are holding free Lunch & Learn events for Christian small business owners in southern Ontario to address this head on. Reserve your name on the list as seats will be limited!
