In this YouTube video, President of Toronto Recruiters Marc Belaiche discusses recruiting issues you may be encountering as a business owner. There are numerous challenges you can face as a business owner on the recruiting front whether it’s a low supply of great candidates, wage increases, or a skills shortage. Below, Marc discusses the more common recruiting issues organizations face and what you can do about them.
1. When unemployment is low.
In a low unemployment environment, casting a wide net to attract as many candidates as possible is the most important thing you can do. Focus less on the skills of the individual and more on whether or not the person is the right fit for your organization.
2. When unemployment is high.
In a high unemployment environment, you have more of a luxury to be pickier. But don’t wait too long… if you like a perspective employer, don’t assume that they have no other offers available. If you think they are talented, there may be another organization who also thinks so too.
3. When wages are rising.
You need to have a competitive hourly rate or salary and be aware of what other organizations are paying their employees for a similar position. You also don’t want to replace someone during a time when wages are rising. It’s better to pay the employee more right off the bat rather than having to find someone else for the position.
4. When wages are decreasing.
Discuss with your management team what they may be open to. With management salaries possibly being a significant portion of the overall company expenses, it may be a good time to discuss compensation to decrease costs. Generally decreasing salaries by less than 10 per cent won’t attract a constructive dismissal claim, but you it’s best to speak with an employment lawyer in regards to that.
5. Sometimes there can be skills shortage.
This can happen at anytime, regardless of whether employment or high or low. Some ways to overcome this are:
- Train your current employees
- Re-allocate tasks to other employees
- Promote employees
- You could also not fill a position and be patient
Want more entrepreneurial tips from Marc? Check out our Toronto Entrepreneurs Conference & Tradeshow YouTube Channel for more!
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Written by Sandra Toth, Marketing Coordinator, TorontoJobs.ca