BEST PRACTICES/TALENT
WAYS COMPANIES CAN WIN THE WAR
FOR TALENT POST-PANDEMIC
As economic growth continues on the Treasure Coast, hospitality,
healthcare and other key industries are adapting quickly
to scale their operations back to pre-pandemic levels.
But labor shortages driven by the pandemic are a fastgrowing
challenge for companies looking to meet rising
customer demand. Nationally, there are approximately 4.6
million workers missing from the labor force due to employer
shutdowns or cutbacks driven by COVID-19, according to the
Bureau of Labor Statistics.
On the Treasure Coast, the talent acquisition and retention
challenges seen by companies around the country may grow
even greater as tourism heightens labor force demands during
the upcoming winter months.
Now is the time to plan for a new world of work, which includes
hybrid schedules, wage growth, training and other critical priorities
such as workplace safety and diversity, equity and inclusion.
Following are four steps companies can take to rebuild their
workforces and maximize success:
NO. 1: PRIORITIZE SKILLS ASSESSMENTS AND TRAINING
BofA Global Research estimates that approximately 700,000
workers left the labor force due to a skills mismatch. Combined
with record disruption driven by the pandemic, reskilling and
upskilling the workforce is paramount.
To start, employers should assess how an employee’s job may
have changed during the pandemic. Then, invest in ongoing
training for employees to boost learning and address expertise
gaps. Perhaps it’s a new training in AI or robotics for workers
seeing fast disruption in their fields, like manufacturing, or a rotational
program that enables corporate employees to learn about
other areas of the firm. Companies today have a critical opportunity
to use the best of corporate America’s resources to equip
workers with the skills, technologies and mindsets to succeed.
On the Treasure Coast, Project LIFT equips teens and young
adults with vocational training, life-skills development and
mentoring to help them succeed in fast-growing sectors and
meet the employment needs of our local businesses.
NO. 2: KEEP PACE WITH WAGE GROWTH
A smaller pool of workers combined with strong labor demand
is fueling wage growth and the greatest wage lifts are being
seen in roles that experienced the highest demand during
the pandemic. Average annual salaries were at $50,150 in April,
up from a low of $47,400 in 2020, according to Revelio Labs.
In today’s war for talent, employers must ensure their wages
are competitive and in line with a growing economy. Important
steps include conducting regular industry benchmarking,
reviewing benefits and salary growth plans and performing
companywide audits to uncover and address pay inequities.
It is also crucial that employers ensure wages keep pace with
their region’s cost of living — particularly in Florida where affordable
housing continues to be a concern for many residents.
In its 2021 Home Matters assessment, The Florida Housing
Coalition found nearly 40% of Treasure Coast residents are
housing cost-burdened — meaning housing payments are
more than 30% of their income.
Kevin Staten is a senior vice president and
relationship manager for the Treasure
Coast market in Commercial Banking
at Bank of America Merrill Lynch. In this
capacity, his responsibilities include
leading a team of specialists focused on
understanding each client’s unique needs
to deliver strategic financial guidance
and solutions. Staten’s mission is to help
local companies thrive by achieving their
business goals, no matter how simple or
how complex. He has 25 years of finance
and banking experience, joining Bank of
America Merrill Lynch in 1996.
KEVIN STATEN
NO. 3: SUPPORT FINANCIAL AND OVERALL WELLNESS
According to Bank of America’s latest Workplace Benefits Report,
62% of employers feel extreme responsibility for employees’
financial wellness, up from 13% in 2013. Still, only 49% of employees
say they feel financially well today, down from 61% two years
ago. This comes as COVID-19 produced significant new financial
challenges for Americans to weather.
In a post-pandemic environment, employers must reimagine
approaches to financial wellness. To start, ensure any program addresses
26 TCBusiness.com
common employee challenges that go beyond retirement,
such as rebuilding savings, emergency funds and healthcare costs.
Acknowledge that needs may differ based on gender and age,
and think about wellness more holistically, recognizing the interconnected
nature of financial, physical and mental wellness.
On the Treasure Coast, where women outnumber men, progressive
workplace policies such as childcare reimbursements or
adultcare services for aging parents are not only critical for gender
equality — they are central to the region’s economic future.
NO. 4: CHAMPION DIVERSITY, EQUITY AND INCLUSION
DE&I
The pandemic and racial injustice movements have brought
DE&I awareness to an all-time high. Employers agree that offering
meaningful DE&I programs is critical to attract and retain talent.
Studies have also shown that a more diverse workforce leads to
better financial performance.
To attract a new generation of socially minded employees,
employers need to walk the talk on DE&I with new and expanded
initiatives, measurable goals and clear action. Key steps include
empowering employees to be part of DE&I workplace programs
and discussions; setting near and long-term goals and proactively
communicating a roadmap to achieve them; and implementing
DE&I into a company’s broader corporate strategy.
As the Treasure Coast’s workplaces continue to think about
reopening and as the fight for talent continues, putting these
proactive practices in place will go far in helping companies ensure
they have a talented, diverse and productive workforce that
can launch them to success.
/TCBusiness.com