Year-over-year benefits rank among the top five factors for job seekers. Could providing benefits to part-time employees reduce the talent gap, and how can SMBs do that?
Recruiting, engaging and retaining talent, especially since the pandemic and the “great resignation,” continues to be a top concern for business leaders. Mineral’s 2023 State of HR Report revealed that 87% of small and medium-sized business (SMB) leaders view retaining and engaging employees as the most critical HR initiative for company success, while 57% say attracting new talent is the most crucial. Hiring and retention issues have particularly been a reality for industries like hospitality, manufacturing, and retail that rely on part-time and variable-hour employees. Restaurants continue to operate with reduced hours and dining, and display signs asking for patience due to a shortage of workers. The recruiting shortfall creates a domino effect, hitting consumers with fewer options and saddling businesses with lost revenue, forming a vicious cycle.
One obvious solution to the talent shortage is higher wages, which is not an option for every business. What do current and potential employees want besides wages? Year-over-year benefits rank among the top five factors for job seekers. Could providing benefits to part-time employees reduce the talent gap, and how can SMBs do that?
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Editor’s Note: This post was originally published on trustmineral.com. In July 2024, Mitratech acquired HR Compliance Platform, Mineral. The content has since been updated to include information aligned with our product offerings, regulatory changes, and compliance.
