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How to Overcome Financial Institution Staff Shortages

Blog Post
July 30, 2021

The COVID-19 pandemic has changed the world, and not just in regards to social distancing. With a rise in unemployment, layoffs, and remote work, the need for human labor has grown exponentially since the end of 2020.

The economy experienced a dire setback during the global pandemic, forcing many businesses to reduce their staffing or close their doors altogether. Many former and/or current employees needed to stay home due to virtual learning, child care, or family wellbeing.

Now that the economy has started to reopen and heal from the scars left behind from COVID-19, people are starting to go back to work, but with conditions. The usual starting wage is no longer enough for thousands of people who have been out of work for months, so companies like McDonald’s and Uber are scrambling for workers.

Whether you run a small business or a supervisor representing a larger corporation, you have probably noticed the consequences of 2021’s current labor shortage. Current workers are likely taking on more than they signed up for, and those who want to join the company are asking for more despite the financial struggles that come with running a business after a global pandemic.

With that being said, the shortage is not expected to last forever, and there are ways that you can endure the worst of it for the time being. While adding more benefits for new workers joining your team might increase incoming labor, it may be more efficient to consider having on-demand workers available for shifts.

If you are unfamiliar with on-demand labor and want to know how to attract incoming workers, here are some tips you should keep in mind.

Add More Benefits

Workers are more likely to sign up for applications if they are appreciated, challenged, and valued. With that in mind, your company may not be in a position to offer competitive wages, especially at a time like this.

If that is the case, try to get creative with interesting benefits that you can offer to new, current, or on-demand employees. Some of these could be large, such as health or dental insurance; others could be more unique, such as college tuition coverage or skill development.

Another benefit that you could offer to current employees includes raises, promotions, or transition from part-time to full-time work. Even if you can’t necessarily offer competition as an opportunity for your workers, you can give them unique benefits that will make them feel appreciated for their work.

Be Flexible

Your employees are human beings, just like you, so make sure that you’re treating them as such. Since they have lives outside of their job, be open to swift changes in their schedules, particularly during a tumultuous time.

For example, if an on-demand worker lets you know that they are completely unavailable in the afternoon and you schedule them for a shift during that time, don’t be surprised if they can’t show up for work. You need to show them the same amount of courtesy that you would expect out of them if you were in their position.

Come Up With New Recruitment Strategies

Your recruitment strategy may have worked for prospective employees in the past, but during an employee shortage, you may have to start coming up with more creative ideas.

For example, instead of putting up a sign and hoping for the best, start posting on social

media, getting involved with recruitment agencies, or hanging flyers up on community

bulletin boards. Use keywords that make your work stand out amongst the others.

Review Your Management Style

If people have started leaving at unusual rates or new people aren’t interested in joining based on what they observe in an interview, you may be the issue. Remember, the better you manage your employees, the more they’ll want to stay.

Try to look inward and hold yourself accountable. Ask your current workers to fill out a survey to give you feedback on your current management style to see where you can improve. Continue to go a step above what your workers want, be fair, and treat your employees with kindness.

Hire On-Demand Workers

On-demand workers are people with skilled credentials who are available to come in at odd hours. They are not scheduled for regular shifts and may not even have a full-time position at your company, but they are still just as skilled, if not more skilled, as your fellow employees.

On-demand labor is helpful for staff shortages because they can come in if you are in the middle of an emergency. It distributes tasks properly so that you or other managers aren’t doing jobs that aren’t included in their job description.

These workers should be reliable, dependable, and hard-working. Just remember that they may have their position as a side job, so on-demand workers should be reserved for unexpected emergencies. However, they are often more experienced in their position than some of your recurring staff, so they will get the job done well while they are available.

On-Demand Labor from Teksetra

On-demand labor is one of the best ways to overcome financial institution staff shortages, and Teksetra is here to help. Hire our experienced team for on-demand help with IT support, project management, and more. You can count on our flexible, secure IT services to find the right solutions for your institution. Learn more about how Teksetra can help today by contacting our experts.

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Whether your challenge needs a quick fix or a complex solution, our team is here to help. Talk to one of our technology experts today.

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