How Small Businesses Can Navigate the Labor Shortage
By Frederick Granillo PISBDCN Network Director
Small Businesses are facing a tough challenge in today ’ s labor market : a shortage of workers . With low unemployment and a shrinking pool of job seekers , many small business owners are struggling to find qualified candidates for their open positions .
So what can small businesses do to navigate this labor shortage ? Here are a few strategies to consider :
1 . Offer competitive wages and benefits . In a tight labor market , job seekers have more bargaining power . To attract top talent , small businesses may need to offer higher wages , better benefits such as 100 % covered medical insurance and a cafeteria plan or more flexible work arrangements such as remote working and flexible hours . Although it is difficult for many small businesses with limited resources to provide these items . In that case , focus on key employees .
2 . Invest in employee development . Small businesses can differentiate themselves from larger competitors by offering training and development opportunities to their employees . This can include seminars , specific skill set training education or even funding towards a degree program . By investing in their staff ’ s skills and career growth , small businesses can build a strong , loyal workforce .
3 . Leverage technology . Technology can help small businesses streamline their hiring processes and reach a wider pool of candidates . Online job boards , social media , and applicant tracking systems can all be useful tools for small businesses looking to find and hire new talent .
4 . Consider alternative staffing models . Small businesses may need to think outside the box when it comes to staffing . Contract workers , freelancers , and part-time employees can all be viable options for businesses that need to fill critical roles . This may cost more if these are professional or technical services , but one should receive a quality production of work . Plus , the reduction in payroll processing provides an added benefit .
The labor shortage is a significant challenge for small businesses , but by adopting these strategies , they can position themselves for success in today ’ s competitive job market .
2023 PISBDCN Board Advisory Meeting
By Faith Antol Program Network Associate
10 PACIFIC BUSINESS PARTNERS JUNE 2023
On May 3 , 2023 , the Pacific Islands Small Business Development Center Network held its annual PISBDCN Board Advisory Meeting at the University of Guam , Jesus and Eugenia Leon Guerrero Business and Public Administration Building . Board members from across the Micronesian Region attended to discuss the economic status of Guam , Republic of Palau , the Federated States of Micronesia , and the Republic of Marshall Islands . Discussions included new ideas , potential solutions , and further steps needed to better assist small businesses and startup businesses across the region to cultivate and meet the growing demand for regional exporting . The board advisory meeting was followed by professional development trainings for the PISBDCN Directors , Business Advisors , and Staff .
From left to right standing : Mr . Frederick Granillo , Ms . Ltelatk Fritz , Ms . Emily O ’ Steen , Ms . Laurine Sablan , Ms . Ketsen Haregaichig , Ms . Casandra Deras , Ms . Alfia Alfonso , and Ms . Jane Kwok From left to right sitting : Dr . Roseanne Jones , Mr . Hubert Yamada , Mr . Philip Reklai , Mr . Joe Roberto , Mr . Kenneth Lujan , and Mr . Douglas Marar