Businesses are operating at full speed now that school is out for the summer, camp kids are heading to camp and the weather makes everyone want to get outside and enjoy it.
I’m sure everywhere in the country there is a June blitz as people shift into their summer calendars; however, in the four-season regions, I think it’s a bit more extreme. In our parts of the country, we only get 12-16 weeks of sunny, warm weather, so it feels genuinely like the need is greater in a way. Though, we get many travelers from around the globe, the majority are from other four-season states in the Northeast, and they descend en masse to Maine beginning last week.
This means it’s haymaking season for our businesses. However, since the pandemic, our businesses that made it through the pandemic have been understaffed. That’s not universal, but for the most part, there is a worker shortage. That shortage is pronounced in the historic record-breaking 20 consecutive months of sub-4% unemployment, which ended this month as the unemployment rate ticked up to 4% from 3.9%.
Humor me for a paragraph, with this quick aside about unemployment as it continues to be a measuring stick for both the health of the economy and for the success of politicians. Most people don’t know that 0% unemployment is basically a statistical impossibility because in order for that to happen you would need perfect skills matches between those looking for work and the jobs available. For example, you could have 1,000 unemployed computer programmers, and they don’t qualify to fill the 1,000 open welding jobs. There will always be some unemployed people whose skills don’t match the position availability in their region at this particular moment in time (as the unemployment rate is a snapshot in time). What is this “mismatch” number in terms of unemployment rate? Most economic experts say that 3% unemployment is “full employment” because of mismatches. Thus, when the unemployment rate in a particular month is 4%, in reality, it’s closer to actually 1%.
Back to the column: Many businesses have been short-staffed since the pandemic. Some businesses have adjusted by cutting hours/days open (you likely noticed) or transitioning to a hybrid model where they have some employees working remotely or from home. Some businesses were happy for the change, as it has meant a better quality of life for their employees — other companies were forced to do it as the only way to continue.
This is all to say, businesses are stretched thin and adding anything extra seems negligent. Yet, with the workforce shortage, businesses need to add extra. They need to make their employees feel valued and appreciated, and although that often is shown through increased wages, another way that industry leaders are finding success is by investing in their people. “Investing in their people” is a business buzzword (or buzzphrase, I suppose), but it manifests in very tangible ways. It’s a new job title or promotion, an improved scope of work doing only the projects they enjoy, it’s flexible scheduling so they can meet the other demands of their life and any other benefit that makes them feel valued and appreciated.
Loyalty from employees comes when employers go out of their way to show employees they are respected. That can be as simple as recognition for a job well done to actual company investments like giving extra time off or paying for education and training. It’s imperative that businesses understand that if you’re not doing this for your employees, their next employer might use that to recruit them.
Which brings me full circle to the reason for this column, which is making time for development. The majority of employees want to get better at what they do, and that can require additional training. Seminars, workshops and conferences are great ways to show your employees you care about them. Your willingness to spend company dollars, to send them to grow their skillset is a tangible sign that says, “We value you, we have long-term plans for your success and we want to provide you with tools to help you grow.”
This past week, I was at one of our chamber’s free workshops with Anne Frewin of Frewin Consulting. She presented ways to make your systems and processes more efficient by changing your mindset on how you approach the work. The workshop focused on helping businesses find and retain the right people, overcome supply chain issues, and overcome tight profit margins. I struggle to name any business that is not struggling with at least one of these issues. Yet, we only had a handful of attendees.
I realize that we’re all busy, but we can’t make ourselves so busy that we don’t make time to invest in the development of our employees. Anne ended up adapting her presentation and basically walked one attendee through an issue they are dealing with, and we saw exactly how she helps business leaders attain their goals using these Lean principles.
We went through the eight wastes that affect business systems (defects, overproduction, waiting, nonutilized talent, transportation, inventory, movement and excess processing). Anne teaches one-on-one coaching, and we saw it in action — it was extremely effective and, honestly, pain-free for the attendee who offered up their issue. However, only a handful of us experienced that. I bet you can think of at least one employee or one company that could have benefited from just that little bit I just described to you. That’s the point; we have to make time and send our people to these workshops, seminars and conferences when the moment arises. It will pay off through production and loyalty, and every company needs that.
Also, if you want to talk to Anne about what she does, you can find her at anne@frewinconsulting.com. The BBRC also has a collection of other experts, presenters and problem solvers if your company needs them; just email cory@midcoastmaine.com.
Cory King is executive director of the Bath-Brunswick Regional Chamber of Commerce.
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