Supply and Demand: The Labor Market

No doubt by now you’ve noticed the U.S. job market is somewhat tumultuous, as businesses grapple with the combination of labor shortages and the Great Resignation. Half of U.S. businesses describe their workplaces as understaffed, according to a new CNBC | Momentive Workforce Survey. In addition, one in three workers stated they have seriously considered quitting in recent months.

The challenges of hiring can also lead to difficulties with retention of employees. As more people have seen the benefits of remote working environments, employers that don’t adapt may suffer as a result. In many cases, productivity seems to have increased with the elimination of daily commutes, office chatter, and simple interruptions.

With high demand for skilled workers and a low available supply, candidates understand they can leave their jobs in search for better culture, salary, benefits, and more.

How to Maintain a Strong Workforce

Employees are often motivated by different things. Some may want higher pay, while others might be content with a positive work environment or flexible hours. The key to success is understanding these individual motivations for your employees. As you spend time to understand their needs, hiring and retention can improve.

This may require a slight shift in how things have been done in the past. But due to the recent pandemic, the business landscape has changed. Adjusting to development of a great working environment could be necessary for businesses that hope to survive the next five or ten years.

Overcome Concerns

At the end of the day, businesses currently recruiting need to fulfill their promises. Words can only go so far. Building trust is key as companies navigate the supply and demand of the U.S. labor market. A great way to do this is to have positive employee reviews on sites like Glassdoor, as well as a few employee testimonials on the website. Simple things like that can go a long way for candidates considering working for your business.

About Medallion Bank

Medallion Bank’s longstanding culture makes us unique. Our main goal is to improve the long-term quality of life and work for all who choose Medallion Bank. We help and serve others and express great appreciation for what each person brings to our daily work, whether that is a fellow coworker, customer, or vendor. Our success is earned by doing the right thing even if it is not the easy thing.

We have a healthy balance of tenured and new employees. Almost 30% of our employees have been part of the Medallion Bank team for 10 or more years, and almost 25% of our employees have been with us between 5 and 10 years! We are a growing company and are excited to continue and share our growth and successes. If you would like to join the Medallion Bank team, you can view our open positions here.