While many states have already ended the weekly unemployment supplement under the CARES Act, some states are still holding out until September 6th. What can your business expect from the ending of this financial aid?
Critics of the pandemic aid believe that the supplemental benefits of $300 a week, previously $600 a week, are keeping people from going to work and jumpstarting the economy.
However, since some states ended in June and July, employers are not seeing a large influx in candidates applying for and accepting the increasing number of open jobs. In fact, “Census Bureau data suggests recipients didn’t rush to find jobs in states that cut off pandemic aid early.”
Instead, job seekers are reluctant to return to work due to concerns of childcare assistance, the need for higher pay and flexible schedules, as well as workers’ health and safety with the increasing numbers of Delta variant cases. Employers are starting to see while unemployment happens fast, reemployment takes time.
These same factors are causing workers to leave their current positions. With the Great Recession/Great Reshuffle at play, candidates are also exploring career and industry transitions or looking to start their own business.
What Can Employers Do to Get People to Work?
In this candidate-driven market, it’s time to consider accommodating job seekers’ shifting priorities, including offering higher pay rates, flexibles schedules, and even retention or referral bonuses. Another way to show that you value your people, both personally and professionally, is to improve your benefits and employee perks, such as offering childcare assistance programs.
Now is a good time to evaluate your reputation, culture, and even internal processes. Take this opportunity to sit with your team and unbiasedly ask yourselves, “why would someone want to work for our company?” See what you come up with and put it in to action.
For more insights and steps that you can take to build your team and support your business, checkout the infographic below.
Infographic created in partnership with The Reserves Network, ExecuTeam’s parent company.