Very Little Progress on the Labor Shortage
Very Little progress has been made in the labor market shortage. Very big corporations have been able to solve their labor problems by raising the entry level wages at their firms, however this is not an option for many small businesses and non-profits. Job Openings and Labor Turnover data from the Federal Reserve shows an economy yearning for workers with openings being at historic highs and quit levels also at historic highs. So how can a small businesses and non-profits compete for the labor available lout there?
Many employers seems to have forgotten about a time when workers joined their ranks with very little knowledge about the industry, this was true in banking and manufacturing in the 1950s and 1960s when many workers knew little about operating machinery, keeping records, or even how a bank worked. Companies had programs in place to train their employees and incentives to keep their workers forever.
Small businesses and non-profits can not offer pensions, training programs, or job security the same way they were able to in the past, however they can offer a home to employees wanting to be included such as disabled individuals and high-school students with very little working experience, with some patience and structure employers can welcome to their payrolls individuals that are eager to help, loyal to the business, and open to the opportunities offered by the current (and very tight) labor market.