Businesses that are going to stand the test of time need to be ready to adapt to widespread economic changes and shifting dynamics in the workforce. Over the course of the current fiscal year, being adaptive has helped industry leaders to withstand turbulence amid uncertainty.
Employers are continually stepping up their recruitment efforts in order to attract the most skilled and sought-after workers. During a labor shortage, working with professional recruitment and hiring service providers has given some companies a better caliber of applicant responses to job vacancies. In certain occupations, relaxing hiring standards or offering more extensive training has facilitated successful candidate placements and exemplified positive business adaptation.
Just as hiring has proven to be more challenging throughout 2022, retaining top talent is a growing concern for businesses. Higher compensation and appealing to personnel with work perks are now integral to effective retention.
Lastly, logistical setbacks forestalling access to products and materials has created considerable hardship for many businesses. In some cases, they have been able to regroup and seek out new distributorships. In instances where alternative remedies to sustain business as usual are cost-prohibitive or simply impossible, businesses have ultimately lowered guidance or adjusted their revenue schedule.