Of all of the likely impacts of the COVID pandemic, it’s hard to imagine that business owners envisioned this – a labor shortage, the likes of which we haven’t seen in decades.

In fact, according to the U.S. Chamber of Commerce, there were 8.1 million open and unfilled positions in March 2021 (the last month for which data is available). Even worse, the number of employees available for every open job reached a 20-year low this spring – and continues to plummet.

Compounding this reality is the sudden sexiness of greener pastures – seemingly happy employees jumping ship at an alarming rate, in a trend that the Society for Human Resource Management (SHRM) calls the “HR Turnover Tsunami.”

We’re hearing this tale across every industry – from a residential landscaping business in the Mid-Atlantic area, to a large healthcare services company in the Northeast, the lament is the same – the booming economy has them in a growth posture, yet they’re having a hard time staffing up to meet that demand, and an equivalent struggle to keep good people.

“It’s not a ‘post-and-respond’ market like what we typically would be dealing with,” said Erin Spencer, the Founder of Edgebrook Lane, a fractional Human Resources consulting firm focused on SMB and mid-market companies. “It used to be that you would put an ad up, and you would have 50 or 100 applicants. No more.”

Despite the seeming universality of this labor struggle, all challenges are not created equal. In fact, there ARE companies that are finding success at recruiting and hiring – and it isn’t requiring a magic wand or an overflowing bag of cash to achieve it.

Instead, they’ve applied some time-tested marketing strategies to these internal hiring struggles – using their employment opportunities as the “hero” of a campaign to nurture prospective employees through a de-facto “buying journey.” Make no mistake about it—recruiting and retaining employees is absolutely a critical element of an effective corporate marketing program. Focus your marketing initiatives exclusively on prospective buyers and clients at your own peril!

Here are a few tips and techniques that Erin and I feel will help you succeed at the recruitment and retention game:

1. Be Insightful: Make sure you understand what your competition is doing. If you see a strong competitor raking in talent from other companies in your marketplace, it’s possible they have a secret sauce that you haven’t found. Make sure you have boots on the ground and ears on the railroad track – and be prepared to match, or exceed, your competitors’ hiring approach.
2. Digital at the Forefront: Your digital footprint will be a focal point for decision making – ensure it’s up to the task. Remember, the digital age has transformed the buyer’s journey – so, if by extension, we are viewing potential new employees as “buyers,” we have to put our best digital foot forward. Make sure you answer the types of questions that recruits might have – who is in your leadership group, what are you selling, who are your customers, what is your culture, etc. This same commitment to excellence should be evident on your social media as well. And, if you’re not regularly monitoring review sites like GlassDoor, start today. Address negative feedback with vigor, and make sure you snuff out problems before they loom large.
3. Loyalty is a Two-Way Street: Loyalty is something that is earned – and this has never been more accurate than right now. Though we’ve seen upheaval in the loyalty paradigm for at least 15 years, the balance has shifted. Whereas previous generations of employees have been completely devoted, today’s worker wants a return on their loyalty investment. For employers, this means you need to step up your efforts to ensure employees feel valued and motivated, and that they’re getting what they need. 
4. Money isn’t Everything: Dangling dollar signs in front of prospects used to be the difference maker. But we live in times where people want more than just a paycheck – they want fulfillment; they want to be heard; and they want to know that they’re working for a company that stands for more than just the almighty dollar. It’s critical to be upfront with your efforts around social consciousness, equity and inclusion, and to be a good corporate and community citizen. If you're not focusing attention on these efforts, you likely will have a harder time retaining talent, and attracting new blood.
5. Act Now: Developing your plan to attract and retain talent in the post-COVID world is not a long-term initiative – it’s a present-day essential. If you think that you can take a few months to develop your plan and execute it in the fourth quarter, you will likely completely miss the talent pool. You’ll also pay more – salaries are going up, and they’ll likely continue to do so for at least the next year, since desperate employers will resort to bidding wars to acquire the best and the brightest.

It truly is a brave new world – and for trends that already were transforming the workplace, COVID has stepped on the gas pedal. As you consider your own growth prospects and invest in your future, be sure to allocate both mind- and wallet-share on your most critical investment – your human resources. You know that old adage, “You have to spend money to make money”? It’s never been more applicable.

You don’t have to manage this alone. Erin’s company, Edgebrook Lane, offers full-cycle HR capabilities, including recruitment, retention, career development, performance reviews, and more. You may reach out to her at erin@edgebrooklane.com.