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Labor Shortage Tactics

The supply and demand for employees within companies is constantly shifting. Effectively managing the workforce involves anticipating where employees will be needed (or not) within the firm and balancing their demand with their available supply. Once you have a good idea about where labor surpluses and shortages exist within a company, the next step is to take action to balance those pressures. When faced with a labor shortage, most people initially think about recruiting new employees. Although this is certainly a viable option, other tactics can be used to address labor shortages, too. Some of the typical methods are using overtime and contingent labor; increasing employee retention rates; strategically using employee promotions, transfers, and demotions; and hiring new employees. There is no single best solution for how to deal with a labor shortage or surplus. Each of the tactics discussed here has advantages and disadvantages that must be considered, such as how long you expect a shortage or surplus to last. As we have indicated, using overtime and contingent labor can remedy a shortage very quickly. In contrast, improving employee retention to remedy a shortage takes more time to accomplish, as does hiring new employees and getting them up to speed.