Execs Implementing Strategies To Address Labor Shortage

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Executives are working on implementing new strategies to address the growing skill-shortage problem.

According to a recent West Monroe report titled Quarterly Executive Poll for Q4, some of these strategies include deploying more automation technology (33%), raising wages/salaries (68%), increasing flexibility where talent is permanently residing (57%), harnessing continental talent (51%), investing in retention (46%), and introducing higher signing bonuses (41%).

The report also found that 18% of executives surveyed cited the Great Resignation as the largest impact on their business. 15% are concerned about the pandemic’s impact on their employees.

Going forward, only 5% of respondents said they would be laid off in the current quarter, while 71% said they would hire more and 25% said there would be “no more changes from last quarter” when hiring was at its peak.

For more information, read the original story in TechRepublic.

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