Talent: Unique Challenges & Custom Solutions
Three years post the start of the pandemic and the most discussed topic in most board rooms is still TALENT. The ability to attract, train and retain qualified talent for all industries continues to take the lead for top challenges faced by the business community. Even in an economy experiencing inflation, hiked interest rates, and disrupted supply chains, it is talent that is consuming the minds of the smartest and brightest of our country. In this piece we’ll highlight some of the challenges and some of the resources available to the business community. We will share the workforce incentive programs that we’ve utilized to support our client’s diverse talent challenges.
According to the May 31, 2023 Beige Book economic report, a Federal Reserve System publication about current economic conditions across the 12 Federal Reserve Districts, employment increased across the country. Granted at a slower pace than the previous quarter, the labor market continued to be strong with districts reporting challenges finding skilled labor across multiple industries. Some districts reported an improvement in hiring in construction, transportation and finance while others reported pausing of hiring due to projected demand and uncertainty about the economic environment.
What we are also hearing from our clients is that with economic conditions tightening, companies are having to be intentional about hiring the right, qualified, and skilled talent. Efficiency and performance are top priorities for companies today. With retirees leaving the workforce every day, there’s a clear skills gap across multiple industries. It’s not about quantity it’s about quality and attracting talent has become even tougher as remote and hybrid work has created cross market competition for talent. Training and up-skilling initiatives require significant investment, and employees are more socially aware and dialed in than ever before when making career decisions.
So here we are again with mixed experiences. Every other week we hear about mass layoffs and hiring freezes. We’re also seeing “Hiring Now” signs outside of most manufacturing facilities. To make matters more confusing, the unemployment rate has been at historic lows, the data suggests that people are working. So what’s the problem? The problem is unique for every business and so are the solutions.
Granted there are several issues that require significant investment, and there’s no one solution for all companies, we’ve been able to help companies address these challenges through several state programs designed to relieve some of the burden for corporations.
Click Learn More below to discover these great programs.
Workforce Incentive Programs
Ohio: The JobsOhio Talent Acquisition Services Program (TAS) has been developed to identify a company’s talent challenges and build sustainable talent strategies that provide support at every stage of the candidate journey. From employer brand building and attraction to screening and training, the TAS program provides a customized approach based on the company’s needs. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation. Learn More
Virginia: The Virginia Talent Accelerator Program, delivered by VEDP in partnership with the Virginia Community College System, provides world-class training and recruitment solutions that are fully customized to a company’s unique operations, equipment, standards, and culture. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation. Learn More
North Carolina: NCWorks Career Centers provide companies with an extensive network of recruiters and recruiting tools. These experienced specialists leverage resources to more efficiently and effectively identify qualified applicants. NCWorks can provide free support to Job awareness and outreach strategies, job fairs, screenings, training and more. Learn More
Kentucky: The Bluegrass State Skills Corporation via the Cabinet for Economic Development offers the Grant-in-Aid and Skills Training Investment Credit. The Kentucky Skills Network provides incentives to support Kentucky business’ efforts to help new and existing employees stay competitive through flexible, employer-driven skills-upgrade training. Learn More
Ohio: The JobsOhio Workforce Grant provides funding for the improvement of worker skills and abilities in the state of Ohio. Invest in your employees with the financial support of JobsOhio for qualifying companies. Learn More
Georgia: The Quick Start Training program develops and delivers customized, strategic, workforce solutions for qualified companies investing in Georgia. The program provides strategic consultation, pre-employment assessment, training and leadership development for qualifying companies. Learn More
Ohio: The Find Your Ohio program is a national talent attraction platform, Find Your Ohio proactively recruits impressive out-of-state candidates and connects them with exciting roles at Ohio companies. Learn More
Every company experiences a different challenge when it comes to talent and there is no one size fits all solution. The programs above are discretionary and available for qualifying companies. Not certain if you qualify? Have questions regarding the workforce development incentives in the markets you are considering please call us at 513.639.3971 or email kmkconsulting@kmklaw.com.
