At our Business & Economic Outlook luncheon on December 1, 2022, we welcomed Bruce Stenslie of Economic Development Collaborative, Shelby Day of Meissner Filtration Products, and Neil McMillan of Express Employment Professionals to discuss today's workforce challenges. It was an insightful discussion for businesses and organizations struggling to attract new workers and retain current employees. We received numerous inquiries for presentations and resources from the event so we compiled it here on our website for all to access.
Three of the top takeaways were:
1. The relationship between business & workers is the key to draw workers back to the labor market. Ventura County has recovered almost all jobs lost during COVID, but 12,600 workers dropped out of the labor force.
2. Job seekers have choices. Review your job postings as if you were looking for a job. Is it easy to find online? Does the posting excite you? Does it compel you to go back to work or leave your current job?
3. Do everything feasible to retain current employees. Turnover costs 30-150% of the employee’s annual salary plus loss of knowledge and expertise. Review compensation, benefits and perks plans, sign-on bonuses, retention bonuses, etc.