Home Depot plans to hire 100,000 sales associates by Spring 2022. If this seems optimistic, examine some of the incentives the mega-company plans to use:
- 401(k) savings plan w/company match
- Accelerated hiring – 24-hour or even same-day offers
- Company stock discounts
- Dependent care emergency backup options
- Health and personal benefits
- Paid family leave
- Performance-based cash bonus program
- Tuition reimbursement
If you’re thinking your personal small-business construction labor shortage strategy cannot even begin to match Home Depot’s, perhaps you’re right. But:
- A company that needed commercial-licensed drivers offered a scholarship program for spouses and dependents.
- Another company handed out kitchen-themed care packages.
- One business offered reimbursement for pet adoption expenses.
“In the wake of the pandemic, employers are thinking more holistically about their employees and their goals,” said economist AnnElizabeth Konkel. Personal and family life motivations have moved to the top of the list of desired employment incentives for Gen Zs and Millennials. Extending benefits to spouses and children is one way to do that.
Creativity and novelty are piquing the interest of a sluggish workforce. For more long-term strategies, some companies are changing the way they pay their workers.
The construction labor shortage may need more heavyweight solutions. “The construction industry desperately needs qualified, skilled craft professionals to build America,” said Michael Bellaman, ABC president and CEO. A set of steak knives is nice, but construction labor shortage incentives must include higher wages and career goals to encourage new hires to quickly learn critical, specialized skills.
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