Are You Having Trouble Hiring?
Did you know the current labor shortages show that businesses nearly everywhere in the United States are desperate fo...
Did you know the current labor shortages show that businesses nearly everywhere in the United States are desperate for workers? In fact, the latest statistical evidence from a U.S. Bureau of Labor Statistics report cites a record 10.5 million job openings as of the last day of 2021.
Let’s explore some of the causes behind the labor shortage.
COVID-19 struck without warning, and companies were blindsided by the struggle to adapt. Many had to close their doors indefinitely, while others had to make technological adjustments to a remote Work from Home (WFH) environment. These changes also forced businesses to maintain financial strength as global economies started shifting, one after the other.
In the United States, some Americans appear to have temporarily dropped out of the labor force due to various effects of COVID-19. Some high-skilled industries may also be suffering from a genuine lack of qualified workers, and some small businesses may not have the capacity to absorb higher wages caused by a vast labor pool. A survey conducted by the National Federation of Independent Business (NFIB) observed that 42 percent of business owners struggle to fill vacant positions. Additionally, 91 percent of companies looking to hire are not finding suitable prospects, as surveyed by the NFIB.
Many people felt that a job during the pandemic meant stability. The increased flexibility of a WFH model meant even as many companies closed their physical offices, there was still an ability to maintain employment. However, the WFH model is not possible for many industries and still left many people unemployed. Once restrictions were lifted and businesses began to reopen their doors, it became clear there is a noticeable void in people willing to fill employment gaps.
A projected increase in turnover rate can be credited to a strong sense of burnout. The WFM model adopted by many companies caused some employees to work harder, many finding it tough to step away from their workstation. Many employees are feeling overworked and choose to leave current employment in search of greater work life balance.
The U.S. could add 28 million more jobs.
These days, we have all been witness to the number of help-wanted signs or messages encouraging patience due to staffing shortages posted in the windows of businesses and restaurants. According to a new report from the Roosevelt Institute, the U.S. could add roughly 28 million jobs over the next decade with the sustained and robust demand for labor. With such a high demand, filling staffing gaps will require businesses to evaluate strategic solutions.
How can TSI help manage and solve this challenge?
With over 50 years of experience as an established and professional contact center, TSI drives results for clients across a wide range of requirements. With recent acquisitions, TSI is uniquely positioned as the largest technology-enabled provider of accounts receivable management (ARM) solutions in the United States.
TSI is better at hiring.
Geographically Dispersed – TSI delivers truly global coverage through a robust network of 40 national, nearshore and offshore operational locations. With offices across the U.S., TSI is able to deliver coast-to-coast coverage, with the additional flexibility of global locations in the Puerto Rico, Guatemala, Philippines, and India. All locations are staffed with highly-trained, skilled agents able to facilitate all functions of an outsourcing partner. With this large network of candidates, geography does not bind us.
Scalability and Surge Protection – One reason the DIY approach to workforce management can be an internal fail is businesses are often hard pressed for resources to recruit, train, and manage staff on a moment’s notice. By contrast, contact centers are in the business of ramping up staff quickly and nimbly. TSI has the staffing resources and experience, both nationally and internationally, to meet the uptick in staffing and quickly add agents as necessity grows. When staffed appropriately, a contact center is easily capable of managing customer needs and sustaining a positive business to customer relationship.
TSI currently staffs over 10,000 employees globally.
Why TSI is better.
We have built a reputation as an employer of choice in numerous markets, both domestically and globally. The quality of the employment relationship between TSI and our team is cooperative and translates to a place where people want to work. Our value proposition includes:
- A commitment to helping employees achieve their goals, both professionally and personally
- Offering growth opportunities
- Flexible work environment
- Open communication
- Compensation, Benefits, and Perks
TSI has Top Training & Leadership Development.
Attracting top talent is just the beginning. At TSI, we pride ourselves on nurturing talent and providing all employees with a path to success. The TSI Training Program was ranked as the 9th best training and development program in the world, recognized in 2020 for its steadfast dedication to continuous employee learning and development; its agility and innovation in delivering its training in response to the pandemic; and its passionate commitment to the current and future success of its people. Our ability to develop talent is both a competitive advantage for TSI as well as a critical element in making TSI a great place to work.
TSI has Reduced Employee Turnover.
In an industry wrought with high turnover, TSI is different. By implementing full-featured contact center performance management solution tools across the enterprise, we are able to boost engagement, even in WFH environment. Agents are able to engage with team members to stimulate peer-to-peer support, and strengthen team comraderie. Through integrated gamification, TSI agents are also able to self-manage workloads, goals and personal performance. In fact, research from Gallup reports that companies with highly engaged workforces experience 25-65% less turnover and 37% less absenteeism, among a variety of other benefits.
At TSI, our agents are equipped with robust tools, with clear alignment with operational goals, and incentivized for their performance. Ultimately, performance management solutions prove our employees are more engaged, effective and loyal to TSI.
TSI will Pay For Performance.
When competing for finite personnel resources, incentives are the difference in attracting and securing employees. Base pay will only do so much to entice prospective employees, to differentiate our employment offer TSI offers a generous commission structure above market standards. We are able to link performance to financial targets and results, and drive performance through financial rewards. By offering a generous commission structure, TSI is able to identify valuable employees and retain top talent.
TSI Values Partnership.
As a multi-dimensional company, the team at TSI is built from industry experts, functional leaders, an engaged ownership team and a cadre of independent advisors. While representing a diversity of experiences and backgrounds, everyone at TSI shares a single-minded focus: improving the financial lives of businesses, institutions, and people.
As your business discovers gaps left by labor shortages, contact TSI to learn more about how a robust contact center solution can solve for staffing challenges now and into the future.