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Part III: Business Acumen and Reshaping the Workforce of Tomorrow

Posted on Jul. 5, 2022  /  Subscribe 0

In the March SHRM Hawaii newsletter, I shared with you how the Brent Crude Oil and RussianUkraine situation have affected the rising costs of goods and services which in turn, directly impacts Hawaii businesses. In the May SHRM Hawaii newsletter, I shared about the rising interest rates and the 11.5 million job openings that went unfilled across the US.

Where are we TODAY in Hawaii?

• Earlier this year, the US Bureau of Labor Statistics reported that after Nevada, Hawaii saw the largest increase in employment of 7.5% with the possibility that the State will continue to see a vigorous supply of job openings for the rest of 2022
• The war on talent is REAL, UHERO has projected an unemployment rate of 3.6% for 2022
• Tourism will continue to play a major role in impacting the labor market, particularly in Oahu
• Hawaii has seen negative population growth (the last 4 years) as locals relocate to other parts of the country for higher pay and a lower cost of living

How are businesses across the county addressing the Workforce of Tomorrow (feedback from several HR Professionals attending the SHRM Conference last month in New Orleans):

• Companies must stay relevant to the job market (and listen to feedback from key stakeholders)
• The re-frame of talent acquisition; utilizing a robust Total Rewards package with an intrinsic value proposition (mission, vision, and culture of company)
• Higher emphasis on employee onboarding to engagement and retention of employees (first impressions count)
• Implementation of attractive starting salarieshourly rates (continuous benchmarking with like competitors; if you are using annual compensation data – consider going to semi-annual or quarterly data to assess your company’s competitive advantage)
• Paying attention to mental wellness even for remote workers
• Offering flexible work time which may include nights and weekends instead of a traditional Monday through Friday schedule

What are we doing in Hawaii in preparation for the Workforce of Tomorrow?

• Some or all of the above, plus…
• Increased emphasis on Company branding to help attract talent (it matters what people are saying about the company)
• Utilizing social media vs attending in-person job fairs; many companies are choosing several options to hire talent
• Providing additional opportunities for current employees to work remotely from the mainland (lower cost of living for employees and additional opportunity for operational support over a larger time span)   

SHRM Hawaii is dedicated to the advancement of HR Professionals like you! We look forward to having you join us at the SHRM Hawaii Conference on Friday, October 14^th at the Hawaii Convention Center. Through our network of sponsors, exhibitors, guest speakers, and all of you – we are excited to provide relevant HR insights. Please consider taking advantage of the SHRM Hawaii member early-bird conference rate of $299.00 through the end of July. As always, welcome your thoughts and feedback.

Please stay safe and healthy.

Naomi

2022 SHRM Hawaii President

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