Benefits for part-time employees reduces talent gap for SMBs

 (Photo: loreanto/Adobe Stock)

Recruiting, engaging and retaining talent, especially since the pandemic and the “great resignation,” continues to be a top concern for business leaders. Mineral’s 2023 State of HR Report revealed that 87% of small and medium-sized business (SMB) leaders view retaining and engaging employees as the most critical HR initiative for company success, while 57% say attracting new talent is the most crucial. Hiring and retention issues have particularly been a reality for industries like hospitality, manufacturing, and retail that rely on part-time and variable-hour employees. Restaurants continue to operate with reduced hours and dining, and display signs asking for patience due to a shortage of workers. The recruiting shortfall creates a domino effect, hitting consumers with fewer options and saddling businesses with lost revenue, forming a vicious cycle.

One obvious solution to the talent shortage is higher wages, which is not an option for every business. What do current and potential employees want besides wages? Year-over-year benefits rank among the top five factors for job seekers. Could providing benefits to part-time employees reduce the talent gap, and how can SMBs do that?