Finding quality employees can be a difficult task in today’s job market. Mike Eisenga, an established and prominent entrepreneur, shares how to navigate a hiring process in today’s circumstances.
Mike Eisenga, the former Mayor of the City of Columbus, has utilized his talents in many areas, including founding and operating the mortgage lending company American Lending Solutions and acting as President for First American Properties. As an entrepreneur, Eisenga is familiar with the struggles that come with finding employees in today’s market and offers his professional advice on how to navigate the challenge.
“Hire quality over quantity if you are able. You are better off to pay an employee a higher wage who gets far more accomplished than the rest of the candidates or even current employees do on an individual basis,” said Eisenga.
According to a recent Conference Board Annual Survey, the number one worry shared by CEOs and the entire executive suite regarding finding employees is hiring talent. On top of finding the right person for the job, businesses have to deal with a competitive job market. Though a company might come across the perfect candidate, that candidate could have a higher salary offer from another organization. Unfortunately, not every company can offer more money, but hiring managers should push for higher pay to gain quality employees when the stars align.
Though putting more money upfront to fill a job with the ideal individual might make the budget tight, it is cheaper for a business, in the long run, to retain an employee than experiencing turnover. Eisenga points out that companies should encourage current employees who excel at their jobs to stay by recognizing them, providing decent raises and resources.
There are times when companies have to function with the cards they are dealt, and sometimes those cards include a lack of quality candidates and a shortage of workers on the team. Suppose times are tough, and a business needs someone to fill a role. In that case, executives should do what is necessary and then plan to separate the wheat from the chaff once the employment market returns to normal and enhance the company’s employee roster then.
Another challenge that employers currently deal with is the fight against unemployment wages. Due to the coronavirus pandemic, the government started to offer more money for unemployment. As society begins to return to a normal state, companies struggle to pay more than what the government provides for unemployment. “It is nearly impossible to compete with a government that pays people more to sit home than to go to work,” Eisenga remarks, The good news for business owners is that this obstacle will end for the nation in September and is already ending in several states even earlier this year.
Michael Eisenga is a commercial real estate investor, entrepreneur, and proud father of three boys. His wide range of skills includes commercial real estate investing, property management, assisting living facility operation, leadership, strategic planning, public policy, and community outreach. Eisenga is most passionate about finding and improving profitable investments. Lately, he has been focusing on fueling development in smaller communities through assisting living facilities.