In 2020, many businesses had to close down or reduce their staff, causing millions of Americans to lose employment. As of August 2021, the unemployment rate has decreased, with only 8.8 million unemployed Americans.
While the country’s unemployment rate has lessened, we can continue to decrease it. Below are practices and policies you can incorporate in your business to reduce unemployment in your community.
Invest in Education and Training
Education and training provide long-term skills to unskilled persons. You can help a new employee remain at your company longer by giving him proper education and training. Invest more time in assisting them to them retain the skills needed for the job.
Offer training and seminars that will improve the knowledge and skills of employees. Consider changing your training schemes to provide employees with more skills, as well.
The problem with investing in the education and training of your employees can cost you more. Remember, you don’t need to carry the financial burden alone. You can also require employees to pay for the seminars and training you offer.
Build Multi-Sector Partnerships
A single business can affect the unemployment rate in its community. However, it’s more effective and faster if you partner with other firms. Consider reaching out to other firms and sectors and create partnerships with them.
For example, your business can partner with a local school. You can provide computers and classroom materials to the school. In return, the academy can offer your business their classrooms and instructors for training your employees.
Use the Maximum Working Week
Maximize your firm’s working week. For example, instead of your typical 36 hours, consider increasing it to 46 hours. When you open your work hours, chances are you’d need more employees to fill them in, which will reduce unemployment in the community.
The issue many companies have with this is that it also leads to higher costs. For example, an IT business will need to keep its computers, lights, and networks on for more hours. It increases the company’s electricity bills.
Some firms also need specialists to fill in the extra work time and load. If you can’t find someone as skilled as your current employees, you’ll be wasting resources for no reason.
Build Multi-Sector Partnerships
A single business can affect the unemployment rate in its community. However, it’s more effective and faster if you partner with other firms. Consider reaching out to other firms and sectors and create partnerships with them.
For example, your business can partner with a local school. You can provide computers and classroom materials to the school. In return, the academy can offer your business their classrooms and instructors for training your employees.
Improve Geographical Mobility
If you own a large business, consider providing housing benefits to employees. If employees know they can get financial or housing assistance from your company, they’ll apply for a position in it.
Government bodies can also encourage businesses to set up shop in areas with high geographical unemployment. Local governments can also provide financial aid to unemployed workers when they move into bigger towns or cities. In short, they’re directing unemployed people in low-employment areas to find work in places with high employment.
Reducing unemployment in the community is a noble yet challenging and collaborative process. If you’re planning on doing this, make sure you plan well for it. Hire an excellent and experienced project developer.
This is a guest post from a guest author.
