Workforce 2023

Workforce 2023

By Megan Ware, Director of Workforce Development

As we finish out Q1 of 2023 unemployment and job growth numbers continue to trend strong in Utah. January 2023 numbers released by the Department of Workforce Services show that Utah is still sitting at 2.4 unemployment and a national average of 3.4 and job growth at 2.8 and 3.3 respectively. Despite an anticipated recession, these numbers continue to show a strong employment market in Utah.

For me, the question always is not only about attracting talent, but more importantly, retaining talent. With the cost of replacing an employee being anywhere between 6 - 9 months salary this issue hits your bottom line, hard. While it’s not always feasible to match an offer that an incumbent worker has received outside your organization, data shows that things like job stability, job growth, and meaningful work are equally as important as salary. Are you as a company taking into consideration that which is important to them? Conducting an employee satisfaction survey is one of the easiest ways to get the pulse of your employees and guide management in decisions that directly affect each employee. Unsatisfied workers cannot ever be fully productive, ultimately costing the organization money. While the survey is important, what you do with the results is critical, people want to be heard. Imagine how morale is affected when they take the survey, talk to each other about their answers, and see no change. Not all change has to come with a high price tag.

A common theme we hear over and over is that employees want to feel that their company is willing to invest in them and has a clear career path with milestones. Data shows that by investing in training the ROI has anywhere from an 8/10 benefit cost ratio. Further, evidence shows that of employees that receive upskilling, 94% stay up to a year longer than employees who do not.

On the benefits side, I would encourage companies to ensure they are benchmarking their benefits at least every 3 years. This ensures both the employer and employee are getting the best value for health and retirement benefits. Is the product you’re offering still the best fit for your current base of employees? An employee base made up of young single adults benefit needs are very different from an older or more family centric population.

UMA is set up to help you with many of your workforce needs. We offer large group health, dental, vision, and 401(k) plans so that you, as a small - medium sized employer, can potentially compete with much larger companies. We offer connections and discounted services for recruiting options, culture tools, HR training and so much more. Additionally, we currently offer affordable options for training in OSHA and Frontline Leadership, and are in development of additional curriculum for team building, mentor training, and other workforce development topics.

We always encourage you to reach out with any needs you may have. We have a wide network and will work with you to find the solutions that your organization needs.