When employers are unable to find employees for a good price, they may resort to a variety of strategies to address the issue. Here are some detailed answers, including examples and references where applicable:

1. Increase wages: One approach is to offer higher wages to attract potential employees. By offering a more competitive salary or hourly rate, employers can entice individuals who may have been hesitant to accept the job due to the offered compensation. For instance, in 2021, several companies in the United States raised their minimum wage to attract and retain employees amid a labor shortage caused by the COVID-19 pandemic. Examples include Amazon, Walmart, and Target, which increased their minimum wage to $15 per hour or higher (The New York Times, 2021).

2. Offer benefits and perks: Employers can enhance their employee value proposition by providing additional benefits and perks. These may include healthcare coverage, retirement plans, flexible work hours, remote work options, paid time off, childcare assistance, or employee discounts. Offering such incentives can make the job more attractive and compensate for a lower salary. For example, Google is known for its comprehensive employee benefits package, including free meals, on-site healthcare, gym memberships, and generous parental leave policies (Google Careers, n.d.).

3. Invest in training and development: If suitable candidates are scarce or expensive to hire, employers can invest in training and development programs to upskill existing employees. By providing opportunities for professional growth and advancement, employers can bridge the skills gap and retain talented individuals who may have otherwise sought higher-paying positions elsewhere. For instance, IBM has implemented various training programs, such as the IBM Skills Academy, to equip employees with in-demand skills (IBM, n.d.).

4. Outsource or automate tasks: In some cases, employers may opt to outsource certain tasks or automate processes to reduce the need for additional employees. By leveraging technology or subcontracting specific functions, employers can minimize labor costs. For example, many companies outsource customer support or IT services to offshore locations where labor costs are lower. Additionally, automation technologies like robotic process automation (RPA) or artificial intelligence (AI) can replace repetitive tasks, reducing the need for additional employees (PwC, 2021).

5. Review job requirements and qualifications: Employers can reassess the job requirements and qualifications to ensure they are realistic and necessary. Sometimes, job postings may include excessive or unnecessary requirements that limit the pool of potential candidates. By revising these requirements, employers can expand the applicant pool and increase the likelihood of finding suitable candidates at a more affordable price. This approach promotes a more inclusive hiring process and reduces the risk of overqualification.

It is important to note that the specific strategies employed by employers may vary depending on factors such as industry, location, and economic conditions. Employers should consider a combination of approaches to effectively address the challenge of finding employees at an affordable price.

References:

• The New York Times. (2021, February 17). Amazon to Pay $15 an Hour to All U.S. Employees. https://www.nytimes.com/2018/10/02/business/amazon-minimum-wage.html
• Google Careers. (n.d.). Benefits and Perks. https://careers.google.com/locations/
• IBM. (n.d.). IBM Skills Academy. https://www.ibm.com/services/learning/ites.wss/zz-en?pageType=page&c=a0025248
• PwC. (2021). The Future of Work: A Journey to 2022. https://www.pwc.com/gx/en/services/people-organisation/workforce-of-the-future/pwc-future-of-work-report-v2.pdf