While we wait for the year-end numbers to come in, we can make some educated estimates that sales will continue to be strong, inventory issues will continue to unwind, and service will remain an opportunity for generating profit. But one of the biggest questions looming in 2022 is staffing and labor. Will you have enough employees to support your sales and service opportunities? And, if you have sufficient staff now – will they stay?
Labor is becoming a serious issue across all areas of the economy, impacting both large and small businesses. While the unemployment rate has improved since the height of the pandemic – falling from 6.3 percent in January 2021 to 3.9 percent in December – the rate of those leaving their jobs has escalated. Employers are having to play offense and defense at the same time, struggling to fill a near-record 11 million openings while also holding on to existing workers.
As dealers look to re-staff in 2022, some are finding themselves competing in a very tight labor market. Some economists are starting to believe the pandemic has changed the behavior of the job market in ways that could have a lasting impact, including resetting the relationship between workers and their employers.
