Hire and Manage Better with Our 2011 Salary Guide
According to our 2011 Salary Guide, three trends will shape this year’s hiring landscape: First, employers are taking aggressive measures to retain existing employees. Second, companies are optimizing their current human capital through training and education. Third, businesses have taken steps to hire new employees.
Retaining Your Best Employees
Tenured employees that know the company and the corporate culture are vital assets that are hard to replace. As available jobs increase, it isn’t just the unemployed on the market—many of their working contemporaries also have their resumes on the ready for better opportunities. With employed candidates generally being more attractive, employers are increasingly finding themselves at risk of losing those great employees they chose to keep at the height of downsizing and layoffs. To increase retention, many employers are revisiting their compensation and benefits packages. The Salary Guide survey findings show that 60% of employers are considering compensation increases.
Training to Enhance Existing Assets
Whether you're ready to hire or not, this is a perfect time to build the capacity of your existing workforce. In addition to hiring new employees, many companies are beefing up training to fortify their existing employees’ skill sets. This training has a two-pronged advantage: in addition to improving the productivity of the existing workforce, employers are building employee confidence and loyalty by presenting training as a benefit that addresses the subject of career advancement. According to the Salary Guide survey, 81% of the respondents are currently reviewing or implementing employee training programs.
Hiring to Restore or Boost Productivity
Many strategic companies are hoping to capitalize on a rare opportunity to exploit the employment equivalent of a ‘buyers’ market’. Businesses at the forefront of the recovery started hiring as early as the second quarter of 2010. However, this window is shrinking steadily, as more and more employers compete for the very best candidates in an effort to restore or boost productivity. At this point, half of responding companies have already transitioned into hiring mode.
As the hiring trend builds, we're starting to see that job openings are increasingly outpacing actual hires. The unfilled positions can be attributed to a growing disconnect between employers’ requirements and the available candidates’ ability to meet them. Despite the apparent abundance of job seekers, few actually qualify for the available job openings. For many employers, this means an overwhelming number of applicants for every advertised job opening—with few of these applicants actually possessing the desired skills and experience. As a result, we're seeing many new clients coming to AppleOne because they've been unable to find suitable employees on their own.
Smart Alternatives to ‘Traditional’ Hiring
For those companies who still aren’t ready to hire yet, temporary or contingency labor continues to offer the employers the ability to remain nimble and expand or contract workforces to address shifting demand.
Hiring is an investment that, when done strategically, gives employers the opportunity to optimize their human capital. In these days when each worker’s contribution is vital to overall productivity, ensuring every new hire has the right amount of skills, experience, trainability and even attitude to fit with your needs and work environment is critical.
Get Your Copy of the 2011 Salary Guide Today
This article covers some of the broad trends covered in the salary guide. The guide also features a much more detailed breakdown of salary and benefit trends, the average salaries for a number of positions with the ability to localize the salary data to your locations, and a number of job descriptions. Request a Free Copy of the AppleOne Salary Guide today.