Companies Offering Improved Benefits, Higher Pay to Snag Skilled Workers

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skills-12 (Photo credit: Vancouver Island University)

Many employers are pulling out all the stops to recruit employees with in-demand skills. Nearly half (46 percent) of chief financial officers (CFOs) interviewed said they are improving benefits in order to attract top talent. Almost as many (45 percent) are raising salaries, and another 42 percent are investing in training and development for promising workers. More than one-quarter (26 percent) of CFOs indicated their companies are bringing in temporary staff to bridge the skills gap.

More than 2,100 CFOs from a stratified random sample of companies in more than 20 of the largest U.S. markets were surveyed. CFOs were asked, “Which of the following strategies are you adopting or considering adopting to access professionals with in-demand skills?” Their responses*:

     Improving benefits…………………………………………………………………………. 46%
     Increasing compensation………………………………………………………………. 45%
     Investing in training and development of internal candidates……… 42%
     Bringing in temporary workers …………………………………………………… 26%
     Hiring talent from another city and allowing a remote work arrangement .. 21%
     Paying relocation expenses for top candidates……………………………………. 19%
     *Multiple responses allowed

Competition for highly skilled workers remains intense in many specialties. Boosting compensation and adding incentives is a useful first step for attracting talent, but it’s equally important for businesses to develop the abilities of workers already on staff. If organizations are unable to quickly hire or promote from within, they increasingly bring in temporary staff to access specialized skills not available internally. Here are five ways for managers to build outstanding teams:

  1. Realize it’s about more than money. High performers expect compensation that matches their experience, but they also seek advancement opportunities. During the hiring and onboarding process, demonstrate that your organization offers professional development programs that can help them — and the company — grow.
  2. Develop your internal team. Identify less-experienced employees who show potential and pair them with mentors who can help guide their career with the company.
  3. Offer stretch assignments. Provide internal staff with challenging projects just beyond their comfort zone. It will expand their skill sets and build their confidence.
  4. Hire and train to your needs. Don’t fill vacant positions without considering your future needs. Align your hiring plans with the organization’s areas of growth and consider cross-training programs that will enable existing employees to move into high-demand roles.
  5. Monitor workloads. Your best employees can often be saddled with the most work — and could quickly burn out as a result. Bring in skilled temporary professionals to relieve overburdened staff and support resource-intensive projects.

From: Accountemps

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