Why the Top Candidate Rejected Your Offer
The latest hiring trends point to stiff competition for job candidates in 2015. The U.S. and global job markets are turning a corner and the outlook for those seeking employment will be brighter this year than it has been since 2006. More than a third of employers plan to add staff, including:
- Thirty-six percent who will add permanent, full-time employees (up from 24 percent in 2014).
- Forty-six percent who will add temporary workers (compared to 42 percent last year).
- Twenty-three percent who will hire part-time employees (up six percentage points from 2014).
Among the leading industries where employment will see growth this year are IT, where 54 percent of companies will increase hiring, and financial services, where 42 percent of employers will staff up.
Maintain Your Competitive Edge
As hiring demands accelerate, employers will need to offer more competitive salaries, benefits and perks if they want to hire and retain the most sought-after candidates. Research results reflect this as:
- Forty-five percent of employers this year plan to raise the minimum wage within their organizations. At least half will increase it by $2 or more and one-third will raise it by at least $3 by year’s end.
- Thirty-one percent of companies will create STEM jobs this year. This is up from 26 percent in 2014. Also on the rise will be positions tied to revenue growth, innovation and customer loyalty; in other words, sales, customer service, production and administrative jobs.
- Eighty-two percent of employers will boost compensation for existing employees. At the same time, 64 percent will offer higher starting salaries. These figures compare to 73 and 49 percent in 2014, respectively.
To land top talent, your salaries, benefits and perks must match or exceed industry standards. Additional effective tools include stock options, bonuses, profit sharing, and equity incentives that make employees stakeholders in your company’s success.
Be Worth Working For
Today’s workforce has a new face, featuring millennial employees who will become the dominant employee sector for the first time in 2015. This demographic demands work-life balance and the most high-functioning culture and environment, as well as a fair compensation package. And in contrast to their predecessors, they won’t hesitate to go elsewhere if they don’t find it.
- Get creative with your non-monetary benefits. Top priorities include professional development opportunities, flexible scheduling and telecommuting, on-site child care, elder care, and free or subsidized gym memberships and other discounts.
- Health insurance and retirement plans are highly attractive. These employer-sponsored benefits show that you care about employees in both their worlds – inside and outside work.
For the best resources in finding in-demand talent for your company, partner with a specialized recruitment firm that offers a rich candidate pool, as well as industry and market intelligence and a proven track record of success. Read our related posts or contact the Talent Bridge recruiting team today to learn more.