According to a new survey by iHire of more than 400 US employers and more than 300 workers, pay raises are “on the rise as companies prioritize employee retention, engagement, and financial health.”
78% of employers gave pay raises in the last 6 months due to merit, performance, pay compression, or the rising cost of living.
The 22% of employers who said they had not given any recent raises cited the following reasons for not doing so: couldn’t afford to give raises (70%); preparing for economic downturn or tightening their 2023 budgets (33%); poor or stagnant employee performance (13%); and unsure how to determine fair compensation (13%).
“Compensation is top of mind for employers and their workforces. Now is the time for organizations to ensure they are compensating employees fairly while avoiding pay compression."
Among workers, 24% told iHire they had asked for a raise in the past six months, and 60% of those who asked said they got a raise after asking.
Of the 76% of workers who said they had not asked for a raise, the following reasons were cited: already received a raise recently (50%); did not know how to negotiate salary (26%); afraid to ask or approach their supervisor/manager (23%); and did not think their performance was deserving of a raise (11%).
Read more via iHire/PR Web
According to a new Randstad survey, business leaders are building talent acquisition strategies focused not on cost savings alone, but on “total value creation.”
75% of business leaders told Randstad their “talent acquisition strategies are more about total value creation for the company than cost savings, nearly double the number since 2022.”
Business leaders said they are “investing in several areas to improve how they attract and retain talent,” including making DE&I a central part of their strategy (74%); using technology to improve engagement (72%); creating talent communities and content plans to engage and nurture future talent (71%); and conducting internal audits to map the candidate experience (69%).
42% of business leaders said “talent scarcity remains one of their biggest pain points.”
75% of business leaders said they “plan to focus more on skilling and career development, while more than half plan to increase their spending on internal mobility platforms.”
Randstad said the survey findings point to a key trend – the “need for businesses to differentiate by delivering an outstanding talent experience, spanning initial attraction and engagement, hiring, development, internal mobility, career transition and retirement.”
Read more via HR Dive
According to a new report from General Assembly, companies “aren’t adopting skills-based hiring quickly enough to keep pace with a changing labor market.”
90% of HR leaders surveyed said they are “extremely, very, or somewhat concerned that current recruiting methods will not be enough to fill open tech positions.”
HR leaders surveyed said “about half of their job postings for tech jobs require a college degree, while 45% said college degrees are a top-two determining factor.”
The survey shows the extent to which employers need to look to options like in-house training, apprenticeships, and other less traditional approaches in order to “overcome the skills gap and build a talent pipeline.” That may include shifting away from degree requirements for some roles.
Some opted for a slightly earlier than anticipated retirement. Others were let go or laid off early in the pandemic, never to return to the workforce. Others still took on responsibilities caring for spouses or grandchildren. And some cashed in on the hot housing market or 401(k) plans, or opted for a buyout.
According to the latest data, “2.2 million more people are retired than the Fed had expected,” offering at least one explanation (among others) for why the labor market remains so tight.
Coaxing these retirees back to work might help companies that face labor shortages, especially in industries like health care and child care, according to Teresa Ghilarducci, a labor economist at the New School for Social Research.
But older workers often come with their own demands, including higher wages. And many older workers who retired early by a year or two, or three, have now hit their retirement age, and are unlikely to return even for the right wage.
Read more via Marketplace