Prepare for Peak: Are You Paying Competitively? By Hire Dynamics CATEGORY: Blog POSTED: July 30, 2018 By Stephen Koch, Director of Field Recruiting The third quarter peak hiring season is just around the corner. Planning for peak is especially important in today’s tight labor market as talent can easily move to another job or company. There are more open jobs than there are people looking for employment, a trend that has been building for months and is expected to continue. Last week, we launched our blog series with the top five things employers can do now to prepare for peak. One of those is offering competitive wages to attract talent. Results from a Hire Dynamics survey of recruiting professionals earlier this year showed that offering competitive pay outranked all other factors in recruiting and retaining talent. In fact, it was twice as important in recruiting talent. Companies including Wal-Mart, Target, Wells Fargo and Fifth Third Bancorp understand that insight and recently raised their hourly pay rates to the $11-$15 range. Other companies such as AT&T and Comcast gave one-time bonuses to non-management employees. The need to pay competitively is important to keep in mind as you plan for peak. Hire Dynamics can help you find out what employers in your area offer. We offer competitive wage analyses in your market to show you what competitors are doing to recruit and retain talent. We also share insights, job satisfaction feedback and trends that we gather from talent satisfaction and exit surveys. We recently partnered with two clients to address their recruiting and retention needs. One faced high turnover and low productivity which was driving costs up. Another struggled to attract and retain employees which decreased production and ability to meet customer demands. In both cases, Hire Dynamics assessed their issues and developed programs to address them. The results were incredible in both cases. To learn more about these two case studies and how you can assess if you are paying competitively, download our Why Competitive Wages Matter. It has lots of information about what other companies are doing to attract talent and may help you as you prepare for peak hiring. Also, be sure to read our continuing blog series about Preparing for Peak for more insights and tips about attracting the talent you need. This is the third part of our Peak Preparedness Planning blog series. Peak Preparedness Planning Part 1: Are You Prepared for Peak? Peak Preparedness Planning Part 2: Creating a Culture to Attract Talent Peak Preparedness Planning Part 4: Streamline the Hiring Process Download our exclusive case study on Why Competitive Wages Matter. © 2018 Hire Dynamics, LLC.
