By Stephen Koch, Director of Field Recruiting
It’s third quarter and time to focus on seasonal hiring. Planning for the season 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 sixteen consecutive months and is expected to continue.
On August 1, we covered the top five things employers can do now to prepare for seasonal hiring. 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 Amazon, Ben & Jerry’s, Costco, Target, Bank of America, JP Morgan Chase and Wells Fargo understand that insight and have recently raised their hourly pay rates to the $13-$17 range. Target plans to raise their minimum rate from $13 to $15 by the end of next year and Bank of America from $17 to $20 in 2021. 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, ask your local Hire Dynamics representative for a copy of our Why Competitive Wages Matter paper. It has lots of information about what other companies are doing to attract talent and may help you as you prepare for peak hiring.
Call your local Hire Dynamics representative to place an order for quality talent that is ready to work this season! And follow our blog series as we reveal more tips, resources and specific strategies that you can use.
© 2019 Hire Dynamics, LLC.