According to CareerBuilder’s 2016 Midyear Forecast, while hiring rates for the second half of the year will largely mirror those of 2015, one area where we will see significant growth is in workers’ wages.
The survey found that 70 percent of human resources managers believe their companies need to start paying workers higher wages in order to keep up with the competitive talent market.
Employers seem to be taking this advice to heart – 53 percent are planning on increasing compensation for current employees over the next 6 months, and 39 percent will increase starting salary offers for new employees.
What does this mean for you?
Competitive salary offerings have always been the most popular means of attracting and retaining talent in a competitive market – and not without reason. If offering higher wages isn’t an option, however, employers might be able to entire talent in other ways, such as competitive benefits, perks and opportunities for advancement.
Employers might also consider reskilling current workers or offering advanced or extended training to create the ideal candidate if current recruiting efforts aren’t working.