With a new year comes a new opportunity to add fresh, skilled employees to the workforce. As the Conference Board U.S. consumer confidence index continues to rise monthly – with December topping off at 78.1 – companies are more optimistic than ever to recruit and hire talented workers, The Associated Press reported.
According to the National Association of Colleges and Employers’ (NACE) “Job Outlook for Class of 2014” report, the number of companies expected to hire new graduates jumped 7.8 percent from the number of recent grads expected to be hired in 2013. That number rises to 12 percent when global employment opportunities are included.
The report also found that many employers expect to attract fresh graduates to their organization with competitive salary packages. As more college graduates enter the workforce every year, employers have found that raising salaries for entry-level positions have given them an advantage to acquire top talent. In addition, the report found that benefits packages are also important to new graduates.
This means employers that intend to appeal to recent millennial graduates should consider creating comprehensive salary packages.
Catch applicant’s eye with ICM benefits
One way employers should consider attracting younger workforce generations is through incentive compensation management (ICM). This structure allows employers to set a base salary, while incentivizing performance with rewards such as financial bonuses, increased benefits, perks, discounts and more. ICM structures also allow for employees to take more control over their career path and ultimately compensatory destiny.
By integrating professional development plans and benefits packages into an ICM strategy, many employers can prepare for the upturn in hiring forecasted for 2014.
Build employee loyalty
Similarly, as employers expect to hire more, ICM software solutions allow for streamlined management of salary profiles so HR and payroll departments can save time and money in operational expenses. Both company officials and employees have access to ICM information, creating a transparent partnership between managers and workers when it comes to salary outcomes.
According to Business Insider, transparency in the workplace makes for a more satisfied, loyal and productive employee.
The concept of using ICM solutions to bolster trust between employees and companies is also a great talent management strategy. When workers are happy at their job, they are more likely to stay and invest themselves in the organization, and are more likely to suggest other qualified workers for positions within the company.
For 2014, employers should take note that a boost in consumer confidence means a jump-start to the hiring season. The more companies that predict higher rates of revenue, the more organizations that will require bigger staffs. As recent college graduates expect to look for work, companies will need to re-energize their compensation plans to appeal to younger generations.
