As the U.S. economy begins to transition from economic crisis into post-recession business development strategies, a number of industries expect growth and workforce expansion, according to a new UCLA Extension, a continued education institution, study. Among areas predicting higher numbers of new hires and bolstered compensation packages are human resources, database management, technology and health care.
“Now that the recession is essentially behind us, the focus for many is making sure they have the skills required to compete – and advance – in a 21st century economy,” said Wayne Smutz, UCLA Extension Dean. “There have been fundamental changes in our economy; the key is to recognize which jobs are falling by the wayside and which ones are taking off. In most situations, continuing education will give professionals the opportunity for better pay and a strengthened position for promotion.”
According to McKinsey Quarterly, a business magazine, when companies were asked what strategies they used to engage and attract employees, 60 percent of respondents reported performance-based cash bonuses were effective. Fifty-two percent said the same for an increase in base pay, and 35 percent said stock options were effective, the Clarity – an entrepreneurial resource – infographic indicates.
These types of incentive compensation management (ICM) strategies will be imperative for companies to utilize if they plan to reinvent or bolster their brands to meet the changing economic and labor tides.
Industries to look out for
UCLA Extention data indicates that companies are feverishly recruiting for HR professionals to assist with a litany of operational tasks, from total compensation management to employee engagement strategies. For those reasons and more, more than 90,000 HR jobs are expected to be added to the labor market over the next seven years. One way companies can look to offer higher salary packages while ensuring qualified candidates is to integrate certification requirements into ICM structures so HR personnel can acquire higher pay once they meet qualification benchmarks.
Market research professionals are also expected to see a substantial boost in numbers, with the U.S. Bureau of Labor Statistics predicting a 41 percent increase in jobs by 2020. Companies should consider adding some market researchers to help kick start 2014 revenue streams by hiring professionals who specialize in utilizing sales dashboards to identify areas of fiscal improvement.
As the economy continues to get back on track and companies feel increasingly more comfortable and less reserved about bringing on new talent and improving compensation packages, organizations should keep in mind the impact an attractive salary can offer active job-seekers.
