Some employers may be looking for a way to spice up winter-lorn workforces while also ensuring they’re holding on to the most qualified, talented workers available – especially as numerous studies predict high turnover rates over the next four years. For companies looking to get the most from their employees while filling problematic skills gaps, incentivizing capabilities may be the answer. Many organizations already use this strategy in conjunction with incentive compensation programs that allow workers to garner higher pay and bonuses for reaching certain professional benchmarks. For example, according to The Future Buzz, a media and marketing website, business analytics, marketing and social media are among the most highly sought skills for 2014. Thirty-seven percent of the 747 Fortune 500 executives surveyed noted analytics was the most important skill, yet had the largest talent gap. Similarly, EFY Times named mobile application management, database administration, networking and security compliance among some of the top skills needed for the shifting labor market. If these trends indicate anything, it’s that unsurprisingly, organizations are seeking applicants highly skilled in technology. Still, many executives report substantial qualification gaps that keep their companies at line with the status quo. Employers who wish to entice active job seekers or motivate established workers should consider offering financial incentives for taking steps to achieve a certain level of skill capital. These merit increases can easily be worked into professional development plans that outline what workers must achieve to move up into higher pay grades. Then, that data can be tracked through incentive compensation management (ICM) software dashboards that allow both supervisors and workers access to their personal salary and skills matrix information. When employees feel they have more autonomy over their work life, such as the ability to receive better pay with more skills, they are more likely to be satisfied and ultimately loyal to their company.
