According to the more than 18,000 employers surveyed for ManpowerGroup’s 2014 Employment Outlook Survey, 17 percent of employers plan to hire in Q1 next year. An additional 73 percent said they expect to maintain their workforces. Whether employers choose to hire or focus on talent management, compensation will be a key factor in many companies’ strategies to sculpt a competitive workforce comprised of star performers.
Survey data indicates more job choice freedom
Data from the survey points to drivers, IT professionals, accounting staffs, teachers, sales representatives and trade workers as being among the top 10 jobs that experienced talent shortages in 2013. As some industries continue to predict a growing skills gap, it will be crucial for employers to attract and develop talent through salary structures that empower the worker, such as incentive compensation management (ICM) plans.
The 17 percent of employers expected to hire will need to use merit increases and other ICM structures to align with economic trends that mark first quarter 2014’s hiring outlook as the most positive since prerecession 2008, according to Staffing Industry. As the number of workers entering the labor market increases and employer trends indicate hiring upticks, workers will have more flexibility in choosing an employer – making the urgency to court talented workers into an organization with competitive salaries key to a company’s success.
“Employers remain optimistic and continue to gradually improve their hiring projections despite the uneven economic recovery and other global and domestic influences,” said Jonas Prising, president of ManpowerGroup, in a statement. “We’re starting to see talent strategy match the importance of business strategy as individuals with the right skills and experience become harder to find. Today, almost every major business decision focuses on knowing how to access, mobilize and optimize workforces to remain competitive.”
ICM helps companies attract, nurture talented performers
In order to access and speak to the needs of those workers, employers must be willing to offer salary structures that are in line with top professional skills and that will nurture the personal and financial growth of workers. ICM strategies often utilize software that is accessible by both the company and individual employee so frequently personal development plans are integrated into salary structures, paving the way for streamlined prosperity.
When workers feel their skills and creativity can earn them a higher pay grade, they are more likely to choose companies that offer payment structures that provide financial sustainability to an employee’s innovations.
