Are you winning the race for the best employees? Today’s labor market is highly competitive. The skills needed to perform the work are increasing and the qualified applicants to fill the positions are decreasing.
Talented workers are mobile and are changing jobs more frequently than ever before. There is a shortage of qualified workers and yet unemployment remains at unacceptably high levels. Improvements in efficiency and productivity within all industries have reduced the number of employees needed to meet customer demands, yet employers are struggling to find employees ready and able to work for the pay and benefits they can afford to offer.
The people who are talented are already employed and many prospecting employers are actively recruiting them to switch jobs.
You need to not only attract but retain the best employees to win the talent race. Pay, however, is only one factor when trying to attract or retain talent, and not, according to most studies, even the most important consideration.