Recruiting Skilled Workers: An Increasing Challenge

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If you are planning to hire new credit staff in 2007, you may face some challenges recruiting top talent. A recent survey of 1,000 hiring managers and 3,000 workers suggests that a shortage of skilled candidates is the primary cause. The good news is that your company can set itself apart with a greater awareness of smart recruitment strategies. The following findings from the 2006 Employment Dynamics and Growth Expectations (EDGE) Report, jointly conducted by Robert Half International and CareerBuilder.com, can give you a clearer picture of the hiring environment as well as some recruitment strategies many companies are using:

    * What are the challenges? Four out of five hiring managers surveyed believe it is equally or more challenging to recruit new candidates compared to 12 months ago, and 82% expect the trend to continue in the next year. While 52% of hiring managers say a lack of skilled applicants is the top challenge, 21% cite an inability to offer competitive compensation.
    * Which positions are most difficult to fill? Staff-level technical and professional openings are the toughest positions to fill, said 37% of hiring managers. Administrative and clerical positions were considered most challenging by 16% of managers, and recruiting directors, managers, supervisors or team leaders was named a challenge by 15% of those polled.
    * What is the candidates’ perspective? Many employees seem unaware that they are currently in high demand: only 29% say they are more likely to negotiate a better compensation package with a new employer compared to the year before. However, as job seekers receive multiple offers, they are bound to realize their increased negotiating power. Benefits are a concern for workers, with 45% citing health insurance as the most important perk and 24% listing flexible work hours.
    * How are smart companies responding? Competitive salary and benefits package remain a key way to recruit top talent. Of the hiring managers surveyed, 38% expect compensation offers to rise in the next year and 54% expect offers to remain stable. Offering salary increases, providing bonuses and allowing flexible work schedules were the top retention measures cited by hiring managers; each approach was listed as their firm’s primary retention measure by 20% of the hiring managers polled. Providing incentives for workers to stay with your firm is critical, as 44% of workers said they are likely to leave their company for a new position within three years.

Source: Robert Half Finance and Accounting and Accountemps

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