To learn more about this and other hiring trends to prepare for in 2022, download our full report here.
In a recent LaSalle Network report, 73% of companies surveyed indicated they are planning to add headcount in 2022. However, the U.S. just hit a record-high quit rate with more than 4.5 million professionals leaving their jobs in November alone.
In the same LaSalle Network survey, the No. 1 hiring challenge the majority of respondents (53%) stated they faced in 2021 was meeting compensation requirements.
As salary demands increase, remaining competitive in today’s hiring landscape has gotten more challenging – and expensive – for employers. With a limited talent pool to choose from, candidates are challenging companies for higher salaries…and many are willing to increase pay to avoid talent turnover.
In some businesses, increasing salaries to attract candidates is leading to serious pay inequity between new employees and existing staff. Hiring professionals at high wages without leveling up existing teams is likely to cause friction between employees and leadership, which could result in additional turnover.
For many businesses, this level of salary increase may not be sustainable, and as the jobs market settles, eventually so will salaries. Leaders should prepare now to utilize alternative, non-monetary methods of attracting candidates, for instance developing a strong company culture, providing growth and development opportunities, and other perks and benefits. For more ideas on showcasing non-monetary incentives during the interview process, click here.
To learn more about this and other hiring trends to prepare for in 2022, download our full report here.
