Hiring has been up and down in recent years, but the outlook for the rest of 2014 looks to be a positive one for businesses and prospective employees. Of course, with any increase in hiring comes extra work for businesses, including recruiting and onboarding, as well as setting up these new workers with the benefits and pay they require. A surge in hiring also means it will be harder for some companies to hang on to their top staff members, which makes having exemplary HR services extremely important.
More companies looking to hire, raise salaries
A recent survey from Dice Holdings, Inc., found that hiring across the U.S. is expected to rise in the second half of 2014. According to the research, more than half of all hiring professionals said they would be looking to expand staff more than they did in the first few months of the year. This may be especially challenging for some businesses, as they have to contend with replacing current employees as well. More than one-third of survey respondents said voluntary turnover has grown in 2014, with about 43 percent of managers disappointed to see these quality employees leave the company.
The survey also noted that recruiting for open positions is getting tougher. Only 57 percent of respondents reported an uptick in the number of applications coming in, which means they may be struggling to fill spaces that require educated and experienced professionals.
“It’s not a candidate’s market in every field, but with more and more hiring managers reporting salary increases, both retaining and attracting talent becomes more of a challenge,” said Michael Durney, president of Dice Holdings, Inc.
Human capital management make a difference
With the need for human capital growing and so many companies competing for knowledgeable staff, the process of recruiting, training and retaining employees becomes all the more important. Recruitment outsourcing can be a major advantage in this regard. Top companies provide resources such as compliance training and leadership development, along with often-overlooked tasks like the creation employee handbook. All of these steps foster a safe workplace, which may be just what some businesses need to attract and retain excellent workers.
Even managing current staff is becoming more difficult. About half of businesses said starting salaries are increasing, and existing salaries are jumping as well. Handling raises and the expansion of benefits can be difficult for anyone unfamiliar with payroll and tax administration, and partnering with accredited PEO companies to take care of these human resource tasks allows businesses to be in full compliance with laws and regulations while also pleasing their employees.