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Salaries are rising fast. How is that going to impact your business? Companies are going to need to adapt to the post-COVID world if they’re going to be able to maintain their talent.

How Has the World Changed After COVID?

Effectively, salaries are increasing substantially. Many employees have been out of work for some time. But on increased unemployment, they have started to realize their value to the market. Many employees don’t need to go back to work just yet; they are taking their time to consider their options. Some of them have gone back to school and taken certifications, while others have worked on other areas of their personal development.

Bottom line: throughout many industries, companies are seeing substantial leaps in expected salaries.

And for some companies, that’s a problem. COVID cut back on the profits for many businesses, especially those in retail and restaurant sectors. Companies may not feel ready to pay for larger salaries, but that’s going to be a reality of hiring moving forward. Two Roads Professional Resources image of 2 business people shaking hands in hiring agreement

Focusing on Quality, Not Quantity, When Hiring

Employers may need to accept that they aren’t going to be able to maintain the workforce they once had. Rather, they are going to need to be creative and lean. They will need to focus on hiring the best talent and will have to be prepared to pay for that talent.

  • Take a look at the market. Other, comparable job positions need to be considered. If everyone else is offering $60k, you need to be offering close to the same. Unless…
  • Get creative with benefits. Many professionals will be willing to forego giant increases in salary if they have more flexibility. Work from Home is highly desirable, as is flex time.
  • Consider your requirements. Do you really need a professional with four years of experience? Or could they do just as well with two? Take some time to interview candidates who might be outside your scope.
  • Lean on your technology. Improving the efficiency of your processes and your technology may help you operate with a leaner staff, at least until your organization can start pumping up its numbers again.
  • Audit your budget. There may be areas in which you can cut back, especially if you’re moving to a more remote workforce. By taking advantage of remote workers, you can reduce your brick-and-mortar presence.
  • Look outside your area. And because more workers are operating remotely, you may be able to connect with workers outside of your geographical location.

 

And, of course, working with professionals can help. If you’re concerned about adding to and managing your workforce, it’s time to contact the experts. Call us to find out more about how you can get the best talent.


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