Insights to Attract and Retain Talent

October 02, 2019
Publication
Inside HR
Benefits
Engagement & Retention
Compensation Planning
Read time: 2 mins

In a tight labor market, an effective total rewards strategy that’s aligned with a solid business plan is a key component to attract and retain top talent. Last week at the MRA event CompTrends: Pay, Benefits & Best Practices, over 800 attendees gained valuable, fresh insight to better understand market competition for talent and how compensation via total rewards plays an important role.

Check out these compensation and talent insights for 2020 and beyond:

  • Organizations expect to sustain or grow their workforces in 2020, with 51 percent planning on sustaining and 45 percent looking to expand. Two percent will freeze and another two percent plan on downsizing.
  • The average time for companies to fill vacant jobs hasn’t changed much:
    • The traditional one to three months (59 percent)
    • Two to four weeks (34 percent)
    • Longer than three months (4 percent)
    • Less than two weeks (3 percent)
  • What are the greatest compensation and talent challenges facing organizations today?
    • Recruiting talent (73 percent)
    • Offering competitive pay (60 percent)
    • Containing benefits costs (53 percent)
  • Organizations that successfully attract and retain talent differentiate themselves in three areas—the company’s culture, reputation, and competitive rewards packages.
  • Businesses are adjusting their hiring processes to fill positions quickly by trying these strategies:
    • Training and developing current employees (44 percent)
    • Shortening the interview cycle (44 percent)
    • Using a standardized onboarding process (42 percent)
    • Not waiting for other candidates to compare against (38 percent)
    • Making a best offer out of the gate (36 percent)
  • Different ideas on how to address compensation and talent challenges:
    • Extend offers in new markets.
    • Update data and job descriptions.
    • Look to hire from talent pools like retirees, veterans, non-degreed or disabled workers, and formerly incarcerated candidates.
    • Make sure your organization has an attractive culture, is socially responsible, values diversity and inclusion, and is on top of emerging technologies.