By Dan Cook
Times are getting better every day for top performers who are looking for new gigs.
According to the Society for Human Resource Management, hiring activity
continues to set four-year-high records every month, and this is making hiring ever more difficult for employers as they battle for the best and brightest.
SHRM’s latest Leading Indicators of National Employment Report reveals that employers are offering better compensation packages
compared to a year ago to remain competitive against other employers. SHRM found:
- 8.8 percent of manufacturing sector respondents reported increasing new-hire compensation in July, compared to 6.1 percent a year earlier;
- 12.3 percent of those in the service sector reported an increase in new-hire comp, compared to 8.3 percent a year earlier.
In terms of hiring activity, SHRM found:
- 50.2 percent of manufacturers will add jobs in August, up 0.3 percent over a year earlier;
- 35.8 percent of service sector respondents will add jobs in August, a 0.7 percent increase over August 2013.
August will be the third consecutive month that hiring has reached a four-year high for both sectors, SHRM said. Recruiting challenges as reported by HR professionals hit a four-year high in July for both sectors.
“We may finally be seeing recruiting difficulty impacting wages, which have remained relatively stagnant well into the recovery,” said Jennifer Schramm, manager of workforce trends at SHRM. “More HR professionals
in both sectors are reporting that they had to increase new-hire compensation compared with the same time a year ago.”
Originally published on BenefitsPro.com