Many experts claim that 2011 marks the dawning of a new era – an end to the recession and a return to the prosperity we knew before 2008. But the nation’s employers are not quite ready to spend like they did before the economy began its downward spiral, and most are not able to invest financially in their employees like they once had, no matter how much they want to.
For human resources management, 2011 will be filled with creative innovations when it comes to retaining employees and providing perks.
During the recession, many employees did not want to stray from their current job situation because they were just thankful to have a job at all. But as the picture becomes slightly sunnier, workers are getting restless and their employers must make an effort to retain them, even if they don’t have the financial means to do so.
“The recession produced fundamental shifts in how companies and workers view the market,” says Brent Rasmussen, president of CareerBuilder North America. “Businesses are becoming more agile and changing direction. They’re operating leaner and recruiting for opportunities in emerging areas. Workers are transitioning to new fields, are more open to relocation and are more apt to consider opportunities outside of their current employers.”
CareerBuilder writes that companies in 2011 will try many innovative maneuvers to maintain their current workforces and perhaps gain new employees in the process. Here are some of their top employment trends for the coming year:
1. Creating New Functions. Employers will try adding new functions within their companies to stay up-to-date with popular movements. Green energy, social media and healthcare reform jobs are all gaining importance in organizations of all sizes. The title “cyber warrior” may also emerge in 2011, says CareerBuilder, as companies look to protect their websites from security breaches and fraud.
2. Covering Relocation Costs. According to the study, 33 percent of employers said they would be willing to pick up the moving tab for new employees. In addition, 23 percent of previously unemployed workers relocated to a new city or state for a new job. An employee who is willing to move for a company is likely to be a dedicated team member, so the relocation costs put up by the organization may be worth the investment.
3. Promoting Without Pay. Although employees would ideally love a pay raise, companies have found that the boost in morale from a promotion, even when additional pay is not offered, can still improve work performance. CareerBuilder says that the majority of employers plan to increase salaries for their existing staff in 2011, 39 percent will still not be providing raises. Thirteen percent will offer higher titles without pay increases.
4. Going Casual. No, this doesn’t mean companies are requiring Hawaii shirt Fridays every week or allowing employees to show up in their skivvies. Employers are, however, becoming more relaxed about set schedules and dress codes for their workers in the hopes of enhancing the overall work experience. According to the study, flexible work arrangements such as telecommuting and alternate schedules will be offered by 33 percent of employers in 2011. Fifteen percent of employers said they will provide a more casual dress code in the coming year.
Although many companies still plan to be cautious with their spending in 2011, Bloomberg reports that the U.S. economy will grow 3.3 percent in the coming year. In addition, new jobs will double. The nation is predicted to add 2.1 million private jobs in 2011, up from 1 million in 2010, meaning that both businesses and consumers are feeling more confident about the economy.
Is your company providing perks to attract and retain top talent, if so let us know about them below!