When it comes to finding talent and keeping it in this economy, having the right HR payroll software in place is a no-brainer. Many employers have started to take the necessary steps to improve their payroll management and their recruitment to continue growing their businesses. According to a new survey by professional website company Dice Holdings, the current economic conditions have driven many employers to increase their hiring and boost their workers' salaries. For HR professionals, this increased optimism means payroll management and effective talent acquisition will be critical for the continued success and growth of their companies in this economy.
Boosting Payroll and Recruitment
Dice Holdings received responses from 806 hiring professionals for its survey, with the majority being from healthcare, technology and financial services. According to the findings, these professionals are seeing the job market tighten and become more competitive, with 89 percent saying their companies weren't planning on laying off any workers within the next six months.
Of those employees who had decided to leave the company on their own, 43 percent of HR professionals admitted it was difficult to see these workers go. Replacing these top performers has become a significant challenge for more than half of the survey's respondents. In fact, 57 percent said their applicant pools are drying up.
Yet the signs remain positive for employers. According to The New York Times, recent reports indicate companies are becoming more confident about the economy and are starting to increase their number of job postings. The newspaper reported some companies have invested in hiring recruiters to boost their full-time employees, which is a big step for many businesses that have made due with trying to find talent without these key hiring professionals. While some of these businesses remain at the mercy of consumer demands and market conditions, The Times reported many are being carefully optimistic about their industries and their ability to increase payrolls and recruitment.
"I'm very curious to see how freight levels are in May and June," James Welch, chief executive at trucking firm YRC Worldwide, told the newspaper. "We're trying to figure out if this is an overhang from the winter, or is it the economy getting better. I don't have the answer yet."
Many employers may need to wait to determine if their industries' needs will support their recruitment and payroll increases, and some – especially those in IT – may end up hiring recent college graduates to fill entry- or mid-level positions that had been previously occupied by more seasoned workers. According to the latest study by the National Association of Colleges and Employers, companies said they are expecting to employ 8.6 percent more workers from the most recent college graduating class. In total, the NACE found 48.4 percent of the 1,015 responding employers said they are hiring recent graduates.
Salaries promise to be higher for these new hires as well. The Dice Holdings survey found 49 percent of employers will provide higher wages of their new hires than last year. In addition, 53 percent said they will increase their existing workers' salaries as well, which is a great strategy for both retention and recruitment.
To support greater hiring and higher salaries, HR professionals will need to use the best HR software. Having a self-service option is one element at that makes it easy for employees to keep track of their compensation. Talent management software is also a solid investment for HR departments that look to keep their top workers at the company for the long haul.