In-demand positions in critical industries demand rising salaries, especially for midlevel employees within manufacturing and logistics. Roles including CNC programmers, molders, plant managers, and logistics managers are especially impacted with significant increases in salary. Investment banks in particular are offering higher salaries. For example, Morgan Stanley and Goldman Sachs increased their annual first-year pay to $110,000 – other banks have followed suit increasing entry-level banker’s annual pay to $100,000.
More than half, (60%) of businesses in light industrial are finding it challenging to keep up with rising demand in 2021 – including staff retention during the ongoing labor shortage. Because of the labor shortage, 31% of respondents to a recent survey said they had to give up some business opportunities. Another 39% stated they are turning their focus toward increasing headcount. As part of a staff retention strategy, 72% of respondents increased pay – the average raise for hourly full-time light industrial staff was $2.54.
Even though it’s at the top of the list for workers, less than 50% of companies surveyed are incorporating flexible scheduling and career development into their plans.
Per 18% of respondents to a recent survey, technology is increasingly being leveraged to assist in continuous staffing needs…while also impacting operational efficiencies which in turn help to attract and retain top talent.
A whopping 71% of employers are looking to leverage contingent for more of their open roles, which is the highest percentage since the Randstad Sourceright’s Talent Trends Report started. In the 2022 report, it was also found that over half (53%( of business leaders expect to hire ‘extensively’ this year. Leveraging talent that spans geographical barriers is a strategy used by 80%, while 25% are shifting permanent roles to temporary or freelance status.
In addition, 84% of business leaders favor talent experience above all else – another example of how power is currently held by employees during this time of the Great Resignation. Remote work and flexible schedules are seen as some of the top ways to attract and engage talent by 86% of those leaders contributing to the report. Another 25% have admitted that the labor shortage has impacted their profits negatively.
Around 34% of workers are reportedly content with their current employment situation. If they were to leave, the top three reasons would be higher wages (74%), flexibility (63%), and learning new skills (48%).
Upskilling talent is the key for banks to leverage technology to meet their organizational goals, effectively “calibrating roles with emerging skills and hiring for potential”. Talent strategies need an overhaul per a recent report, “How Banks Can Become Future Ready”. In order to manage AI, big data, cybersecurity, and blockchain technology among other areas seeing growth, banks would do well to close skills gaps impeding progress. Around 15% of top in-demand skills are being utilized within the IT teams of banks.
Goals are expected to go by the wayside due to continuing increase in quits and challenges in hiring. Most business leaders (90%) feel that a skilled workforce is critical to their efforts, and 80% cite the Great Resignation as the top reason their efforts have been thwarted. A paltry 11% of U.S. adults “believe their employer was not short-staffed last year because of pandemic-related labor shortages.”
Until next week,
Erin and Team BountyJobs