Bigger Salaries, Smaller Candidate Pool. How Did We Get Here?

Let’s say it plainly: Salaries are through the roof. If you’re an employer recruiting for open roles, you have probably felt the sting of a qualified candidate providing a salary range that makes your eyes pop out of your head. You may wonder why it seems that over the last couple of years, you cannot seem to remain competitive when it comes to compensation. The truth is, there has been a perfect storm of factors that have led us to the current state of job market compensation.

COVID and the Great Resignation

The entire world recently experienced something that happens maybe once every century or so. It affected things in ways we can’t even imagine. The Great Resignation was one MAJOR effect. Workers across the country had a reckoning with how work affected their lives; and as a result, they resigned in droves. Job seekers now have the upper hand. They can demand higher salaries while companies compete for their employment. There are some big name companies who can surely compete, but it leaves smaller companies, with less to offer in terms of pay, way behind.

But smaller companies can compete if they can provide other valuable benefits outside of money. During COVID, people learned the value of flexibility when it comes to work. They also realized that the lack of growth potential, diversity, and other factors from their employers meant more than previously realized. Allowing an actual work-life balance is now the baseline to retain talent. Additionally, providing professional development opportunities, promoting from within, elevating diverse voices, and investing in company culture are all potentially lower-cost actions your organization can take to attract the right candidates.

Money isn’t everything to everyone. Focusing on Employee Experience may be a different cost, but one that could earn companies not only more qualified candidates, but more long-term or “sticky” employees.

The elephant in the room: INFLATION

Inflation has been felt by everyone. There isn’t really anything anyone can do to stop this train. Until our government gets a handle on things, both companies and candidates will feel the squeeze of high prices.

Focusing on how you can support your employees through Inflation can be a way to attract and retain talent. For instance, put together a workshop on “Managing Finances through Inflation”.

Take the long view

At the end of the day, things will eventually balance out. The important thing for companies to remember is that they need to keep up with the times. Always be aware of how the state of the world or the country impacts the job market. Be creative with solutions, but ensure your focus is always on your people.

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Talent Tap Trends & Insights | Lancaster, PA

The Benefits of Flex Work Fridays

By Alayna Christian • 09 Apr, 2024

In a world where the traditional 9-to-5 work schedule is becoming increasingly outdated, companies are continually seeking innovative ways to enhance employee satisfaction and productivity. One trend gaining significant traction is the implementation of Flexible Work Fridays, a concept that allows employees to enjoy more autonomy and work-life balance at the end of the week. This could mean ending the day early, having no meetings, taking the day off completely at a cadence, or another favorable variation. Let’s discuss the tangible benefits seen from implementing Flex Work Fridays. Modernize Workplace Culture In a post-covid world, many companies are embracing the reality that traditional work schedules no longer align with the preferences and lifestyles of modern workers. Recognizing that the traditional Monday-to-Friday grind may no longer be conducive to maximum productivity, forward-thinking employers are implementing new strategies to accommodate the changing needs of their workforce. Flexible Work Fridays represent one such strategy, allowing companies to adapt to the evolving demands of the modern workplace while maintaining a competitive edge in recruitment and employee retention. Boost Morale With the flexibility to adjust their schedules or even leave early on Fridays, employees are granted the freedom to prioritize personal commitments, leisure activities, or simply unwind after a long workweek. This flexibility not only promotes work-life balance but also fosters a sense of trust and empowerment among employees, leading to increased job satisfaction. Employees who are empowered to manage their time effectively are more likely to feel valued and motivated, leading to improved performance and organizational success. Enhanced Employee Wellness Providing flexibility on Fridays can contribute to better overall employee wellness. Whether it's dedicating time to exercise, attending medical appointments, or simply enjoying downtime, employees appreciate the opportunity to prioritize their well-being. This focus on wellness can be particularly attractive to top talent who seek employers that prioritize employee health and happiness. Boost Productivity Some employees may find they work better in a quieter environment or during non-traditional hours. That, coupled with the boost in morale from feeling the support of a company that values their employees’ life-work balance, can lead to a more productive output. This increased productivity can attract and retain top talent who value efficiency and effectiveness in their work. In conclusion, Flexible Work Fridays represent a progressive approach to modernizing workplace culture and meeting the evolving needs of employees. By offering flexibility at the end of the week, companies demonstrate a commitment to supporting its employees' diverse needs and preferences, and can cultivate a more positive and inclusive work environment. Companies can achieve that and more while simultaneously driving productivity and retention, and enhancing their ability to attract and retain top talent in today's competitive job market. As the workforce continues to evolve, embracing flexibility is not just a perk but a strategic imperative for companies looking to thrive in the 21st-century workplace.

Navigating Salary Expectations in a Shifting Economy: A Balancing Act for Candidates and Employers

By By Alayna Christian • 30 Nov, 2023

In the dynamic landscape of today's economy, salary expectations play a crucial role in shaping the employer-candidate relationship. As economic factors continue to shift, the balance between what job seekers anticipate and what employers are willing to offer becomes increasingly intricate. Recent reports shed light on the evolving salary dynamics, exploring the rising expectations of American workers and the challenges faced by employers in meeting these demands. The Surge in Salary Expectations: According to a recent USA Today article, American salary expectations are on the rise. In an economy marked by inflation and other economic uncertainties, employees are seeking compensation that aligns with the increasing cost of living. As job seekers become more informed about market trends and living expenses, their expectations are naturally adjusting to reflect these changes. Challenges Faced by Employers: While candidates are optimistic about higher compensation, employers are grappling with the challenge of managing these soaring salary expectations. It has been reported that salary increases are misaligned with current inflation rates, and although it puts more onus on the employer, the reality is that we are living in an era where money simply does not go as far as it once did. In order for candidates to put their best efforts toward an organization, they need to feel they are being compensated well enough to survive these expensive times. As a result, businesses are being urged to reassess their compensation strategies and adapt their salary structures in response to the evolving job market. It is one of few ways to ensure a business can remain competitive among job seekers. Fortunately, data from The Conference Board indicates a growth in salary increase budgets for the year 2023, which reflects the idea that a majority of employers understand and are effectively navigating these expectations in order to attract and retain top talent. Strategies for Balancing Expectations: In this dynamic environment, finding a balance between candidate and employer expectations is essential. Employers can explore creative compensation packages, including fine-tuning benefits, offering flexible work arrangements, and professional development opportunities. This approach enables organizations to remain competitive without solely relying on traditional salary increases. As the economy continues to evolve, salary expectations will remain a top priority in the labor market. Job seekers, armed with market knowledge, are increasingly aware of their worth, while employers navigate the challenge of meeting these expectations within the constraints of economic conditions. The key lies in open communication, flexibility, and a strategic approach to compensation that goes beyond traditional salary figures. In this shifting economy, the ability to adapt and find a middle ground will be crucial for both candidates and employers to thrive in the ever-changing job market.