Extraordinary Employee Incentives Still In Play Amidst Possible Labor Market Cool Down

Extraordinary Employee Incentives Still In Play Amidst Possible Labor Market Cool Down

80% of Businesses are Taking Steps to Make Hiring Easier
 Latest Results from The Harris Poll

 While some segments of the U.S. labor force have started to eliminate positions amid labor market and economic instability, a recent survey indicates competition for top talent is still fierce as 80% of companies are taking steps to make hiring easier.

This is according to a new study from The Harris Poll commissioned by Express Employment Professionals.

Four in five U.S. hiring decision-makers (80%) say their company is taking steps to make hiring easier—including offering higher starting salaries (33%) and hiring bonuses (29%). More than a quarter report they are offering remote work (27%) and/or offering better benefits (e.g., more paid time off, flexible hours, etc.) (27%). Around 1 in 5 say their company is expanding the geographic area where they advertise open positions (e.g., other cities, states, etc.) (21%), offering more internships (19%) and/or reducing qualification criteria for open jobs (19%).

Seventy-one percent of businesses also report they have modified benefits in the hopes of retaining current employees or attracting new ones. Further, 3 in 10 say they have increased the amount of paid time off offered to employees (32%), increased the amount of sick leave offered (31%) and/or offered additional healthcare incentives, such as a gym membership or mental health resources (28%).

However, despite the strides companies are making to compensate workers, delivering on all employees’ compensation expectations can be complicated.

Roughly 71% of U.S. hiring decision-makers say it is impossible for them to offer all of the benefits that employees want now—a sentiment that has held steady since 2021 (69% both in the first and second half of 2021).

In line with these sentiments, approximately 3 in 10 say their company has experienced an increase in employee turnover so far this year due to better pay/benefits being offered elsewhere (31%). Twenty-six percent of employers report better perks being offered elsewhere (e.g., summer Fridays and unlimited vacation days) as a contributing factor to the higher turnover.

Companies add that their lack of competitive pay (16%) and/or benefits (16%) are among the biggest hiring challenges they will face over the next year.  Investing in quality employees who bring value to the table is imperative to the success of any company, according to Express Employment International CEO Bill Stoller.

“Not all businesses can offer everything job seekers desire for employment, but oftentimes, reasonable pay and benefits coupled with a healthy work environment will attract the right workers at the right time,” he said.

 

Survey Methodology

The survey was conducted online within the United States by The Harris Poll on behalf of Express Employment Professionals between May 3 and May 23, 2022, among 1,003 U.S. hiring decision-makers (defined as adults ages 18+ in the U.S. who are employed full-time or self-employed, work at companies with more than one employee, and have full/significant involvement in hiring decisions at their company). Data were weighted where necessary by company size to bring them into line with their actual proportions in the population.

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If you would like to arrange for an interview with Bill Stoller to discuss this topic, please contact Sheena Hollander, Director of Corporate Communications and PR, at (405) 717-5966.

 

About Bill Stoller

William H. “Bill” Stoller is chairman and chief executive officer of Express Employment International. Founded in Oklahoma City, Oklahoma, the international staffing franchisor supports the Express Employment Professionals franchise and related brands. The Express franchise brand is an industry-leading, international staffing company with franchise locations in the U.S., Canada, South Africa, Australia and New Zealand.

 

About Express Employment Professionals


At Express Employment Professionals, we’re in the business of people. From job seekers to client companies, Express helps people thrive and businesses grow. Our international network of franchises offers localized staffing solutions to the communities they serve across the U.S., Canada, South Africa, Australia and New Zealand, employing 586,000 people globally in 2021 and 10 million since its inception. For more information, visit ExpressPros.com, and find more employment insights at ExpressPros.com/AmericaEmployed.

 

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