Amid a massive labor shortage, companies have boosted wages to try to attract and retain workers.
However, HR experts say that more must be done to stay competitive in the labor market beyond just increasing pay.
That could include enhancing career development programs, tuition and skill training reimbursement, and removing traditional barriers like degree requirements.
Hiring has perhaps never been harder for employers.
As pandemic restrictions eased amid the accessibility of Covid vaccines and businesses started bouncing back, many employers faced workforce shortages. Workers who may have lost their jobs during the peak of the pandemic were now highly desired.
In June, there were more than 10 million job openings in the U.S., the most ever recorded by the Bureau of Labor Statistics. In comparison, only 8.7 million people were still unemployed in July, according to the BLS.
The competition to recruit new workers as well as retain existing ones is now fierce. That pressure is doubly felt in industries like retail and dining and hospitality, sectors hit hard by the pandemic but now seeing customers come back.
To try to counteract that, companies of all sizes are trying to attract workers with increased pay.
Read more at Full Story: CNBC
Written by By Ian Thomas