Competition for talent remains tough, and according to CareerBuilder’s 2017 Job Forecast, many employers are resorting to offering higher pay to attract the skilled workers they need.
Two thirds (66 percent) of employers say they’ll increase the starting salaries for new workers this year – nearly half of them (30 percent of all employers) will bump starting offers by 5 percent or more.
What Does This Mean for You?
Simply put, if you’re hoping to hire skilled workers in the coming 12 months, you may need to reconsider how much you’re offering. Make sure that what you consider a fair salary is up to date. Do some research on your competitors and other employers in your area that may be looking to pull from the same labor pool as you to get a sense of what else is out there for the candidates you’re trying to attract.
If increasing salaries isn’t an option for your firm, don’t forget to highlight your company’s culture and other perks and benefits. Salary plays a big part in a candidate’s decision, but it’s far from the only factor they’ll consider.