New research from global staffing firm Robert Half indicates employers are increasingly concerned about losing their top performers.
The company said a majority of senior managers surveyed (82 per cent) said they are worried about their company’s ability to retain valued staff, with 34 per cent being very worried. Of those respondents, 41 per cent attribute their concern to salary reductions or planned salary freezes for the near future, it said.
“The pandemic has caused organizations to shift into high gear, and many employees have taken on heavier workloads,”said David King, Canadian senior district president of Robert Half, in a news release.
“Although some companies are offering non-monetary perks such as options for greater flexibility in the workday or access to important health and wellness resources, many have also been forced to reduce or freeze salaries. Because of this, employers have growing concerns about their ability to retain high-performing employees as they continue to weather the economic impact of COVID-19.”
Even in a time of high unemployment, a majority of companies are offering new recruits pay that meets or exceeds pre-pandemic numbers. More than half of senior managers surveyed (56 per cent) said starting salaries for new hires have held steady since COVID-19 began. And about one in five respondents (19 per cent) noted an increase in base compensation, said Robert Half.
“Employers are putting a premium on professionals with the skills and expertise needed to support new business priorities resulting from the pandemic,” said King. “When it comes to negotiating job offers, not only do these candidates have an edge, but we’re finding employers are also more open to discussing compensation earlier in the hiring process. Now is a critical time to be aware of current salary trends to ensure you’re prepared to offer the competitive salaries needed to quickly secure top talent.”