Hiring for full-time positions is a top priority of human resources managers, according to a recent survey conducted by Warneramp; at the annual HR Seminar. Cost reduction and moving internal talent tied for second place.
This year’s survey shows a shift in priorities from the same poll taken in 2012, also taken after the annual seminar, where cost reduction was top priority, closely followed by hiring for full-time positions.
The 2016 results also showed slight increases in prioritizing part-time hiring and promotions over 2012 and a drop in prioritizing temporary staffing.
These trends indicate an increase in workforce stability for these organizations. It’s a positive shift to see that filling full-time positions is now a top focus. This conversion in priority is being driven by low unemployment in Michigan and the shortage of qualified candidates for highly skilled and technical positions. The latter is not a geographic issue, but something that we hear from automotive parts supply businesses industry-wide.
According to the U.S. Bureau of Labor Statistics, employment of computer and information technology occupations will grow 12 percent by 2024, adding 500,000 new jobs—far above the average for all occupations. This is especially relevant for automotive parts suppliers due to the advent of telematics and autonomous vehicle technology.
Overall, the tech talent challenge is compounded by expectations of the talent pipeline not keeping up with demand and quicker turnover of young workers. So, what’s an employer to do? In part, this is the new normal and employers should get used to rapid turnover, but make every effort to attract and retain valuable talent as long as possible. Employers should continually assess their benefits and compensation plans to ensure they’re well executed and cost effective. It’s equally important from the employee perspective that the grass is always greener on their side of the fence.
To assess your policies and plans for attracting and retaining high quality talent, contact any member of our Employee Benefits & Executive Compensation or Labor & Employment groups.
