U.S. CFOs responding to the latest Duke University/CFO Global Business Outlook continue to view attracting and retaining qualified employees as one of their top concerns. Nearly all respondents (93 percent) said they had openings in key positions, but half of those are having trouble filling them.
"CFOs say they are increasing wages in response to labor market pressures and difficulty finding key workers," said John Graham, a finance professor at Duke's Fuqua School of Business and director of the survey. "Employment should continue to increase over the next year but at a somewhat slower pace. All else equal, we expect the unemployment rate to remain relatively constant."
U.S. firms expect to hike wages 3.3 percent over the next year, with wage growth strongest in services, consulting and construction.
Higher wages may certainly help attract people, but is it enough to get and keep the right people in the right positions? Not if you're unwilling to invest before, during and after the hiring process, according to many human resources experts. So-called "unicorns" (A players that already know your business) do exist, but they're very rare. And they're the ones who know they're worth top dollar.
If you're struggling to fill to key positions, review the job description and ask yourself: Is this really something one person who hasn't already been a part of our company for years can do? Or are there elements that we can teach the right person how to do?
And don't focus so much on the price tag. The 2015 Millennial Impact Report, produced by research agency Achieve and released this summer, highlighted that for millennials, feeling like they're making a difference matters. Granted, you have to pay them a reasonable wage, as well, but creating an environment that supports that broader view may help you maintain those top employees.
As MDM Publisher Tom Gale wrote in Changing Norms for Building Talent, "what worked for baby boomers, driven almost exclusively by monetary rewards, is secondary to the social, educational and aspirational motivations of today’s emerging workforce."
