With colleges and universities dismissing for the final time during the 2014-15 school season, a fair share of these students will be shedding their undergraduate title and entering the workforce. The market's infusion of new talent makes it an ideal time for hiring, which based on polling data is something that business owners – large and small – expect to do.
Nearly two-thirds of employers say that they intend to do more hiring of college graduates this year, according to a recent survey conducted by online job search engine CareerBuilder. That's up from 57 percent in 2014 and is the highest percentage since 2007, prior to the financial collapse that led to the recession.
Additionally, perhaps in an effort to persuade employment seekers to apply – and keep them aboard for as long as possible – business owners are also paying more. Roughly 33 percent of employers say they will offer more substantial starting wages this year than they did last, with 1 in 4 offering to pay $50,000.
Even among highly competitive industries, hiring intentions have risen. Approximately 22 percent of chief information officers say that they will do more hiring in the second half of 2015 than they did in the first six months, based on a different poll conducted by Robert Half Technology.
"Skilled technology professionals are in high demand across the country, and companies are going to great lengths to attract the best talent," said John Reed, Robert Half Technology executive director.
Retention is key
Because more people are hiring and the unemployment rate has fallen – currently standing at 5.4 percent, according to the U.S. Department of Labor – there's a greater number of opportunities for job seekers to pursue. Unlike several years ago during the height of the recession, employment openings were hard to come by, thus preventing individuals from seeing what else is out there. Now that things have improved, though, new retention efforts are in order.
If you're a business owner, one of the best ways to ensure loyalty among highly skilled workers is by re-evaluating the company's employee benefits strategy. That's because employee benefits are something that workers put a premium on, meaning they find them to be of great value.
Just ask the people who have no intention of leaving their employer. In a separate poll conducted last year, also by CareerBuilder, when respondents were asked what the main reasons were for staying with their current workplace, a leading reason was their insurance benefits. Nearly 50 percent indicated that the benefits they got through their office was the most compelling reason for wanting to maintain their position. Work/life balance and co-workers were the only two factors that more people cited as being their reason for staying.
You may also want to re-evaluate your employee benefits in order to make them more efficient, or to cut down on expenses, be it what the company pays or employees.
Health care costs have risen for average family
For a typical family of four, the average employer-sponsored health plan costs nearly $24,700 per year, according to actuarial services firm Millman, Inc. That's up 6.3 percent from 2014, which in terms of dollars translates to $1,456. Employers are also spending more. The study found that the main reason for the uptick was due to more expensive prescription drug costs.
By re-evaluating your company's coverage, you may be able to help keep premiums down by reducing waste and removing protections that are superfluous or non-essential.
Taking another look at your employee benefits package can also help you better communicate to your workers the financial protections they have. More than 55 percent of employers say improving their workers' comprehension of benefits is their main focus, according to a survey done late last year by the National Business Coalition on Health.
