Good Wages No Longer Enough as Workers Look Beyond the Paycheck
Amid growing competition for talent, workers are seeking employers that invest in modern skills
With US job growth slowing thanks to the late summer resurgence in Covid-19, underlying signs of strength continue to shine through in the Labor Department’s latest nonfarm payroll jobs report1.
“The economic resurgence presents employers with an acute new competitive challenge. In the circumstances, it makes sense for staff to seek the modern skills they need to thrive in their careers. They will remain loyal to an employer that demonstrates it takes career development seriously.”
Yet a surging economy presents corporate America with a different headache. Employers are in the middle of a historic tussle for talent, according to Questionmark, the online assessment provider.
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Recent Bureau of Labor Statistics figures revealed a significant gap between job openings and unemployment. With competition fiercer than ever, employers must go above and beyond to secure the talent they need to capitalise on the bounce-back2.
There is evidence the age-old promise of higher pay is no longer enough to entice workers. Candidates are seeking additional commitments from employers. These include career development programs, eliminating the requirement to hold university degrees and a commitment to help them upskill and gain the modern skills that will benefit them in their career3.
John Kleeman, Founder of Questionmark, said: “The economic resurgence presents employers with an acute new competitive challenge. In the circumstances, it makes sense for staff to seek the modern skills they need to thrive in their careers. They will remain loyal to an employer that demonstrates it takes career development seriously.”
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Questionmark sets out five strategies for using staff assessments to boost attractiveness to current employees in its white paper: “Five Ways Assessments Can Help Retain Employees”.
Employers can use staff assessments to demonstrate a competitive advantage in an area that matters to staff. By building an understanding of the skills staff possess and desire, employers can develop meaningful career plans and training programs. This will help them build a reputation for investment in their people.
As the economy continues to recover, career development, rather than competitive wages, will mark out the most successful corporate employers.
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