The survey indicates that employers must focus on professional development as well as increase compensation in order to attract and retain top talent.
BEDFORD, N.H. (2/10/2020) – BANKW Staffing, LLC, New England’s leading staffing and recruiting firm, today announced the results of their annual Employer Confidence Index and Candidate Pulse Index. The surveys points to a hiring landscape that will be ripe with new jobs and candidates who are seeking these opportunities. However, the struggle to hire the right people remains challenging and, as the survey reveals, may be due to a disconnect between the benefits companies use to attract talent and the benefits those candidates are actually seeking.
Most organizations felt positively about their business prospects and are hiring accordingly, with about 25% planning to add a minimum of three employees and 17% planning to hire up to 20 employees. Talent for these hiring goals seems promising, with 74% of candidates who responded to the survey planning to look for a new role within the year.
The challenge for employers will be targeting these candidates appropriately. Consistent with last year’s results, companies believe work-life balance is a top benefit for attracting talent aside from compensation. Interestingly, poor work-life balance was not high on the list of frustrations for candidates.
The biggest frustration for candidates is lack of professional growth, which is rated only marginally more frustrating than low compensation (25% and 24% respectively). The number one reason people actually left their job was lack of opportunity/limited career advancement (16%) followed by unhappiness with compensation or benefits (10%).
“Companies have done a great job cultivating benefits like work-life balance and flexibility. This is what candidates expect in their current role and in a new job,” notes Matt Nagler, Managing Partner, BANKW Staffing. “In order to distinguish themselves, hiring managers need to look beyond work-life balance. Providing professional growth and competitive salaries will be key to mitigating frustration with current employees while attracting top talent to your organization.”
Additional findings:
Employers felt that low unemployment rates and competition from other businesses were top hurdles for attracting and retaining talent.
Sixty four percent of area organizations agree that the top workforce management challenge remains finding new employees with the right skills to meet business needs.
The majority of employers who responded indicated that working with their staff or providing mentorship are the most enjoyable aspect of their job.
Twenty percent of companies believe that partnering with a staffing firm is the most effective hiring tactic.
While confidence within individual organizations was high, less than 5% felt “extremely confident” in the U.S. economy compared to 28.7% last year. Nonetheless, the majority of respondents felt “very” or “somewhat” confident in the U.S. economy, at 36.21% and 47.41% respectively.
The majority of candidates are only “somewhat” confident (40%) or “not so” confident (22%) about finding a role that fits their experience and/or pays well.
Thirty two percent of candidates believe it is harder to find a job now compared to last year.
Of candidates who responded, 38% change jobs about every two years. Nearly half find online job boards to be the most successful search tactic, and 24% find that using staffing firms is the most effective means of securing a new position.
About the BANKW Staffing Surveys:
Candidate Pulse Index
The BANKW Staffing Candidate Pulse Index is an online survey that began late 2019 and concluded in early 2020. It polled nearly 150 New Hampshire and Massachusetts job seekers (candidates) across a variety of professions including accounting, financial services, technology, human resources, professional services and marketing. The survey reveals insights about the state of the job market from the job seeker’s perspective in these regions.
Employer Confidence Index
The BANKW Staffing Employer Confidence Index is an online survey that began in late 2019 and concluded in early 2020. It polled over 100 New Hampshire and Massachusetts employers across a variety of sectors including accounting, financial services, technology, human resources, professional services and marketing. The survey reveals insights about the state of the job market from the employer’s perspective in these regions.
Candidate pulse index findings and employer confidence index findings can be found here.
About BANKW Staffing
Through its portfolio companies, KBW Financial Staffing & Recruiting, Alexander Technology Group, The Nagler Group, Sales Search Partners, and KNF&T Staffing Resources, BANKW Staffing, LLC is the leading regional provider of temporary and direct-hire staffing services in the areas of finance, accounting, information technology, office and administration, legal, human resources, and sales.
BANKW Staffing companies have received over 100 awards for rapid growth, business excellence, and workplace quality. Recognition includes Inc. 500, Boston Business Journal’s “Best Places to Work” and Business NH Magazine’s “Business of the Year”.
Learn More – https://www.bankwstaffing.com
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