We launched our 2019 Techfluence series with our first event of the year at our New York headquarters. The focus of the meetup was to discuss how companies are luring and keeping talent in the full-employment economy, drawing on the findings from our 2019 Job Market Report and talent management techniques of our panelists. Panelists detailed approaches their companies are implementing to give them the edge in a time when the war for talent is raging. Perspecitves were offered by Kevin Stapp, Vice President or Talent for Shiseido Americas, Allie Kagel, Director of Sales Talent Acquisition for Peloton, Mag Goossens, Global Head of Talent in Residence for Samsung Next, Kristi VandenBosch, Former SVP, Global Head, Digital Center of Excellence for Revlon, and our moderator, 24 Seven’s Executive Vice President of Global Sales and Business Development, Lisa Marie Ringus.
Numbers don’t lie
This year, our 2019 Job Market Report found that when it came to compensation and benefits 57% of respondents enjoyed raises with an average of an 8% increase. Those in new jobs reported a higher average salary increase of 13%. With more and more corporate effort leaning towards employer transparency, Mag Goosens of Samsung Next shared her Silicon Valley gender pay gap experience and the importance of understanding market compensation and benefits trends, especially within the tech sector. When the market is moving so quickly and there are constant shifts in certain talent segments, Kevin Stapp of Shiseido noted the key elements necessary to attract talent when the market is moving so quickly while on the sales and retail side, Allie Kagel of Peloton emphasized the constant need to train current employees for what is next. For the first time since 24 Seven has been tracking talent mobility, higher salary was not the top reason to switch jobs, and our panelists agreed that when it comes to the human connection, there needs to be more than just a company at the core of it all. Employees, especially with rising younger generation within the workforce, are themselves growing more transparent, not only about their salaries and benefits, but also about what they want from a company beyond the work. They seek companies that have a positive impact on society.
In order to remain competitive, it is not only important to ensure competitive market salaries and benefits, but, as Stapp noted, to take a macro perspective, and be aware that the talent pendulum is swinging, and disruptive technology continues to drives unprecedented shortage of qualified professionals. With rapidly evolving skillsets and company requirements, VandenBosch and Goosens both encourage and promote a more holistic and longer view of department skill gaps and company value match. Responding to the finding that employees are increasingly concerned about personal financial wellness and retirement preparedness, the panelists acknowledged that benefit packages need to expand to address these talent worries. Whether that is financial planning, help with student loans, or an increased focus on wellness, companies need to continually monitor what other companies are offering to keep employees engaged with their current role and happy with their employer.
The importance of employer branding
Our 2019 report found that just 4 in 10 employees are happy with their current job and employer. In order to predict the change and the rapid increase in freelance, companies need to continually reevaluate their hiring strategies to retain talent. This is especially critical as younger talent enters the workforce seeking alternatives to the benefits and perks that previous generations wanted 10 or even 5 years ago. Panelists agreed that winning the war for talent almost always comes back to the employer brand and the hiring process. As Goosens noted, along with the table stakes of competitive compensation and benefits, there needs to be a true career path and promoting that begins with the first interview. Candidate and employee experience have never been more important, and Kagel and Stapp agreed that hiring managers need to be trained to understand that every step, from hiring process speed to how the overall culture is credibly promoted, impacts perception of the employment opportunity.
For more on the candidate experience, or to see how your company compares to other benefit and perk packages, listen to the full event recording here, download the full 2019 Job Market Report here, and stay in the know of our upcoming Techfluence events.