Employers see signing bonuses as a short-term fix for widespread talent shortages, according to research by Salary.com. While 50% of employers surveyed offer signing bonuses now, only 20% expect to be doing so at the end of 2021. At the same time, more than 62% plan to increase base salaries to attract new hourly and salaried employees within the next six months. Even better news for job seekers: 67 percent of employers said their starting base salaries are above their market reference point.
Another take on hiring: Hiring activity has come back “fast and furiously,” with 86% of employers now hiring, a 13% increase from last year. iHire’s 2021 State of Online Recruiting Report also found that more than two-thirds of employers increased hiring within the past year, while just 21% expressed concern about limited hiring budgets in the next 12 months. All of this takes place during an acute talent shortage, iHire found. Despite the 5.9% U.S. unemployment rate and potentially deep talent pools, 74% of employers reported “too few qualified candidates” as being among their most significant online recruiting challenges.
WorkJam closed $35 million in growth financing from Silver Lake Waterman. The investment is intended to support the company’s continued growth and strengthen its position across the frontline worker market, which it says has been underserved and underpenetrated with collaborative tools.
HCM and risk management solutions provider Cisive formed a partnership with credit information service provider Colredit to enhance its background screening services. The partnership will allow both Cisive and Colredit customers to benefit from the global employment screening capabilities from each provider.
PandoLogic announced a partnership with Hope Leigh Marketing Group, a talent attraction agency. Through the partnership, “we are able to offer our clients the best in AI for programmatic job advertising, while also providing the best possible outcomes in pay for performance recruitment marketing,” said Hope Leigh Managing Partner Amanda Thompson Buffington.
As the economic recovery gets underway, employers are doubling down on investments in workforce solutions. In fact, more than two-thirds of them will invest in HCM and employee experience technology this year. One reason: immediate talent needs. Another: longer-term digital transformation initiatives. Ceridian’s Future of Work survey found that over the next 24 months, 50% of executives plan to adopt on-demand or earned wage early access solutions, while 49% will adopt AI-driven skills matching, 48% career management/pathing (48%) tools and 47% candidate relationship management solutions.
Mark Feffer is executive editor of RecruitingDaily and the HCM Technology Report. He’s written for TechTarget, HR Magazine, SHRM, Dice Insights, TLNT.com and TalentCulture, as well as Dow Jones, Bloomberg and Staffing Industry Analysts. He likes schnauzers, sailing and Kentucky-distilled beverages.
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