By Laleh Hassibi
Staying up-to-date on industry trends and predictions can guide your operations, sales, and marketing strategy, which can enable you to close more business, capitalize on more revenue per client, and increase client retention rates.
According to the Bureau of Labor Statistics, the unemployment rate is currently at 7.5 percent for April 2013, which has dropped from 8.1 percent in April 2012. With the unemployment rate on a decline, 53% of businesses are expected to grow their workforce, with 15% more businesses planning to hire than in 2012.
This upward trend in hiring should be setting bells off in your head to alter your strategy. First and foremost, you need an HRIS system that can cover the following anticipated needs of your clients that are planning to hire:
Compensation Reports – As competition becomes fiercer for qualified candidates, you want to aid clients in the understanding of what the market value is for the position they are hiring for in their particular area. Compensation reports will assist your clients in choosing the right compensation that helps them with recruiting, retaining, and motivating their employees.
Recruitment – Once they choose the appropriate level of compensation, they need a solution to create a job requisition, post the job to job boards, and manage the incoming applicants until a decision has been made on the best candidate.
Onboarding & Training – Now that your client has hired this new member of their team, it’s important to guarantee this individual is able to get up and running quickly. You’ll want to give your clients a way to create and automate the completion of an onboarding checklist, and enroll that person into any necessary training.
Benefits Enrollment – Even if your clients don’t directly choose benefit plans through your company, it’s important to offer them a solution that makes it very easy to help new employees evaluate, choose, and enroll in one of the benefit plans they offer.
Once you can be certain that your workforce management platform can cover these anticipated increased needs of clients, you should be sharing this information with your sales and marketing group so that they know which feature sets and solutions to speak about with both prospects and clients.
Below are a few highlights from the 2013 Compensation Best Practices Report:
- A whopping 70% of small businesses and 61% of large companies expect their business performance to improve in 2013.
- The number of organizations hiring employees has consistently risen, with 2012 growth exceeding original expectations by 12%.
- In 2012, small business wage growth increased significantly, demonstrating the little guy is competing with large companies for skilled employees.
- As more companies look to hire in 2013, skilled labor is in demand. In the survey, 59% of respondents cited retention as a main concern, compared with 49% of respondents in 2012.
- The Affordable Care Act (ACA) is mostly a non-issue for executives with 75% saying it will have little or no effect on hiring and staffing plans.
Download your own complimentary copy of PayScale’s full 2013 Compensation Best Practices Report by clicking here. In the meantime, if you are interested in an entertaining snapshot of the survey, click here. Feel free to leave a comment with your thoughts on the report, the trends expected for this year, and how you can help your clients recruit and onboard new employees with ease.
This data has been collected through the 2013 Compensation Best Practices Report, which has recently been released by PayScale, Inc., creator of the largest database of individual compensation profiles. The 2013 Compensation Best Practices Report was conducted in November and December of 2012 with participants from small and midsize businesses in a variety of industries such as healthcare, finance, media, etc.