Top Priorities for Business Leaders to Attract Talent
According to the annual Business Pulse Survey by SunTrust, 93% of surveyed companies are boosting financial and other perks, as 46% of them report being concerned on how to attract and retain valuable employees in today's tight market.
While 73% of surveyed U.S. business leaders say the outlook for their business is strong, they outlined three top priorities to gain a competitive edge:
- Evolving the technical skills of employees
- Focusing on cash management
- Preparing for potential mergers and acquisitions
"The survey of leaders at U.S. companies reporting annual revenue of $5 million - $250 million found that the pace of technological evolution is driving leaders to make technical training a critical priority in 2019. More than half (54%) cited a lag in technology as a top barrier for achieving business goals, a 14-point increase from last year. To adapt to the rise in automation and leverage emerging technologies, more than three in four business leaders (77%) plan to invest heavily in learning and development programs that will empower their current workforce to acquire new skills and fill new roles as their companies grow."
Business Actions Taken by Surveyed Companies to Attract/Retain Employees:
- 45% - Increased Wages
- 43% - Increased Benefits
- 36% - Offering more flexible work arrangements
- 31% - Training current employees to fill vacant positions
- 24% - Hiring more employees that take upfront training
- 23% - Offering additional recognition programs
- 17% - Offering College Loan Repayment and/or College Savings Programs