Pent Up Demand
Hiring and Increased Compensation Top Post-Recession Employee-Related Priorities for Executives
TORONTO - A recent survey suggests hiring new workers and increasing compensation will be the top priorities for many employers as the economy improves. When asked where they most likely will boost spending when the recovery occurs, nearly one in four senior executives (22 per cent) said he or she plans to hire additional staff and an equal number of respondents (22 per cent) plan to increase salaries for current employees. Twenty per cent of respondents plan on investing in employee training.
The survey was developed by Robert Half Finance & Accounting. It was conducted by an independent research firm and is based on telephone interviews with 100 senior executives from across Canada.
Executives were asked, “In which one of the following areas are you most likely to increase spending when the economy improves?” Their responses:
Hiring additional staff 22%
Increasing salaries for current employees 22%
Investing more in employee training 20%
Increasing or reinstituting bonuses 14%
Enhancing employee benefits 6%
None, will not increase spending 12%
Don’t know/no answer 3%
“As companies emerge from the downturn there will be an increased demand for skilled professionals to assist with the projects that were deferred during the recession,” said Kathryn Bolt, president of Robert Half Finance & Accounting’s Canadian operations. “Firms will need to rebuild their teams in order to capitalize on future opportunities and position themselves for growth.”
Bolt pointed out that employers also should invest in their existing workforce to reduce the chance of losing top performers. “Employees need to be rewarded for the additional load carried during tough times,” she said. “If increasing compensation is not feasible, there are other methods to recognize employees, such as granting additional vacation days or offering telecommuting options.”