GoCo.io, a leading provider of flexible software solutions for HR, benefits, and payroll, today released findings from a recent survey of 500 human resource professionals about the current state of retention, hiring, and pressures on HR to fill vacant positions. The results paint a bleak picture for companies reluctant to raise wages, increase benefits, or offer retention bonuses to attract and keep good workers.
With over 3 in 4 HR professionals saying the job is harder than ever, an overwhelming majority of those survey respondents (nearly 96%) rate the current hiring environment as mildly to highly competitive. And one-third say hiring will not get easier for at least a year.
“HR is under tremendous pressure to fill job positions in one of the most brutal job markets of our time,” said Nir Leibovich, CEO of GoCo. “It will be critical for companies to listen to HR professionals and leaders, and support them with bigger budgets, more resources, and better technology. This survey reveals some critical insights into how companies can retain top talent and bring in new people despite the current challenges.”
Other highlights from the survey include:
- 57% of HR professionals say voluntary resignations are higher than previous years, with only 15% saying they are lower.
- Sales and customer service are seeing the highest resignation rates at 35% and 31%, respectively.
- 52% of resignations are by entry-level employees and another 37% for midlevel (non-management) employees.
- 74% of HR professionals say they feel more pressure from leadership when it comes to hiring and retention, but that drops to 64% at companies that are increasing wages, offering benefits and retention bonuses, or expanding engagement programs.
About 74% of respondents said they are struggling to hire qualified talent. And 80% of respondents said their companies are doing everything they can do to hire new people, though that confidence drops to 50% at companies that are doing nothing to respond to the tight jobs market.
For the companies making changes in response to the hiring challenges:
- 60% are increasing wages
- 59% are adding benefits or perks
- 40% are offering retention bonuses
- 31% are expanding culture/engagement initiatives
- And only 7% are doing nothing
“There will be distinct winners and losers in this war for talent and the companies that support the recommendations of their HR professionals and leaders will be the companies that grow and thrive,” Leibovich said.
To download the full survey report, go to https://www.goco.io/blog/state-of-hr
GoCo.io is modern HR, benefits, and payroll, built with flexibility and ease of use in mind. Founded in 2015 and headquartered in Houston, Texas, GoCo’s mission is to automate manual HR tasks and empower HR to make work a better place.
Unlike other HRIS platforms, GoCo is built to be flexible enough to support existing processes, policies, and providers, so SMBs don’t have to change the way they work just to adopt a modern HR system. For more information, visit www.goco.io.