Here’s what businesses should do to remain competitive: research

Employers will likely compete for key new hires across a number of industries this year

businesses

Here’s what businesses should do to remain competitive: research. Source: pexels.com

According to Randstad US, businesses will need to increase salaries by up to 3.5% for high-demand roles in order to remain competitive in the race for top talent.

With online orders expected to reach almost $477 billion by 2024, demand for jobs in industries like manufacturing and logistics have risen during the pandemic. This way, employers will need to adjust their compensation and benefits plans in 2021 to attract and retain employees.

The data suggests that some of the largest salary increases will occur for roles like warehouse and logistics managers in response to a rise in e-commerce activity. Salaries for warehouse managers, for example, need to increase 3.5% — to as much as $43.21 an hour — to remain competitive. As to logistics managers, they will need an increase of up to 3.5%, to $45.95 per hour.

Despite labor market challenges associated with the pandemic, our data shows that many employers across a number of industries are still in desperate need of workers. That demand is driving an uptick in compensation and benefits for these roles, and employers will need to meet these expectations to secure talent in a tightening labor market
Karen Fichuk, CEO of Randstad North America

The growth in salaries is good news for job seekers hoping to switch careers amid the pandemic, especially as many companies have placed an emphasis on skilling initiatives, the report states.

Other positions in fields like online sales and marketing are also experiencing an increase in demand and will likely see salary increases in 2021. For instance, e-commerce business analysts and marketing media managers are likely to see a 0.5% increase in salaries, hitting highs of up to $107,107 and $131,130, respectively.

We’ve reported that Wells Fargo announced a new business solution for SMEs.

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Tags: US