From flexible working hours to exorbitant salaries and repeated pay hikes, companies in the United States and Canada are doing everything they can to retain talent.
According to a study by advisory firm Wills Towers Watson, 9 out of 10 employers are luring talented workers with high salaries. In the survey, 31% said they had decided to increase wages more frequently.
In addition, some companies are rolling out training opportunities for employees to learn the skills that they are not equipped with.
More interesting still, around 65% of companies have begun providing “retention bonuses” to keep employees.
“Employers are leaving no stones unturned in their battle to find and keep talent,” said Lesli Jennings, North America Leader for Work, Rewards and Careers at WTW.
In the survey, 2 in 3 employers admitted that they are finding it extremely difficult to retain talent with digital skills.
Offering an exorbitant salary will not resolve the problem permanently. It will instead have a long-term implication on the finances of business owners, the advisory firm warned.
“While making enhancements to compensation programs can support employers’ immediate recruitment and retention efforts, employers recognize they will need to pull levers in addition to compensation and reinforce a connection to the overall employee experience,” Jennings added.