For every person seeking a job in the U.S., there are approximately two vacancies, Federal Reserve Bank Chairman Jerome Powell said at a June 15 news conference. Many companies are offering higher salaries to keep pace with competitors. McLeod writes that this is unsustainable, however, adding that unreasonably high salaries lead to layoffs when finances tighten.
To take advantage of a widening talent pool, McLeod recommends hiring people with high learning potential. Instead of being rigid with job requirements, companies should seek out passionate, curious and eager employees, according to the article.
Investing in training for employees will improve retention more than soaring wages, McLeod writes. He cites a 2022 Capterra survey that found 87 percent of human resources leaders say learning and development are crucial to employee retention.
McLeod recommends hiring smaller teams of higher-quality employees and offering culture and development over competitive salaries, according to the article.
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