Since the COVID-19 pandemic hit, light industrial managers have needed to increase their pay to attract new candidates. If you want to attract top talent, the minimum wage isn’t going to do it. Candidates are searching for positions that will provide them with financial stability in a rather unstable world.
2020 showed many industrial workers that their jobs were not as stable as they thought it was. When it comes to the manufacturing industry, there is no doubt COVID changed things in a big way. Some factories had to cease production entirely for months at a time to adhere to regulations placed on them at the county and state level.
Even when they are being paid unemployment benefits, minimum wage just isn’t cutting it. Providing your employees with more than the minimum wage can help them be financially prepared in the event another pandemic happens in the near future. More stability and peace-of-mind for your staff will help you maintain a reliable team.
Believe it or not, if you won’t pay your employees a higher wage, someone else will. There was a large push at the beginning of 2020 for higher wages across the United States. Therefore, to attract the best talent, you will need to be paying higher than the minimum wage. When it boils down to it, $12 really is the new $10 when it comes to hourly pay.
Amazon was one of the first employers to take the step in solidifying this idea when, in March, they increased employee pay by $2 an hour. They also implemented new overtime pay policies that benefited their staff as well.
When you pay your employees a fair wage, they feel they are treated fairly in the workplace. Underpaid employees are not going to work as hard. Paying them too little will also lead to poor retention and productivity rates. You may even find you have to spend more money in the long run because you constantly need to hire and train new staff members.
Additionally, you should consider the risk to your employees in returning to work. Increasing their hourly pay helps mitigate the risk of return for some individuals. With additional money added to their salary, they can better prepare financially. It also adds an incentive to come back to work altogether.
Because employees’ desires are changing, many employers are finding they need to revamp their current hiring process. Employing the assistance of a recruitment agency can help you source top talent in your industry. Professional recruiters can also help give you industry insights into what competitors are offering in terms of compensation.
Whether you are looking to add temp employees to your team, full-time specialized help, or simply need another set of eyes on your hiring strategy, consulting a team of professionals is a great idea.
Contact us to see how the pros at GoSource can help you in fine-tuning your hiring process.
