Category: Compensation Trends

Widespread adoption of self-driving cars would affect hiring and recruitment patterns in multiple sectors, forcing human resources personnel to alter their practices to account for new operational variables.

Self-driving car development creates recruiting ripple effect

Self-driving cars have received considerable attention in recent years – and for good reason. These advanced vehicles have the potential to transform the transportation industry and usher in a new era of roadway safety and efficiency. Consequently, more than 230 startups worldwide are exploring the technology, Wired reported. Silicon Valley stalwarts such as Apple and Microsoft are also investing considerable funds into research and development activities centered on self-driving hardware and software.

However, the companies paving the way for automated highways and byways are not the only ones who stand to benefit from sensor-laden vehicles. The technology could very well prompt sea changes in major industries such as auto manufacturing, insurance and real estate, according to CNBC.

"More than 230 startups worldwide are exploring self-driving car technology."

Such an event would affect hiring and recruitment patterns in multiple sectors, forcing human resources personnel to alter their practices to account for new operational variables that come along with widespread adoption of self-driving automotive technology. For instance, analysts in the real estate realm believe a nationwide influx of driverless cars could shift property purchasing hot spots from cities to the suburbs and free up hectares of space once used for parking, necessitating the recruitment of new leaders with expertise centered on single-family homes rather than urban developments. The insurance industry is in for an even larger shakeup, as self-driving technology could drastically reduce the likelihood of car accidents, 90 percent of which can be attributed to human error, according to CNBC. Again, this would require the development of new revenue streams and, inevitably, change in the C-suite.

How far off are these developments? Technology firms are still sorting out core the problems that come along with self-driving vehicles, meaning nationwide adoption is most likely years away, The New York Times reported. That said, innovators in the space are working quickly to make automated roads a reality. When this shift does occur, YES Partners will be there to support HR teams weathering navigating the new recruitment environment.     

To see some of the roles we have already successfully placed, click here.

Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people for all company functions, across many industries.

How can a company in need of technical talent successfully navigate the crowded IT recruitment waters? Here some strategies for doing just that.

Are you ready for the tech war for talent?

The technology sector continues to grow as engineers and programmers develop new innovations designed to ease the background processes of life. Businesses are of course taking advantage of these creations, integrating advanced enterprise technology into workflows of all kinds. Worldwide information technology spending is expected to increase 2.7 percent to $3.5 trillion this year, according to data from Gartner. This rapid operational modernization has forced businesses to bolster their IT ranks and seek out indispensable technical specialists who cannot only manage modern enterprise systems and devices but also offer guidance on how the organization might weather future technological challenges. How can a company in need of such talent successfully navigate the crowded IT recruitment waters? Here some strategies for doing just that:

Target smaller markets
While a good number of talented IT professionals certainly congregate around big cities such as New York and San Francisco, many more live in smaller markets in the Midwest and Southeast, FastCompany reported. Consequently, savvy human resources personnel shift their attention to these areas where competition is less fierce. Most offer up relocation packages and sign-on bonuses to sweeten the pot to draw out hidden talent and bolster their IT teams.

"Offering the right perks at the right time can go a long way toward netting the perfect IT addition."

Pay attention to perks
Organizations searching for premier IT talent go up against companies such as Google and Microsoft – heavy hitters known for doling out healthy compensation packages stuffed with perks. These offerings are well out of reach for small, midsize and even some larger firms. However, that doesn't mean more modestly resourced HR teams should just give up. Offering the right perks at the right time can go a long way toward netting the perfect IT addition, according to FastCompany. Companies should put together multiple offers with different compensatory configurations. Additionally, maintaining new-age workplace programs can also help, especially when it comes to recruiting younger workers.

Work with a partner
Although internal efforts can produce results, you might need help from an external resource when looking for top IT talent. Executive search firms are the ideal option here, as these organizations can leverage strong industry connections to reach out to passive job seekers who may be thinking of pursuing new opportunities but have yet to take action. Keep in mind also this is all they do, i.e. their focus day-by-day! Is your company prepared to up its IT recruitment efforts and hire transformative new talent for the tech department? Connect with YES Partners today.   

To see some of the roles we have already successfully placed, click here.

Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people for all company functions, across many industries.

To win the War for Talent, you must abandon traditional recruitment strategies for more modern techniques designed to engage today's top-tier personnel.

How to win the War for Talent

Currently, many businesses are locked in what recruitment experts call the "War for Talent." This phenomenon, a symptom of decreasing unemployment levels and globalization, forces internal human resources personnel to fight tooth and nail to compete for a limited number of qualified candidates. Often, this means abandoning traditional recruitment strategies for more modern techniques designed to engage today's top-tier personnel. If your organization has yet to adopt such hiring strategies, you must move quickly to make changes, as the War for Talent may never subside, according to Fast Company. The indications are that this war for qualified folks will intensify in in 2017!

Focus on benefits
Last year, the Society for Human Resource Management asked almost 800 recruitment professionals in the U.S. how they had changed their approach to account for increased competition. Approximately 95 percent of respondents said they started by bolstering their benefits packages with new health care incentives. Additionally, more than half introduced flexible work options to entice candidates looking for better work-life balance. It would be in your best interest to consider similar changes, as benefits have reached peak importance among potential hires.

"Streamline the search and screening phases to get the RIGHT people in the door."

Speed up the process
We've touched on this idea before but it bears repeating: To compete in the modern job market, you must facilitate an effective yet swift hiring process. First, streamline the search and screening phases to get the RIGHT people in the door. How? Work with a retained executive search firm that can help you pinpoint the most qualified candidates. When it comes time to make an offer, do so with urgency, recruiter Robin Reshwan advised in an article for U.S. News & World Report. You don't want transformative leaders with real executive experience moving on because you took too long to respond.

Beyond this, keep in mind that there is more to it than waiting and hoping for the RIGHT candidates or simply approaching talent on social networks. Global executive search firms, by nature, have deep industry connections and work with prospective hires who not only understand the hiring process but also specify ahead of time the kinds of organizations they want to work for.

Ready to achieve victory in the War for Talent? Contact YES Partners today. Our executive search consultants can connect you with truly talented business leaders.

To see some of the roles we have already successfully placed, click here.

Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people for all company functions, across many industries.

With more millennials moving into C suites, organizations in every sector must adjust their executive recruitment strategies and adopt unique incentives that will entice these ascendant young leaders.

Incentives millennial leaders want

With more millennials moving into the C suite, organizations in every sector must adjust their executive recruitment strategies and adopt unique incentives to entice these ascendant young leaders.

As with most things involving professionals from this unique generation, this is often easier said than done. Fortunately, there are some tried-and-true perks with the potential to turn the heads of millennial job seekers.

If you're looking to bring on young talent, consider looking into these key incentives:

The latest technology
Millennials are digital natives, meaning most grew up with complex technology and have integrated it into their daily lives. You should take this into consideration when recruiting them and offer tech-based perks to fit their innovative lifestyles, the Society For Human Resource Management suggested.

Of course, this doesn't mean you need to hand out tablets or go completely paperless. Review your internal systems to see if you can adopt more streamlined digital productivity platforms. Additionally, when selecting health benefits, look into unique web-based tools like telemedicine solutions or fitness trackers.

The latter are particularly popular among millennials – an estimated 65 percent of this group believe these devices and the service they provide are important, according to recent survey data from the U.K.-based research firm Loudhouse and the wellness company TechnoGym.

Millennial leaders gravitate toward companies that prioritize technology.Millennial leaders gravitate toward companies that prioritize technology.

Family-friendly policies
Millennials are more likely to have working partners than Baby Boomers and Generation Xers, the professional services firm Ernst and Young discovered. As a result, most expect employers to implement family-friendly policies that will allow them to spend time with their significant others. 

With this in mind, roll out workplace codes that prioritize work-life balance. Consider introducing a work-from-home option, or look into expanding your parental leave programs to account for future offspring.

When it comes time to pinpoint young business leaders, reach out to a retained executive search firm like YES Partners. Our executive search consultants can connect you to capable millennial talent with the executive experience and youthful fervor to take your organization to new heights.

To see some of the roles we have already successfully placed, click here.

Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people for all company functions, across many industries.

As you navigate your industry and look for ways to develop your enterprise, be sure to avoid some of these common HR mistakes.

HR errors SMBs and startups should avoid

Startup founders and small business owners often put off developing simple human resources policies, thinking them inconsequential to business development. Of course, this couldn't be further from the truth. Such protocols are needed to facilitate growth and lay the groundwork for expanded operations with more employees, including C-level staff who value stability and structure.

As you navigate your industry and look for ways to develop your enterprise, try to implement meaningful HR policies and avoid some of these common pitfalls:

No ground rules
Even small organizations require basic policies that set expectations for employees and address administrative and legal topics, the Society for Human Resource Management reported. These protocols – usually compiled in an employee handbook – enable organizations to easily manage and address workplace behavior. If problems arise or employees become confused, employers can simply ask them to reference the established policies in the handbook.

Unfortunately, many developing businesses don't draft employee handbooks and instead address behavior on a case-by-case basis, an inefficient and ultimately ineffective methodology. So be sure to create a tailored employee handbook that conforms with your company culture and addresses some key topics, including benefits, conduct, compensation, leave, scheduling and termination. Additionally, add sections that confirm your adherence to federal anti-discrimination and harassment legislation, the Small Business Administration suggested. Also, provide links to federal and state employment sites.

Of course, once you've drafted your handbook, be sure to update it regularly so that it reflects any changes to federal and state employment law.

Growing enterprises need HR policy to lay the groundwork for future success.Growing enterprises need HR policy to lay the groundwork for future success.

Bad documentation
Many developing organizations fail to document or systematically address employee performance issues, instead firing underperformers in the heat of the moment. Though warranted, such firings often result in wrongful termination lawsuits. In fact, the Equal Employment Opportunity Commission fields tens of thousands of these claims every year. And, in more than 50 percent of these cases, the plaintiff prevails, according to Lawyers and Settlements. 

With this in mind, craft a detailed termination plan with robust performance documentation protocols. When problems start to develop, be sure you give struggling employees the opportunity to participate in a documented, multi-step performance improvement program, Entrepreneur advised. That way, if you are drawn into a lengthy legal battle with disgruntled former workers, you can show that you gave them multiple opportunities to address their performance.

No employee training
In recent years, workers have prioritized professional development, looking to their employers to provide them with cutting-edge training programs. Younger employees are especially interested in such initiatives, with many willing to leave or look past organizations that fail to support their individual ambitions, according to the research firm Deloitte.

"In recent years, workers have prioritized professional development."

Even in the face of this trend, many small businesses and startups still hold back when it comes to training, sacrificing the development of future leaders for short-term gains. To avoid this near-sightedness, develop a robust training plan that begins during on-boarding and continues onward. Additionally, ask employees for input so you can tailor the program to meet their needs. 

Of course, don't forget to host more utilitarian training sessions that cover mundane, operational topics. These are crucial and, in some cases, required by law.

Now that you're familiar with these key pitfalls, it's time for you to find an HR business partner who can develop the important personnel policies that will buttress your burgeoning organization. Your best bet is a retained executive search firm like YES Partners. We can leverage our industry connections to pinpoint candidates with transformative executive experience.   

To see some of the roles we have already successfully placed, click here.

Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people for all company functions, across many industries and globally.

Make your business more attractive to millennials

Millennials now dominate the American workforce. According to the Pew Research Center, workers aged 18 to 34 make up more than 50 percent of the total working population. As a result, organizations young and old are changing their ways to attract professionals from this unique generation.

If your business has not yet adjusted to this shift, now is the time to transform. To draw in millennials, you should reevaluate your company culture and make internal modifications in a few key areas.

License to choose
Freedom is a major concern for millennials, reported CNN Money. Young employees want a certain amount of autonomy and the license to innovate within the workplace. Companies like Google schedule time into the workday for employees to express their creativity while working toward wider company goals, reported The New York Times. The tech magnate works with the 70-20-10 model which enables employees to allot 70 percent of their time to tasks that further core organizational aims, 20 percent to related long-term initiatives and 10 percent to acquiring new skills or working on experimental projects.

This collective desire for freedom also trickles down into more administrative workplace policies. For instance, millennials are the driving force behind the rise of flexible work schedules, reported The Muse. In fact, according to a Bentley University survey, 77 percent of workers from this generation believe employers should do away with the nine-to-five model. Of course, some executives from past generations disagree with this notion, believing it to be a veiled attempt to distort the concept of work-life balance. Proponents of the flexible schedule disagree, reported the Los Angeles Times.

"I think it was a term that previous generations believed in," Michael Elliott, a 28-year-old, certified public accountant at Dittrick and Associates Inc. in Burton, Ohio, told the newspaper. "I know for me and most of the millennials I talk to, work-life balance is nonexistent. There's only work-life integration."

In your quest to attract young, enterprising employees, take into account this generational need for independence and add flexibility to the workplace. This move will make for happier employees and promote internal innovation.

A real reason to connect
In 2014, professional services company Deloitte surveyed more than 7,000 millennial workers in 26 countries to uncover generational employment expectations. Over half of respondents said businesses needed to do more to promote wider social change and wished to work for companies with stringent ethical codes. In short, millennials expect organizations to do more than just sell products or services.

"They want a career, not just a job, and they want a career that aligns with their values and desire to give back," David Smith, senior vice president of Microsoft's small business unit, told the magazine. "These are weighty things that ultimately contribute to the overall culture of a company, and they may not be easy for business owners to quickly wrap their heads around or implement."

Your business should take this task head-on and evolve to meet expectations. It can be as easy as scheduling regular, office-wide volunteer time or making donations in the names of employees during the holiday season instead of doling out catalog tokens.

Technology support
Much has been made about millennials' connection to technology. It's widely known that members of this generation stay connected via internet-enabled devices at all times, including at work. In fact, according to a survey conducted by analysts at Pricewaterhouse Coopers, almost 60 percent of millennial workers said employer technology use was a major concern for them during the job-hunting process.   

"Embracing the latest technology is a crucial part of that innovation that's necessary to compete in an ever-changing business landscape," Smith told CIO. "Millennials don't just want to get the work done, they want the tools that will enable them to do their best work."

To attract millennials, you should work to integrate modern technology into your operational approach. This doesn't mean you have to spend a huge chunk of change on complicated workplace technology. Try implementing a bring-your-own-device policy. This approach might actually save you money in the long run, as you won't be required to purchase and support company-owned equipment.

Once you've implemented changes to attract millennials, reach out to YES partners to begin your recruitment effort. Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people for all company functions, across many industries and globally.

To see some of the roles we have already successfully placed, click here.

Do you know what is costs a candidate to relocate?

You've identified the perfect candidate to fill a critical job opening, the interviews went well and now you're putting together the offer you hope will seal the deal. This can be one of the most difficult parts of the hiring process, especially when pursuing an A-player who is being courted by other firms in your industry. To make sure your offer is attractive, it's crucial you get the salary right.

But, there's a catch: The candidate will have to relocate to your city in order to take the job. Do you know how this should affect the salary you propose?

According to a recent study by mortgage information website HSH.com, the average American needs to earn about $51,000 a year to afford the median-priced home. That number alone is not enough to inform your salary offer, as real estate prices differ wildly across the U.S.

Here's a breakdown of about what it would cost to buy the median home in a few major American metros, according to the study:

  • Atlanta: $37,500
  • Boston: $83,200
  • Chicago: $58,000
  • Denver: $68,400
  • New York: $86,700
  • Philadelphia: $51,600
  • San Francisco: $148,000
  • Washington, D.C.: $78,600

To come up with these figures, the report includes principal, insurance, interest and tax expenses, and assumes the buyer has great credit, puts 20 percent down on the home and spends no more than 28 percent of income on principal and interest.

Considering these numbers, no matter where your company is based, is an essential part of putting together a compensation plan for someone who would need to relocate to join your team. For assistance identifying and connecting with top talent outside your geographic area, consider working with a global executive search firm like YES Partners.

To learn more about some of the positions we have successfully filled, click here!

Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people for all company functions, across many industries and globally.

Hottest jobs of 2016

Every year, job search and salary comparison site Glassdoor puts together a list of the 25 most promising jobs for the new year in a list HR and hiring managers can use to predict demand across the national job market. The roles that make the cut are those that score the highest across the following three categories during the previous 12 months: earning potential, career opportunities and number of job openings.

According to Scott Dobroski, a Glassdoor career trends analyst, these categories are tuned to reflect what Americans value most. "People really want to find jobs where they know there's career advancement and they can be promoted from within," says Dobroski, adding, "A 'best job' to have is also a job that you can get."

Standing at the top of this year's list is the Data Scientist position. A job with a median base salary of $116,840, there were more than 1,700 of these openings posted to Glassdoor as of January 8. Up next is the Tax Manager, with nearly 1,600 openings and a median base salary of $108,000. Coming in third is the Solutions Architect, with even more openings (2,900) and a median base salary of $119,500.

In ninth place, the Software Engineer role boasted the most opportunities, with 49,270 openings listed on Glassdoor as of January 8. Leading the way with the highest pay on the list was the twelfth place Software Development Manager, with a median base salary of $135,000.

While many of the jobs that made the list are in the rapidly-growing technology and healthcare fields, Dobroski notes that a number of these roles are in fact in demand across several different industries.

Working with recruitment consultants like YES Partners can help your company as it strives to hire top talent in competitive fields. We have already filled dozens of such roles successfully — check them out here!

Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people – for all company functions, across many industries and globally.

Get ready: Executive demand is on the rise

According to the Bureau of Labor Statistics (BLS), executive demand is predicted to increase over a period of 10 years (from 2012 to 2022) by 11 percent, despite the high level of competition associated with these positions. The more experienced candidates are, no matter which level of executive leadership they are applying for, the better they stand to distinguish themselves. Companies can pay attention to projections such as this when creating their search strategy for a top position.

One interesting aspect of the data from the BLS is the variety of positions, even among similar types of executive roles. Even those who ranked among the highest paid executives in the country can see their compensation package differ from someone in the same industry, depending on other factors like location of business and what the specific challenge is for the company at the time (example: Reorganization, Cost-cutting, Expansion s.o.). Most often it is a supply and demand situation between the Executive and the hiring entity (either CEO, HR or the Board of Directors)

"In addition to salaries, total compensation for corporate executives often includes stock options and other performance bonuses," the source says. Executives typically enjoy also other benefits, such as access to expense allowances, use of company-owned aircraft and cars, club memberships, and company-paid insurance premiums.

Before 2022, 5 percent of CEOs are expected to change their roles, as compared with 11 percent of top executives and 12 percent of general and operations managers.

Executive search consultants will help companies stick to a timeline and set of preferences when looking for new executive talent, and this can include the compensation rates based on external trends.

Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people – for all company functions, across many industries and globally.

Use accurate compensation data for c-level placement (mostly…)

Ensure recruitment goes well by using the latest benchmarks to determine proper strategies. This can apply to different positions on the c-level staff, as long as you work with relevant industry data for an accurate baseline.

By relying on older information and recruitment tactics, your business might inadvertently be less effective at finding the right person. Compensation trends are a prime example of the information that can be updated and benchmarked, because they may change over time, possibly dramatically.

CFO Innovation recently reported on a decline in compensation rates for Asian CFOs seen in 2014 to the equivalent of $165,081. The primary reason for this change, as the article states, is not the baseline salaries of these positions but a decline in bonuses. While Hong Kong saw its compensation drop by more than $50,000, China ended up at the lowest level with a median of $108,175.

Recruitment teams can review recent changes like this before formulating benchmarks for a similar position. An ERE article reveals Dr. John Sullivan agrees with the idea of changing benchmarks to keep up with new strategies.

"Even if you're only trying to maintain your current recruiting success level, it is essential that you immediately identify and adopt new and innovative recruiting strategies," the article reads. Instead, the piece advises that "smart recruiting executives realize that a superior approach is rely on best practice benchmarking."

New information could become relevant or even essential to placing the best candidate in an open role. YES Partners will follow the latest client-relevant data to make your executive search successful and reflect important shifts that affect your business.

While it is important to go by "Market Data," EJ Dieterle, CEO of YES Partners, explains, very often on the C-level suite everything is supply and demand, i.e. how much the company wants to hire a specific C-level person, or how much that person wants to join the specific company.

Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people – for all company functions, across many industries and globally.

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