Kansas City, Kan. – The competition for top performers is heating up as 98.5 percent of organizations are actively recruiting, according to the results from the 2007 Compensation Data - New Jersey survey of 141 employers. Voluntary turnover is at 10.2 percent for all industries in the state, while total turnover is 15 percent.
In New Jersey, voluntary turnover rates were highest in the technology industry at 14.9 percent, while total turnover was the highest in the financial services industry at 21.3 percent this year. Utilities had the lowest voluntary and total turnover rates, 6.7 and 8.6 percent, respectively.
New Jersey companies look to a variety of methods in recruiting new employees. When advertising positions, the 2007 Compensation Data - New Jersey results showed 86.8 percent place ads on the Internet. Newspaper advertising remains high at 68.4 percent, and job fairs are used by 55.1 percent of companies. Employee referral programs are another method used for recruiting by 70.6 percent of companies. Also, some organizations, 18.4 percent, target their search by advertising with trade or professional associations.
"Concerned with the decreasing talent pool, many HR professionals are working to find new ways to attract and retain the best individuals for the position," said Amy Kaminski, manager of marketing programs for Compdata Surveys, the nation’s leading compensation and benefits survey data provider. "Using a targeted approach and new sources can help organizations identify the appropriate pool of qualified job candidates."
Monetary incentives continue to be used in a variety of different forms in New Jersey. Sign on bonuses are utilized by 34.6 percent of organizations. Another tactic for recruiting top employees is to offer increased starting rates. This is used by 26.5 percent of companies, and 5.1 percent offer more raises during the first year.
About the Survey
Compensation Data 2007 – New Jersey contains data on 477 job titles ranging from entry-level to top executives. Information was collected on more than 194,000 employees across the state. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2007. Compdata Surveys has been providing accurate, reliable data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Lane Odle at (800) 300-9570 or lodle[at]compdatasurveys.com.
The HR industry´s premier online community and resource for Human Resource professionals: HR, human resources, HR community, human resources community, HR best practices, best practices in human resources, online communities for HR, HR articles, HR news, human resources articles, human resources news, HR events, leadership, performance management, staffing and recruitment, benefits, compensation, staffing, recruitment, workforce acquisition, human capital management, HR management, human resources management, HR metrics and measurement, organizational development, executive coaching, HR law, employment law, labor relations, hiring employees, HR outsourcing, human resources outsourcing, training and development
hr.com.
human resources management resources for hr professionals. |
HR menus
|
HR events
|
HR Sitemap