War for talent boosts pay in many sectors
A shortage of qualified professionals has pushed up pay at 38 percent of U.S. employers, a new survey finds.
NEW YORK (CNNMoney.com) -- There's nothing like being in demand to boost your ego ... and your paycheck.
A new survey released Wednesday by Manpower found that a shortage of qualified professionals has pushed pay higher at 38 percent of U.S. employers, which said they were paying more money for the same positions as they were a year ago.
In addition, Manpower researchers said they have seen other signs that there's a tighter supply of qualified professionals: a willingness by employers to pay higher search fees to recruit top talent and more companies offering sign-on bonuses, particularly in manufacturing.
Manpower uses the term "professional" to describe jobs typically requiring some advanced training, such as sales and marketing managers, nurses, engineers, accountants and IT and production technicians.
The survey found the war for talent is well under way in several fields. When asked whether they would have hired more professionals over the past six months if they could have found the right candidate, roughly half of employers surveyed in durable-goods manufacturing, services and transportation and utilities said they would have.
Meanwhile, when asked whether a shortage of qualified professionals has caused them to pay more for the same professional positions as compared to a year ago, 43 percent of government agencies and 41 percent of employers in services, transportation, utilities and construction sectors said they are.
The war for talent is expected to grow fiercer still as more baby boomers retire.
"The companies with the strongest employer brands will be the big winners in the competition for talent," said Jonas Prising, president of Manpower North America in a statement. "They will be able to attract and retain top people with appealing work environments, and salary and benefits packages that reflect the contemporary world of work."
See how much those in demand in sales, accounting, manufacturing and other fields can make.