As the COVID-19 pandemic continues, the ability to retain valued staff is a primary concern among senior management, according to a new Robert Half survey conducted online from July 10 to August 9, 2020. More specifically, 88 percent of senior managers worry about this — and of those, 39 percent say salary reductions and planned salary freezes are the cause.
Since the pandemic began, 72 percent of companies have maintained or increased pay for new hires and 36 percent of employers are more likely to negotiate salary with candidates now versus one year ago.
“Employees have been stretched to the limit during the pandemic, putting in longer hours and taking on additional responsibilities,” said Paul McDonald, senior executive director of Robert Half, in a press release. “While many companies have supported staff by providing more nonmonetary benefits, like flexible scheduling and enhanced wellness resources, they may have had to impose pay freezes or cuts in order to preserve jobs.”
Despite an 8.4 percent national unemployment rate in August — which is three points lower than California’s unemployment rate of 11.4 percent for the same month — the new research shows that 72 percent of companies are offering new employees pay that meets or exceeds pre-pandemic numbers. (Forty-four percent of senior managers said starting salaries for new hires have held steady since COVID-19 began, and 28 percent said base pay for new hires increased.) More Information