⁄Policy Brief⁄ BY JASON DELSERRO IF YOU’RE AN EMPLOYER in the Portland area, you may be feeling labor market competition heating up. According to Issue 7 of ADP Research’s quarterly “Today at Work,” the Portland metro is the fifth-hottest labor market in the country. ADP Research analyzed 55 U.S. metros with populations of at least 1 million, comparing each according to pay growth, new-hire wages and annual hiring rates. Contributing to the Portland metro’s topfive ranking was median annual pay increasing by 5.8% (better than 96% of metros analyzed), newhire wages coming in at $17 per hour (better than 41% of metros) and a 4.4% annual hiring rate (better than 59% of metros analyzed). The Portland metro’s combined ranking was better than 93% of metros analyzed. When the Portland metro labor market was broken down by industry, education and health services received the highest combined percentile rank (94%), followed by information (93%), other services (91%), manufacturing (76%), professional and business services (70%), and construction (69%). For employers, the competitiveness of the Portland labor market underscores the need to develop a talent strategy that can help keep them ahead. Five practices to stay competitive on talent 1. Salary benchmarking. Incorporating compensation-benchmarking tools via robust workforce data can help provide insight into what competitive pay is looking like by factors including experience, role and location. With this information, hiring managers can better position themselves to offer pay that aligns or beats market rates. Competitive pay can not only help draw in new talent but can also play a crucial role in retaining productive performers, which can help build an engaged workforce. 2. Total compensation. When hiring, it’s important to account for all the factors of compensation beyond just salary. While pay is crucial, the right benefits package can help complete the offer. For most workers, traditional benefits like medical and retirement remain top priorities, but younger employees also value additional perks like mental-health coverage, tuition reimbursement, training, paid volunteer days, pet insurance and flexibility. Understanding which benefits each generation of talent prioritizes can help make a difference in your recruitment efforts. 3. Flexibility. The hybrid era of work has demonstrated that workers can achieve a healthy work-life balance without compromising their quality of work or overall engagement. According to ADP Research, hybrid workers are 1.7 times more likely to be fully engaged than on-site workers and 1.9 times more likely to be fully engaged than totally remote workers. Today’s workforce is often looking for employers to provide flexibility in where, how and when they work, and businesses that can meet this priority may have more success in getting quality talent. 4. Broadening the talent pool. Workers across all generations, especially younger cohorts, are examining nontraditional career paths. As the job market continues to shift, employers can look to reassess things like college degree requirements. By doing so, organizations can potentially open their talent pool and attract qualified candidates who may bring skills and experience that previously might have been overlooked. 5. Engage the local community. Focusing on community engagement can potentially help enhance an organization’s visibility and overall appeal with the local talent pool. With activities such as corporate volunteering and mentorship programs, organizations can demonstrate their commitment to the community. Building this neighborhood connection may help bring in new talent, while also boosting engagement with current employees. Through robust data, desirable total compensation offerings, and deeper connections to internal and external talent, organizations can cultivate an environment that can help them stay at the top of Portland’s bustling labor market. Jason Delserro is the chief talent acquisition officer at ADP, overseeing the global talent acquisition and employer brand strategy for one of the region’s largest providers of cloudbased human capital management solutions. Hiring in a Hot Portland Labor Market ADP’s chief talent acquisition officer writes about how employers can stay competitive in a hot labor market. Education and health services (94%) Information (93%) Other services (91%) Manufacturing (76%) Professional and business services (70%) Construction (69%) Percentile ranking of Portland metro labor market broken down by industry 64
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