Determined to lure new employees and retain existing ones in a suddenly hot job market, employers are turning to new incentives that go beyond traditional monetary rewards.
Nataly Mendoza Yanez, who works for JBS in Tolleson, Ariz., and plans to use the company's help to attend a community college, in Glendale, Ariz., June 2, 2021.
The labor market was relatively tight before the pandemic stuck in early 2020, with an unemployment rate of 3.5%, but the rise of noncash offerings is a new wrinkle. Many large companies find themselves pitted against other giants in the search for workers with similar types of skills and experience and want to stand out, especially in the rush to staff back up after the pandemic.
JBS USA, the nation’s largest meatpacker, began offering to pay for college degrees for its 66,000 workers as well as one child per employee in March. The move followed an increase of more than 30% in hourly pay over the past year, said Chris Gaddis, head of human resources at JBS USA. Each time an hourly employee leaves Waste Management, it costs a minimum of $12,000 to search for and hire a replacement, Fish said. What’s more, among drivers, 50% of safety incidents involve those with three years or less on the job.
“You can’t hide your family life,” Konkel said. “Everybody has had to wildly change what they’ve done the last 15 months.” The competition for new hires is especially intense in the leisure and hospitality industry, which has surged back to life after shutting down almost completely last spring. “We have put aside guest rooms in our hotels so employees wouldn’t need to worry about where they would live so they could take this job,” said Joy Rothschild, Omni’s chief human resources officer. “We have never taken guest rooms out of inventory for housing before.”
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