Private businesses across the U.S. and around the world are paying significantly more for staff than they did a year ago, according to a report by Grant Thornton.
The accounting firm found that 48 percent of private businesses in the U.S. are paying more for staff this year. Meanwhile, staffing costs have risen at approximately 63 percent of private businesses globally. In India, 85 percent of private employers report a rise in labor costs. Grant Thornton sees an impact on U.S. companies that hope to save money by outsourcing work abroad.
The firm found that 59 percent of the U.S. private companies it surveyed have increased their focus on recruitment and retention of staff since 12 months ago, compared to 63 percent of global businesses.
Seventy-seven percent are working to improve retention by ensuring that all employees understand the company's core values. Other retention efforts include developing competitive reward systems and benefit packages (71 percent); training and mentoring top performers for leadership positions (62 percent); monitoring employee perceptions and acting on results (60 percent); providing training and development packages for all employees (54 percent); and having a flexible attitude to various working patterns, such as part time, flex time and working from home (53 percent).
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