Following are the key findings of The EDGE Report, a jointly conducted survey by Robert Half International and CareerBuilder.com. The research results can provide hiring managers a look into the employment environment and strategies to use for improving their recruiting and retention efforts.

Challenges recruiting qualified staff
Fifty-nine percent of survey respondents said their primary recruiting challenge is a shortage of qualified professionals, up from 52 percent in last year’s poll. Hiring managers also said 43 percent of resumes they receive come from unqualified candidates. One way businesses can boost their success rate is by developing job ads that communicate as specifically but concisely as possible the tasks the job entails, the key qualifications of the position and, if possible, the attributes that underlie superior performance.

Concerning compensation
With nearly two-thirds (65 percent) of hiring managers surveyed saying their companies are willing to negotiate higher pay for qualified job candidates and 63 percent of workers saying they would likely try to negotiate a better compensation package with a new employer, it appears that both parties are willing to go to the bargaining table. Organizations that may not be able to offer higher salaries can still emphasize other benefits, including nonmonetary ones. In fact, nearly three-fourths (72 percent) of workers surveyed cited flexible work arrangements as a benefit that might help them choose one job over another.

‘Fueling’ alternative work arrangements
The EDGE Report also suggests that soaring gas prices over the past year have taken their toll. Forty-four percent of workers said that higher fuel costs have affected how they commute to work or their work arrangements. Employers can help out by considering options such as offering flexible schedules to those workers whose jobs don’t require a high degree of customer interaction or promoting carpooling or ridesharing programs.

Focus on retention
Even though employees may be less likely to leave during difficult economic times, that doesn’t mean firms can relax their staff retention efforts. For long-term growth, companies must concentrate on keeping top performers, some of whom may be baby boomers set to retire in the coming years. Nearly four in 10 employers surveyed said they are concerned about staffing shortages stemming from eventual baby boomer departures. As a result, hiring managers are considering retirement alternatives such as reduced work schedules and “bridge” jobs, including consulting roles that serve as a transition between full-time work and retirement.  

To improve general staff retention, 63 percent of hiring managers surveyed said their firms have allowed flexible work schedules in the past 12 months, while 62 percent have funded additional training. Clear and consistent communication from management is also valuable in keeping employees productive and content.

Attracting Generation Y
This group, a generation of workers born roughly between 1979 and 1999 and also commonly known as Millennials, is a challenging demographic for employers. Fifty-six percent of hiring managers find Millennials to be the most difficult group to recruit, while 64 percent consider them to be the most difficult to retain. Tips to give your organization a better chance of attracting and keeping these particular workers include: extending an attractive salary offer, showcasing company perks related to professional growth and providing a constant flow of communication.

Today’s economic difficulties paired with the shortage of highly skilled job candidates identified in The EDGE Report are increasing challenges for hiring managers. By keeping up with employment trends and considering novel approaches to recruiting and retention, you and your business can maintain the staff you need now and in the future.

DeLYNN SENNA, CPA, is the executive director of permanent placement services for North America for Robert Half International. Founded in 1948, Robert Half is the world's first and largest specialized staffing firm. The company's financial staffing divisions include Robert Half® Finance & Accounting, Accountemps® and Robert Half® Management Resources, for full-time, temporary and senior-level project professionals, respectively. For more information about Robert Half, please visit www.rhi.com.