Report: U.S. Businesses Struggle to Fill Key Positions - Modern Distribution Management

Report: U.S. Businesses Struggle to Fill Key Positions

Is the problem self-made?
jenel-white

U.S. CFOs responding to the latest Duke University/CFO Global Business Outlook continue to view attracting and retaining qualified employees as one of their top concerns. Nearly all respondents (93 percent) said they had openings in key positions, but half of those are having trouble filling them.

"CFOs say they are increasing wages in response to labor market pressures and difficulty finding key workers," said John Graham, a finance professor at Duke's Fuqua School of Business and director of the survey. "Employment should continue to increase over the next year but at a somewhat slower pace. All else equal, we expect the unemployment rate to remain relatively constant."

U.S. firms expect to hike wages 3.3 percent over the next year, with wage growth strongest in services, consulting and construction.

Higher wages may certainly help attract people, but is it enough to get and keep the right people in the right positions? Not if you're unwilling to invest before, during and after the hiring process, according to many human resources experts. So-called "unicorns" (A players that already know your business) do exist, but they're very rare. And they're the ones who know they're worth top dollar.

If you're struggling to fill to key positions, review the job description and ask yourself: Is this really something one person who hasn't already been a part of our company for years can do? Or are there elements that we can teach the right person how to do? 

And don't focus so much on the price tag. The 2015 Millennial Impact Report, produced by research agency Achieve and released this summer, highlighted that for millennials, feeling like they're making a difference matters. Granted, you have to pay them a reasonable wage, as well, but creating an environment that supports that broader view may help you maintain those top employees.

As MDM Publisher Tom Gale wrote in Changing Norms for Building Talent, "what worked for baby boomers, driven almost exclusively by monetary rewards, is secondary to the social, educational and aspirational motivations of today’s emerging workforce."

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!