Staffing Costs Rise Faster Abroad

CAREERS AND RECRUITING

According to the Grant Thornton International Business Report, 48% of U.S. private businesses are paying significantly more in staffing costs compared with a year ago, and 59% are more or significantly more focused on recruitment and retention of staff than they were a year ago.

But when compared to other countries, these U.S. companies have it easy. Internationally, 63% of private companies were paying more for staffing costs, and the same proportion reported an increase in focus on recruiting and retention. In India, 85% of employers reported a rise in labor costs.

Companies are also noticing the consequences of staff attrition, including increasing workloads for remaining employees (42%), higher operating costs (37%) and a decline in customer service standards (28%).

Source: Grant Thornton International Business Report, www.internationalbusinessreport.com.