Attracting and keeping talent in an unpredictable economy

{"version":"0.3.0","atoms":[],"cards":[],"markups":[["b"],["a",["href","https:\/\/www.indeed.com\/career-advice\/pay-salary\/pay-transparency#:~:text=Indeed%20recently%20conducted%20a%20survey%20of%201%2C500%20people,increase%20it.%20What%20does%20pay%20transparency%20look%20like%3F"]],["a",["href","https:\/\/www.businessinsider.com\/salary-employers-should-be-more-transparent-pay-reed-survey-2022-3#:~:text=Just%20under%20half%20of%20hiring%20managers%20%2846%25%29%20surveyed,negatively%20affects%20their%20perception%20of%20the%20hiring%20companies."]]],"sections":[[1,"p",[[0,[0],1,"Compensating architects in an unstable economy: four\ntactics for keeping and attracting top talent"]]],[1,"p",[[0,[],0,"In AIA\u2019s recent Architecture Billing Index\n(ABI), more architecture firms reported\na decline in billings for February. Revenue is flat. Inflation remains\nhigh. Still, some indicators suggest\nprospects for future projects remain positive. Inquiries into new\nprojects continue improving, as do the value of design contracts. Both indicators suggest design work should\nimprove in the coming months. "]]],[1,"p",[[0,[],0,"But with staffing still in short\nsupply, Kermit\nBaker, Hon. AIA, Ph.D., AIA\u2019s chief economist, says firms could be dealing with a\nserious compensation dilemma."]]],[1,"p",[[0,[],0,"\u201cStaff feel like they\nhave upper hand for negotiation,\u201d said Baker. \u201cLast year, because business was so strong and labor was so tight, our\nsurvey estimated wages across the profession were up about 7 percent. But firms\nare in a different place financially today.\u201d "]]],[1,"p",[[0,[],0,"Baker does not anticipate\nmost firms will pass the higher cost of doing business to clients but will instead\nlook for creative ways to sustain and grow their business. For most firms, that\nmeans taking on more work. Baker recommends these tactics for firms to increase\nproductivity so they can attract and keep top talent in an unpredictable\neconomy. "]]],[1,"p",[[0,[0],1,"React to\nthe Market"]]],[1,"p",[[0,[],0,"Look for interest rates to\nbegin easing, Baker predicts, making it more affordable for clients to finance\nprojects. Firms should be prepared to build on this market shift and be\nproactive in identifying other opportunities. \u201cArchitecture firms may get more aggressive\nwith encouraging clients to recalculate and move ahead with projects in a time\nwhen the cost of business looks lower,\u201d said Baker. "]]],[1,"p",[[0,[0],1,"Practice\nWage Transparency "]]],[1,"p",[[0,[],0,"If a firm doesn\u2019t\u2019\noffer equitable pay, people will find out. \u201cArchitects talk to each other,\u201d\nsaid Baker. \u201cThey talk to others in their firm. There is a salary information\nout there that is easily accessible if you\u2019re looking for it, so salaries\naren\u2019t secrets that remain kept.\u201d "]]],[1,"p",[[0,[],0,"The job site,"],[0,[1],1," Indeed"],[0,[],0,", suggests salary transparency is important to most job\nseekers: 75% of\npeople polled said they are more likely to apply for a job if the salary range\nis listed in the posting. "],[0,[2],1,"Business Insider"],[0,[],0," supports clarity on\nearnings and earning potential for workers, too, suggesting a lack of pay\ntransparency can perpetuate gender pay gap. What can\u2019t be ignored,\nparticularly among new hires, is competitive starting salaries. \u201cA\nyear ago, firms had the tailwind of project activity and revenue to increase\nsalary scales across the firm,\u201d said Baker, \u201cbut firms may not be in a position\nto do that in this economy.\u201d"]]],[1,"p",[[0,[0],1,"Foster\nRelationships"]]],[1,"p",[[0,[],0," \nMost firms get the majority of their business from repeat clients, and now is\nthe time to leverage established relationships. Remind clients how and why your\nfirm can best meet their needs. "]]],[1,"p",[[0,[],0,"Likewise, ensure employees are\naware of the benefits your firm offers beyond their salaries. While Baker says\nannual salary is the most important factor for entry-level architects and\ndesign professionals, non-financial benefits like a firm\u2019s mentorship\nopportunities, the types of projects it seeks, support for licensure, and overall\nflexibility hold significant value. \u201cFirms should highlight the ways they can\nhelp advance someone\u2019s career to get them to the pay point they desire,\u201d said\nBaker."]]],[1,"p",[[0,[0],1,"Manage\nExpectations "]]],[1,"p",[[0,[],0," How much\nworse will the economy get before it gets better? Because the financial\nlandscape is ever-changing, Baker says, it is too unsettled to tell."]]]]}