By Chris Ceplenski, Managing Editor, News
‘Hot jobs’ is a term HR professionals are certainly familiar with, but what does it really mean? And how can you determine whether these hot jobs are a critical to your organization? Finally, what kinds of rewards or compensation should you be giving those employees in hot jobs who are critical to your company?
At the WorldatWork Total Rewards Conference session, a team of experts provided insights and answers to these questions.
A job is defined as ‘hot’ when “the demand for skilled talent currently outstrips the labor supply,” explained Jeremy Feinstein, managing director of Empsight International LLC. Feinstein outlined the “life cycle” of a hot job as consisting of the following stages:
- New business models, regulations, and technologies emerge.
- New jobs and skills are required by the labor market.
- Hot jobs emerge with premium pay.
- Employees receive education and training for hot skills. (Feinstein notes that at this stage, employers first provide internal on the job and industry specialized company training. Eventually external training—in the way of trade associations and degree/certification programs—emerges to respond to meet the need.)
- Demand for hot skills are met and hot jobs are integrated into mainstream benchmarks.