If you are … ahem … of a certain age, you are undoubtedly hearing Prince ringing in your head right about now. Indeed, it’s time to party like it’s 1999, because the job market certainly is! Job growth in 2014 hit 1999 levels – a 15-year high.
Consider these things:
• Economists say job growth is expected to approach or exceed the high attained in 2014 and they expect sluggish wage growth to finally accelerate;
• The economy is now consistently producing more than 250,000 jobs per month;
• Unemployment hit 10 percent at the pit of the recession, but it has now fallen to 5.6 percent – and there’s no reason to think it won’t continue improving over time;
• Staffing levels are expected to rise 19 percent, according to Manpower Group’s annual Employment Outlook Survey;
• According to a recent CareerBuilder survey, 36 percent of employers plan to increase their full-time staff in 2015, up from 24 percent last year and the most since 2006.
So what does this mean for our client partners?
In short, it means it’s time to get real again:
1. Planning is essential. Take a look at your organization. Do you anticipate needing to grow a department or position? Time to figure that out and determine exactly what you will need and when.
2. Be ready to act. When you are ready to start the search, you have to be on top of it. See candidates in a timely fashion, provide feedback quickly and be ready to extend an offer when you find a good fit. If you don’t respond immediately, that candidate will have likely taken another position.
3. Make it worth their while. You have to tie your offer up in a pretty bow. Outline benefits, any additional compensation beyond salary, company culture and ability for the candidate to grow professionally and personally.
Competition is tough out there.
As always, we are here to guide you through the process.