Workplace Analysis: Are We Seeing the End of Annual Pay Raises?

The days of receiving an annual raise so a company can express its appreciation of your loyalty are certainly not completely extinct, however, recent data has shown its prevalence and frequency to be slowly, yet markedly, sinking.  A portion of this may be due to a growing decrease in company loyalty by younger workers’ tendency to switch employment gears at a notably higher rate than their much older counterparts.

In spite of this environment (and in many cases, due to this environment), it’s important for workers to know their worth in the job market. Having a clear perspective of your value as an employee will not only strengthen your confidence in requesting a pay increase, but it will offer your superiors and the company’s decision-makers an indisputable perspective on your actual value to their company.  Additionally, for every young worker eagerly looking toward the next employment horizon, there are those who wish to obtain a sense of stability where they are.

That being said, in those companies and institutions where annual or semiannual reviews are the norm, the overwhelming advice is to visit sites such as http://www.payscale.com or https://www.salaryexpert.com/ and find out where you fit into the equation.  Knowing your worth is the key to maximizing your potential.

End of Annual Raises - coins_arrows-graph

On a parallel note, female employees are well aware of the fact that, where sufficient data exists to compare earning potential between men and women, they’re still only earning $0.80 on the dollar compared to men.  In this case, the fadeout of the annual raise may actually work to their benefit; and here’s why:

Changes on the Horizon

Companies moving away from fixed annual increases do not lessen your burden of remaining aware of your value to the company; in fact, if anything, it amplifies it.  The new corporate strategy is to provide bonuses for certain fixed accomplishments, profit sharing incentives for increased sales or productivity, and performance raises based on merit.

It doesn’t matter if the “reward” for landing the “Johnson account” is two paid weeks at the company condo in “San Tropical”, 2 percent of net sales, or $5,000 in cash; gender simply doesn’t enter into the equation when the rewards are fixed.

From the businesses’ point of view, this meritocracy is probably the most sensible approach.  It harkens back to bygone days where everyone was paid the same wage to start and if they were more talented and productive than their peers, they were rewarded with an increase in salary.

In a capitalistic system, hiring an employee is an investment.  If that investment pays off, that person enjoys an increased dividend.  If they continue to do the same reliable job without a significant improvement, shouldn’t they get the same reliable wage that reflects the amount of contribution that they make?

However, when you do make a significant new contribution, you should be prepared to enumerate your achievements and attach a dollar-value to them.  This system rewards competence, achievement, and innovation.

A meritocracy is also a reasonable system from the business’ perspective, since they get to pay for tangible results.  It does away with the expectation that people will automatically get a raise (albeit, usually a small one in the neighborhood of 3 percent) for the mere reason that they work there, even if they haven’t met their annual goals or requirements.

The Drawbacks

Those individuals who have reached the point in their lives where they are now winding down their careers may not see another raise before they retire.  If you can’t show growth, improvement, or new value, this system doesn’t seem to accommodate you.  Just “doing your job” means your remuneration stays unchanged.

The same could be said for “dead-end” jobs which provide no opportunities toward new territory.  If you can’t find a way to show improved value for the company—how you increased their bottom line—you’re in the same boat.

It puts the obligation back on the employee to earn their bonuses, raises, or perks.  Those who just “drift along” are certainly due for a shock!

Another drawback is making sure that managers review every single employee on time, or regularly, so that raises, bonuses, and rewards can be handed out when appropriate.  If a supervisor lags behind in his or her responsibility to complete reviews, it can trigger a great deal of ill-feelings. Once you switch to a reward system you must deliver those rewards on time.

That’s the sort of responsibility (or irresponsibility) that might mean a manager or supervisor doesn’t meet their own goals for a raise based on competency.  A meritocracy means that everyone must merit their rewards.

The Big Advantage

In any meritocracy, it is important to have a readily available list of expectations and goals for employees.  If you “improve (A)” you get reward (A); if you “develop (B)” you get reward (B); if you “increase (C)” you get reward (C).  This gives them very specific goals to shoot for so that they can obtain the greatest possible rewards for their efforts.

Let’s consider (A) as the collection rate on delinquent accounts; (B) might represent creating new software programs; and (C) could be an intangible, such as improving Customer Satisfaction.  The latter is important so that this aspect doesn’t get overlooked as they strive for more clearly defined rewards.

Ultimately though, it clearly indicates what the company deems to be important and worthy of an employee’s diligence.  It helps to eliminate misdirected effort and wasted time.  You could conceivably find someone who ordinarily might be considered a middle-of-the-pack employee, or even an under-achiever, who suddenly sees specific tasks and guidelines that could allow them to excel.  This could turn them into a top producer.

End of Annual Raises - Payroll_calculator

The Takeaway

Employers often looked at a meritocracy as a cost cutting measure, since they only pay for positive performance improvements.  Some jobs however don’t lend themselves to a meritocracy format.  A receptionist or a bookkeeper, perhaps, doesn’t possess a large amount of room to change the company’s bottom line.  Unless you can provide specific goals for them to target, it might be better to leave them on the older system.

More importantly, in the example above suggesting goals (A), (B), and (C), the items (A) and (B) seem to be clear-cut and settled, with little room for interpretation.  Goal (C) of “improving Customer Satisfaction” can be very subjective.  If you can’t find a clear way of measuring it, one employee might earn 3/5 and another could receive 5/5 for no discernible reason.  This can cause a certain amount of turmoil and resentment since it is going to result in a different level of compensation.

Be thoughtful and wise when you implement a new system like this.  Don’t jump in with both feet simply because it’s going to save the company money.  Explain it well; use the old system until a specific date so that no one is blindsided by the change.  This change is already occurring in the highest levels with the most costly employees, but it seems inevitable that it’s going to trickle down.  Be ready for it.

 

Fred Coon, CEO

 

Take your job search and LinkedIn profile to new levels and achieve your career goals with LinkedInSecrets.us. Leveraging LinkedIn for Job Search Success 2015 will transform how you use LinkedIn on a daily basis and create a profile that will WOW recruiters and hiring managers.

The Top Current Jobs in Business

What’s in Your Future?

Five sectors in the U.S. economy are going to drive more than 50 percent of the growth of new jobs in the next four years.  That’s in excess of 10,000,000 of the projected jobs by the end of 2020, and none of them contribute to economic growth.  How is it possible?

top-jobs-in-business-professional-group-pointingThese five sectors showing occupational growth are professional services, business services, social assistance, healthcare, and construction, indicating that service-based jobs are continuing an upward trend.

All five of these areas are noted for being indicators of economic growth in the technical sector.  It is clear that the job market will be calling for employees with Bachelor Degrees, Associates Degrees, Technical Degrees, and other STEM-based degrees, in the near future.

However, as we discover this information, we hope we haven’t missed an important window of opportunity.  Examine this data from the Bureau of Labor Statistics (BLS).  By 2022, it is projected that 25.6 percent of our work force will be aged 55 or older, a point we have never reached in US history to date.  The bulk (63.1 percent) of our work force will consist of people who are in the middle of their careers and not expected to make any significant changes.  The replacement workers, age 16 to 24, comprise only 11 percent of the workforce, which presents a problem.

We are not producing “replacement workers” fast enough to bridge the gap, and we potentially face a shortfall in the number of available workers at a time when businesses are going to be desperate for growth.

If you’re just starting out in your college education, and you’re looking at a business or technical career, that is an immense relief to employers.  You are going to be desperately needed when all those approaching retirement are finally separated from the job market.

Here are some of the areas you should focus on:

  • Advertising
  • Business operations specialists
  • Computer related occupations
  • Engineering
  • Financial occupations
  • Management occupations
  • Marketing
  • Promotion
  • Public relations
  • Sales and support services
  • Sales management and supervisors

top-jobs-in-business-outline-of-peopleComputer-related fields will provide a large portion of jobs (approximately 860,000), and management occupations will provide another approximate 200,000 positions, but none of the above listed categories are predicted to fall below 100,000 positions.

As it stands right now, when looking at all jobs on a city by city basis, hiring requirements are running between the mid-forties and the mid-fifties (percentage wise) where they stipulate a minimum of a Bachelor Degree.  That’s right…half of all the jobs require a college degree nowadays, and this, too, is a new record in our history.

Of course, in a world where babies grow up with a rattle in one hand and a tablet PC or an iPhone in the other hand, more people are technically competent now than at any other time in our history.  So what sort of jobs do we have for them?

  • Analytics Manager STEM & Tech Exp.
  • Audit Manager A.
  • Data Scientist A., Ph.D.
  • Engagement Manager Tech Degree
  • HR Manager A.
  • Mobile Developer A. & Tech Exp. Product Manager Tech Degree
  • Software Engineer C.S./Tech Degree Solutions Architect B.C.S./Tech Degree Tax Manager B.A.

The Takeaway

So, in consideration of this gap, there has never been a more important time to ascertain your plans as a job seeker. If you want to be in the construction trade, there will be plenty of great jobs for you.  The nursing profession is set to offer approximately 400,000 jobs, as well.

If, however, your interest is in business and technology, you need to take the time right now to decide where you are headed.  The biggest, most powerful ship in the world can churn the water into foam, but most assuredly it will never go anywhere important unless it also has a rudder to give it some direction.

Fred Coon, CEO

 

Take your job search and LinkedIn profile to new levels and achieve your career goals with LinkedInSecrets.us. Leveraging LinkedIn for Job Search Success 2015 will transform how you use LinkedIn on a daily basis and create a profile that will WOW recruiters and hiring managers.

Report Shows Apple™ May Be Curtailing Recruitment

Apple Inc. is one of the biggest and most innovative technology companies in the world, so it’s understandable why most people look to land a job with the tech giant. After all, it feels great to be associated with a respected and prestigious organization such as Apple, in addition to the employment perks that come with it.

However, if you are one of the many who have been trying your luck at a position with Apple, you should probably consider looking elsewhere, at least for the time-being. According to recent reports by leading technology-driven news source, VentureBeat, Apple has been laying off its contract recruiters. In fact, partnerships with almost all of their contract recruiters are revoked as of lately, and this also includes a few full-time recruiters.

If these reports are true, around 100 employees within the tech giant’s recruitment teams would be affected by these changes. Sources close to the matter believe the company’s decision to curtail its recruitment comes after the re-evaluation of its Empty-office-cube-spacesbusiness activities and plans. This means that additional hiring will be recommenced only after some new projects are in operation.

The incentive plan of  40 percent of the new employee’s basic salary as a bonus for recruiters has also been revised by Apple.  This incentive has now been cut down to 10 – 15 percent per new hire.  Sources also have reason to believe these bonuses would not be in place for good in the upcoming future.

The Jobs at Apple website also shows a noticeable shortage of ads for recruiter positions. This raises the question: Why has Apple decided to decelerate its recruitment efforts? While the exact reason still remains a mystery, one possibility could be the tech giant’s lackluster business performance for the second fiscal quarter.

In its latest quarterly report, Apple has uncovered the first drop in revenue in 13 years. This decline in sales and profit has much to do with the slow sales of its flagship iPhone, which is unarguably the tech giant’s key revenue generator. Experts indicate the year-over-year decline in iPhone shipments is expected to continue, consequently causing a decline in the company’s total revenue.

Apple chart 2016

Graph published by Arstechnica.com shows Apple’s revenue decrease in Q2 2016 due to lagging iPhone, iPad, and Mac sales.

Not much relief is expected in the upcoming months either.  According to a Bloomberg Technology report of April 26, 2016, Apple’s consecutive 51 quarter stride of sales growth is over, and development may not resume until late 2016. Consequently, cutbacks on iPhone production are also expected. Furthermore, for the first time since it was launched back in 2007, it is expected that the iPhone may actually underperform in the smartphone market, according to Ming-Chi hand-holding-mobile-phoneKuo, prominent KGI securities analyst.  Consequently, it is logical to presume that Apple decided to slow down its recruitment process because of the company’s recent lull in advancement, at least until the launch of the iPhone 7.

These recruitment cuts are also likely to affect jobs on the operational level, perhaps even more deeply than leadership positions. Let’s take Apple’s rumored car project (aka “Project Titan”), for example. Notwithstanding reports of recruitment restraints, the tech giant originally hired many of the engineers and related personnel for its car project from some of the most renowned automotive companies, such as General Motors, Tesla and Ford.  Although since resumed, recruitment for this project was also put on hold earlier this year due to a major personnel change, according to an original report in The Wall Street Journal.  However, on a positive note, Apple’s efforts seem to be back in force on “Project Titan”, and it is speculated that the car may be ready to debut by the year 2020, although still later than anticipated.

Ultimately, only time will tell the actual long-term impact that the decrease in contract recruitment and lagging sales will directly have on Apple’s internal job market.  However, as a giant in their industry, we can only surmise that the company will continue to find a way to innovate new prospects and opportunities.  Nevertheless, it may be wise to redirect your job-seeking efforts towards a more certain future.

 

By Fred Coon, CEO

 

Stewart, Cooper & Coon, has helped thousands of decision makers and senior executives move up in their careers and achieve significantly improved financial packages within short time frames. Contact Fred Coon – 866-883-4200, Ext. 200

Economics of College Degrees

SC&C Economics of CollegeIt costs more than $12,500 a year for tuition, room & board, and study materials, at a community level college. Private colleges can push that number over $35,000 per year. That means a bachelor’s degree (four years) will cost at least $50,000 and possibly over an eighth-of-a-million dollars, not including any extraneous funds spent for socializing and entertainment (no movies, no dating, and no beer).

The average student’s debt currently sits around $29,000, but amounts totaling $100,000 or more aren’t unheard of for many graduates. Larger amounts are relatively common for those attending high-prestige schools and obtaining advanced degrees.

Seven in 10 seniors (69%) who graduated from public and nonprofit colleges in 2014 had student loan debt with an average of $28,950 per borrower. Over the last decade—from 2004 to 2014—the share of graduates with debt rose modestly (from 65% to 69%) while average debt at graduation rose at more than twice the rate of inflation— Institute for College Access & Success

Is it worth it?

 

Earnings with College

A bachelor’s degree gets your foot in the door for a beginning job at $50,000 per year, which sounds nice. After several years, you should be able to get into the mid $80,000–$90,000 range. In 2016 dollars, after 15–20 years, you should (on average) expect to top out at $140,000 per year.

Earnings without College

If you’re willing to do some advanced training, say by attending a technical school, you can do surprisingly well. If you’re reasonably quick witted, and apply yourself, it should be fairly straightforward to earn $30,000 a year when you start out. If you are productive and clever, you should be looking at $48,000 to $52,000 within a few years. In 2016 dollars, after 15 years, you can typically expect to top out at $80,000.

What does it mean?

SC&C College debtAt $30,000 per year you will have four years of work experience, and earnings totaling $120,000. In the same period of time, someone pursuing a graduate degree has accumulated zero experience and somewhere between $50,000 and $140,000 in debt.

College can be even more stressful for those that don’t want to be chest-deep in bills when they finish their scholastic career. Those people take part-time jobs while they’re going to college. Their studying suffers, they are probably sleep-deprived, and ultimately, their grades aren’t as high.

In total, when they finish college they’re $120,000 behind their non-college counterparts, and have a significant debt to deal with, which will take between one and three years to pay off if they dedicate 100% of their salary to the task. Since that never happens, this debt is likely to stretch out for many years.

Usually this is about the time that debtors begin to think about what it would be like to live in Norway, Sweden, Finland, Denmark, Mexico, Brazil, Germany, or many other countries that offer free college to everyone!

Given two programmers, one [self-taught] with 3-4 years’ experience and the other with a bachelor’s degree and no experience, it’s actually the case that experience will trump education just about every time, especially on general programming positions and [particularly] in the startup community, where all that matters is what you can do and have already done—J. Faucett

What Can I Do without College?

Online Advertising Mngr. $88K | Web Developer $77K | Dental Hygienist $69K | Electrical technician $57K | Surveyor $56K | Wholesale Sales Rep $53K | Tax Collector/Examiner $50K | Steno/Court reporter $49K | Paralegal Assistant $48K | Insurance agent $48K | Architectural draftsman   $47K | Industrial machine repair $46K | Help Desk Analyst $46K | Hotel Manager $46K | Executive assistant  $45K | Heating/Refrig Mechanic $44K | Sewage Plant Operator $43K | Construction Equip. Op. $42K | Truck Driver $41K | Help Desk Attendant $38K | Medical secretary $33K | Teacher’s Aide $26K | Hair stylist $25K | Cosmetologist $25K

Alternate Options for Education

SC&C Earn Degree OnlineIf you decide to start your working career without a college degree and then find that your ambition suddenly requires an associate or bachelor’s degree, you don’t have to drop everything and go back to school per se. There are always alternatives, and they can be cost-free.

University of the People (UoPeople) was the world’s first accredited, tuition-free, online university. Their academic leadership comes from Harvard, Yale, Cambridge, Oxford, New York University, and many more.

edX, in cooperation with MIT, Harvard, Berkeley, Univ. of Texas, Univ. of British Columbia, and Columbia University offers an amazing number of certificate courses as well.

Coursera has relationships with 152 universities and colleges offering 1,769 courses, with over 17,000,000 current students.

If you have the time available, and the money to spend, there is no valid argument against attempting to earn a degree. If, on the other hand, you want to gain a lead on your peers, and enter the working world without a crushing debt, there are 24 interesting choices listed above. And there are plenty more.

More importantly, you can change your mind and work on obtaining a degree, for free, at your own pace, online. This is a very useful option once you have started your career and have money in the bank.

The whole concept of education has changed. Many premium institutions are looking to broaden the base of people with high-quality educations. Smarter people benefit the whole world because they are often less inclined to make ill-considered decisions.

Want to unlock the secrets of LinkedIn? Looking to take your profile to All-Star status and start getting unsolicited job offers? LinkedInSecrets.us has all the material to take your LinkedIn profile to the next level with tips, webinars, and Fred Susan’s new book, Leveraging LinkedIn for Job Search Success 2015.

Tips for a Sudden Job Loss

SC&C Money-Saving Tips during UnemploymentWe’ve said it before, but we’ll say it again (and again, and again) until we get the message through: Right now, while you’re still employed, start building your emergency fund. But just this once we won’t belabor the point, and assume that you’re actually in trouble because you don’t have an emergency fund, and you’ve been abruptly let go.

First Steps

Insurance

Don’t panic! Apply for unemployment insurance, today. Check to see what Medicaid benefits are available for you, today. Explain clearly if you need a prescription refilled within a couple of days. They are much more likely to be understanding and expedite the whole process.

Recommendation Letter

A couple of days later, certainly within a week, contact your former manager to ask about a letter of recommendation. Surprisingly, irrespective of the circumstances under which you left, they are often willing to supply such a letter.

HR Department

In addition, contact the HR department and determine how long your benefits (medical plan, dental plan, life insurance, etc.) will carry over. This is often three months, but most people fail to inquire or take advantage of any benefits.

Creditors

Contact your creditors and apprise them of the situation. You’ll be amazed how many of them are willing to accept simple interest payments for a few months, until you are back on your feet, rather than forcing a default. They want to get their money back, not to engage in expensive collections, so you’ll find that they’re willing to work with you. Not keeping them informed is the worst thing you can do.

Second Steps

SC&C Money-Saving Tips during UnemploymentCut Expenses

Proceed calmly to immediately cut all your expenses down to the bare bones. Suspend your housekeeping service, your gardener, your pool cleaner, if you have such luxuries, but don’t hide the situation from your family out of pride. Tell them they can no longer spend $300 a month per person on instant messaging and unlimited data on their telephones. Tell them “allowances” are suspended.

Reduce Cable and Phone Extras

Call your cable company and reduce your bazillion TV channel package to the basics (which doesn’t inspire service-cancellation fees). It will still provide entertainment for the family, but at a trivial cost compared to dinners out, or movies in theaters. It might even be more economical to do away with the cable TV Service entirely and rely strictly on broadband data and Wi-Fi for your entertainment. Much of our entertainment is now mobile available.

Adjust Thermostat

Adjusting your household thermostat by 5° in the “wrong” direction could conceivably save you $100 a month, at the cost of shedding or donning a sweater. Decreasing the temperature on the hot water tank by 10 or 20° could save you even more, and everybody should be further restricted to military-like showers to minimize use.

Thrift Stores for Clothes

Tell the kids that you’re “going retro” and take a family trip to shop for unique clothing items at the local thrift stores. It can be a fun excursion instead of a painful or embarrassing “emergency measure.” Finding a kitschy sweater for $5.00, and a cool hat for $1.00 can actually be a fun and exciting adventure. And quite surprisingly, there are number of really good suits that can be worn to job interviews!

Of course, there are all sorts of job-search strategies out there so we won’t go into that. But there are ways to save money during that search.

Third Steps

Job-Search Savings

Don’t go to Kinko’s and get 100 copies of your résumé printed. Get a couple to use for reference while filling out application forms (consistency is important) and to use at an interview, if your interviewer asks.

Tangible copies are generally passé and essentially, a waste of time. On the whole, to potential employers, they’re actually more work to process, and some won’t even be bothered. Employers want electronic copies that can be processed by their ATS (Applicant Tracking Software) programs and sending résumés electronically costs you nothing.

SC&C Money-Saving tips during unemploymentNext, consider how you’re going to get to your job interview. Taking your car, including the expense of gas and parking, could cost between $20 and $50 when a roundtrip bus fare might be had for under $5. A couple of interviews by car in different places might mean not eating that night, or living on rice for a week.

Don’t use the job interview as an excuse to go to a fast food restaurant. Stick a couple of sandwiches and a thermos of soup in your briefcase (and a toothbrush so you don’t have any lettuce stuck in your teeth).

Network

Reach out to friends and relatives for support. You may think you’re doing fine when suddenly it hits you that you’re unemployed, and your situation is overwhelming. Burying yourself in your job search is one technique. Meeting a friend for a coffee is another and can have a really stabilizing effect.

Call 2-1-1

If you don’t have 2-1-1 Service in your area, go to the 2-1-1 website. They can help you locate community resources to help you find employment, food pantries, training, care for an aging parent, and all sorts of other ways to help control your expenses while you are looking for a new job.

It’s not hopeless. It never is. There are systems, social structures, and individuals who are willing to help. It may only take a trivial amount of research, but that is only useful if you know that the resources are out there. And now you do.

Want to unlock the secrets of LinkedIn? Looking to take your profile to All-Star status and start getting unsolicited job offers? LinkedInSecrets.us has all the material to take your LinkedIn profile to the next level with tips, webinars, and Fred’s new book, Leveraging LinkedIn for Job Search Success 2015.

November 2014 Economic Report Positive

The November 2014 Economic Update report from CareerBuilder shows some positive signs for the economy. Hiring is on the rise; is your job search campaign and personal brand fully prepared and polished to be the candidate that gets hired?

Unemployment Rate Fell

The jobless rate for October 2014 fell to 5.8%, the lowest it has been since 2008. Out of those who were unemployed in September, 24% found jobs in October, which is an increase of almost 1.5% from August to September for those finding work. More people are entering the job market than giving up and not looking for work.

SC&C November 2014 Unemployment Rate

Hiring Industries

Some job sectors are showing more job gains than others. As shown in the chart below, the Leisure & Hospitality sector has shown a significant increase in hiring followed by the Education & Health Services industry.

SC&C November 2014 Sector Job Gains

As a job seeker, your skills and knowledge can translate into any of these sectors. You can tailor your resume and interviewing skills to showcase how you can add value to a company in any industry. Whether you’ve been in one or two particular sectors for your career path, consider another sector that is having positive job gains as this could be the opportunity you are looking for.

Wage Growth Stagnant

Unfortunately, the report does note that higher wage growth has been stagnant. Although companies are hiring, they are not increasing salaries. One reason the report points to companies being reluctant to increase payrolls is the part-time market. There are still many people working part time; however, the average number of hours for the workweek increased to 34.6 hours. This signals that companies are needing work hours and are allowing employees to work extra hours.

You don’t have to take the next available positing that is offered to you and accept a lower pay level. If you are interested in the position, make sure your interview and negotiation skills are beyond exceptional, and you’ll get the salary you deserve. Companies are willing to pay those who demonstrate exceptional Value-Add propositions.

This November 2014 Economic Update report shows that companies are ready to hire. As a job seeker, how are you tailoring your resume or WebFolio to showcase your skills and expertise to get one of these jobs? Also, connect with Stewart, Cooper & Coon through their LinkedIn page.

*Data Source and Use Notifications: The November 2014 Economic Update is generated by Careerbuilder.com along with permissions from other sources. No person, company or entity may sell, transfer or assign the report or any of the data provided in same to any third party without the express written authorization of Stewart, Cooper & Coon. No person, company or entity may remove or modify any branding, marks, copyright or trademark notices, or any other notices or disclaimers set forth in any of this data or report without Stewart, Cooper and Coon prior written consent, or otherwise modify the data or the contents of this data or this report in any way so as to falsely or otherwise misrepresent its content. Data and graphs supplied by CareerBuilder.

Announcing U.S. Job Trend Projections for 2nd Quarter 2014

According to CareerBuilder’s Q2 2014 Job Forecast Report, U.S. companies planning to hire full-time, permanent workers will increase 3% this quarter, a full 7% more than the forecasted national average. That’s good news, even with other more subtle economic trends factoring in to job searches.

With the economy expanding and improvements to the housing market, consumer confidence is on the rise, which means that we could see significant job growth over the next two quarters.

Here are the top 5 industries expected to exceed the national average for hiring permanent staff:

full-time-staffJob openings for financial and accounting positions are the most challenging to fill.  “Accounting and finance is having a very difficult time finding candidates. Hiring managers need to adjust their expectations as far as what they can get skill wise and how much they need to compensate. It’s no longer a buyer’s market.” Executive placement firm, Stewart, Cooper & Coon, offers a variety of services for financial and accounting executives to conduct job search campaigns and discover open positions.

Many candidates are turning down offers. About 3/4 of employers state that 10% of candidates actually end up turning down job offers. The most frequent reasons were as follows:

declined-offers

Due to the highly competitive nature of the current job market, candidates will often have several offers on the table at once. Better prospects and unrealistic salary expectations were the most common cause for refusal. A full 71% of candidates felt the hiring company’s compensation was under par with their expectations and only 25% considered the offer they were given to be what they had in mind – and that number is declining.

compensationFor more insights and trends in U.S. jobs, check out CareerBuilder’s latest Staffing & Recruitment Pulse Survey. For more information about trends in U.S. jobs, contact Fred Coon of Stewart, Cooper & Coon.