3 Numbers Candidates & Employers Need to Know
We can post stories, fun little bar graphs and even use social media memes to make a point about the state of the market for both our candidates and employers. But, we find that unless you give straight statistics – siting the source behind those facts…then our candidates and employers may be reading the information, but they aren’t really listening. So, if it’s numbers you want, it’s numbers you’ll get.
7% OF EMPLOYERS WANT TO RETAIN THEIR EMPLOYEES
If you are a high-performing employee, offer great-potential or in-demand skills to an employer – this 7% figure represents those employers willing to pay more in order to retain you! In October, Xerox HR services finalized its collection of data on pay practices from 172 organizations across the U.S. representing both small and large companies, and determined retention is paramount in 2017 and will remain so in 2018.
“Attracting and retaining top talent is increasingly critical, and organizations need to continue—or start—finding creative ways to do so…”
– John Gentry, president of Xerox HR Services.
(Source: https://www.shrm.org/ResourcesAndTools/hr-topics/compensation/Pages/pay-budgets-retention.aspx – By Stephen Miller, CEBS Nov 23, 2016)
3.2% SALARY INCREASE
A salary increase works in tandem with the fact that employers are willing to pay more for their talented workforce – in particular when it comes to retention. Today we are showing a 3.1% base salary increase. The Economic Research Institute (ERI) collected data from over 20,000 companies, paired it with pertinent government statistics and reported their findings in Planning Global Compensation Budgets for 2018. The results forecast a 3.2% increase in 2018 – keeping the U.S. on target for a 3 year and 3+ percentage annual increase.
(Source: https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/2018-salary-budget-forecast.aspx – By Stephen Miller, CEBS May 31, 2017)
4.5% INCREASE IN JOB OPENINGS
The U.S. Department of Labor reported 6 million job openings in May 2017 – noted as the greatest increase at 4.5% since the department began tracking this data in December of 2000. This number could have varied meanings, but experts agree that this reflects a need for businesses to find qualified employees.
(Source: http://www.chicagotribune.com/business/ct-job-openings-20170606-story.html – Christopher S. Rugaber Associated Press June 6.2017)
The numbers do tell an interesting story: first of all, companies don’t want to lose their good hires – they are in fact, willing to increase pay or offer creative incentives to keep them on-board. At the same time, companies are finding themselves unable to fill their open positions – as if the available market has disappeared. What do these numbers and this story tell us… we believe it means a little something for both of the groups A.N.D. Staffing works with on a daily basis:
Candidates: Are you standing out? Are you looking hard enough? What are you doing to make sure your value is understood and desired?
Employers: Does your effort match your need? If you are interviewing, then are you making the right offers? Is your pay and value-added benefits to employment attractive enough?
Answer a couple of these questions, and you both could find yourself on the right side of the numbers. And, of course – A.N.D. Staffing is always here to help get you there.