Employment Trends Every Firm Needs to Be Ready For

May 25, 2016 mokeefe

With recent and significant economic shifts in the favor of job seekers, employers need to become increasingly aware of employment trends so as to protect the health and longevity of their businesses. For example, by the end of 2015, several million Americans confidently and voluntarily left jobs in search for better ones; this reality is one that sheds light on the current and seismic sea change in the work force that employers must take into consideration as they look to grow their businesses. The following are some of the most prevalent employment trends in 2016:

Starting Salaries are Rising
Perhaps not surprisingly, companies must now be willing to pay job candidates higher than the salaries of their previous positions. This gesture is critical to getting the most desirable candidates, and the average raise for new hires is currently about ten percent. Starting salaries in fields such as technology, finance, and accounting could necessitate even higher raises in order to secure ideal employees.

Competitive Benefits are Key
As always, benefits packages remain a large factor in a candidate's decision whether or not to take a job. Good health insurance and retirement programs are obvious perks, but in 2016, candidates also weight out other benefits such as the option to telecommute or the opportunity to travel. Companies that are willing to negotiate perks are much more likely to earn the preference of their top candidates.

Skills Training is a Draw
Companies that offer thorough and valuable training programs have the edge over companies that do not. In particular, the opportunity for professional development remains high on job candidates' list of benefits sought. Offering excellent training and professional development provides employees critical skills that they can use to bolster their resumes, but is also benefits the company greatly by ensuring that its employees are, and continue to be, highly qualified for their positions.

Candidate Pools are Expanding
Firms should plan on hiring both seasoned professionals and recent graduates in order to diversify the workforce and set it up for a successful future. Additionally, promoting employees from within in is also an excellent way to increase employee retention and to boost overall office morale. Employers who staff from multiple sources (and prepare their hires properly, per #4 above) have the most to gain from their rich and diverse team of employees.

The Hiring Process is Critical
Since the job market is currently expanding, employers should keep their hiring processes fast and efficient. Employers who drag out the hiring process run the risk of losing their best candidates to other positions. Moreover, the hiring process should be a transparent and positive experience for candidates.

Overall, firms that are most flexible, efficient, and dynamic will attract the best candidates. Let CPS, Inc. partner with you to ensure that your find the perfect fit for your needs.