Employment Survey: Hiring Goals, Salaries Climbing
NEW YORK -- More hiring managers say the U.S. economy has sparked an increase in hiring plans for the second half of this year despite the slowdown registered by gross domestic product in the first quarter. Fully 28% say current conditions have changed their hiring plans for the better, which compares to 22% who felt that way about the economy's impact on hiring plans for the first half of this year.
Even if there hasn't been a recent change in plans, the outlook is still strong, according to a national hiring survey conducted by Dice Holdings Inc. A majority of hiring managers and recruiters (56%) indicated they would be hiring more professionals in the second half of 2014 than they did in the first half of the year. That closely matches the 55% who were similarly optimistic about the start of the year, which was a record.
Dice Holdings provides specialized websites for professional communities, including technology and engineering, financial services, energy, health care, hospitality and security clearance
"The positive hiring intentions reveal businesses are optimistic and confident in opportunities for growth, despite the disappointing contraction in GDP to start the year," said Michael Durney, president and CEO of Dice Holdings. "The ongoing increase in recruitment plans indicates a stronger economic environment."
America's hiring managers are reporting the tightest job market in years. Only 11% said there was a likelihood of layoffs in the next six months -- the lowest reported number since the Dice national hiring survey began in 2008. For professionals who have chosen to leave a company in 2014, 43% of corporate hiring managers said they hated to see the majority of them leave. And, replacing those positions and recruiting for new positions is getting tougher; 57% of respondents noted they are not seeing an increase in job applicants.
When they do find talent, candidates are asking for higher salaries than they were six months ago, said 48% of hiring managers and recruiters. Evidently, professionals are getting them: 49% of respondents said salaries for new hires are greater than last year, the best level since June 2008, when 52% of respondents said salaries were higher for new recruits. Existing staff will also see a salary bump this year. A majority, 53% of corporate hiring managers said salaries for existing staff are higher than last year.
Those increases appear to be having an impact on retention, with 34% of corporate hiring managers saying voluntary turnover has increased in 2014. That compares to 42% of companies who reported a year-over-year increase in 2013 at the end of the year. "It's not a candidate's market in every field, but with more and more hiring managers reporting salary increases, both retaining and attracting talent becomes more of a challenge," Durney noted.
For those hiring managers who are expanding staff in the second half of 2014, 39% said they plan to hire up to 10% more employees than the previous six months, and 30%expect to fill between 11% and 20% more positions. Just 18% of survey respondents expect to be more aggressive with between 21% and 30% more professionals hired in the second half of the year.
All levels of experience are desired in the second half of 2014, with hiring managers and recruiters looking for candidates with two to five years of experience most frequently, followed by professionals with six to 10 years of experience, those just entering the workforce, and finally those with more than 10 years of experience.
Dice Holdings Inc. is a provider of specialized websites for professional communities, including technology and engineering, financial services, energy, health care, hospitality and security clearance.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our free daily email headlines and to our twice-monthly print edition.