The Herman Trend Alert|
October 14, 2009
Unprecedented Churning is Coming
Now in its fifth year, the 2009 Employment Dynamics and Growth Expectations (EDGE) Report reveals some fascinating insights into what is going on in the hearts and minds of today's employees. A collaboration of the international staffing firm Robert Half, Inc. and a global provider of human capital solutions, Career Builder, this year's report provides an overview of the current hiring environment and a preview of the post-recession job market.
A full 47 percent of managers surveyed cited "a shortage of qualified applicants" as their top hiring challenge*. Hiring managers said their time-to-fill a vacancy was an average 4.5 to 14.4 weeks. They also reported that 44 percent of the resumes received are "not qualified". The characteristics most valued by these hiring managers were "multitasking", "initiative", and "creative problem solving". Forty percent also reported that when the economy improves, they expect to use money as their primary method for retaining top performers.
EDGE 2009 reveals interesting insights about the employee's perspective as well. Not surprising to us, 45percent plan to change "jobs, careers, or industries" when the economy recovers. Perhaps as a result of fear and/or the current state of the economy, nine out of ten "are satisfied with their current work situations". Nearly half of employees surveyed said higher compensation will be the most effective way to retain them after the economy improves. The top perks employees will be looking for are technology upgrades (79 percent) and tuition reimbursement or subsidized training (61 percent).
Forty percent of companies said they intended to bring on contract, part-time, and/or temporary employees; they are not simply focusing on full-time hiring. Information Technology and Customer Service were the top areas for expected hiring in the coming years.
Due to "corporate cocooning" (staying put out of fear), the "unprecedented churning" of the labor market we have forecast in the past has not yet happened. Now, we again see a high level of expectation of job hopping. Wise employers will heed this warning and take steps now to engage their valued employees and avoid this unwanted turnover. It will be full employment for Employee Retention SpecialistsTM.
* Recently, a vocal cadre of our readers has appeared to dispute this finding
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