The workforce is ready and waiting for you. In fact, right now is an excellent time to enter the workforce and expect a higher salary.
Why? Because of supply and demand. There is actually a shortage in the labor market right now that has employers competing for hiring and keeping qualified workers. For this reason, it is estimated that 58 percent of employers plan to hand out a raise to employees in 2018, according to a survey by CareerBuilder that reported data from 1,000 hiring managers across various industries and within different size companies. The survey indicated that pay increases would be 5 percent or more at 24 percent of the companies surveyed.
The survey also found good news for job seekers. About 63 percent of employers in the United States plan on hiring full-time staff in the second half of this year. This is up 60 percent from 2017. Furthermore, 45 percent of employers stated that they plan on increasing an employee's starting salary. According to Irina Novoselsky, president and COO of CareerBuilder, employees are finding themselves in a job market where they can actually negotiate for higher salaries and more benefits.
According to the United States government, the unemployment rate in July 2018 was 3.9 percent. This is good news for the economy and the job seeker but not such good news for employers struggling to fill open positions. As the worker pool continues to shrink, there is a percentage of companies who are enticing potential employees with added perks such as:
- Employee discounts (31 percent)
- Casual dress code (36 percent)
- Option to work remotely (25 percent)
- Extra paid time off (22 percent)
- Free lunches (14 percent)
- Signing bonus (21 percent)
- Gym memberships (12 percent)
- Friday work from home (10 percent)
- Daycare option (8 percent)
Overall, the survey done by Career Builder found that 22 percent of workers plan to seek employment by the end of 2018. This could mean high turnover rates for employers, according to Navoselsky. If an employer doesn't get the raise they were expecting, they very well may move on to an employer who will. Furthermore, it means that job seekers are coming into the market from a "position of power," causing employers to add extra perks to gain the best and brightest talent. As Novoselsky says, it's no longer just about salaries; it's about the entire package the employer is offering.
If you're ready to take advantage of this candidate-driven market, contact ICS. We'd love to help you find that perfect job that moves you further along in your career goals. Now is the time to act, so click the button below.