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The Hiring Site

  • September 30, 2008
  • 0 Comments

Q4 Job Forecast Released Today Indicates Emerging Trends

What another little news story from this past week did for celebrity gossips, a survey released this morning by CareerBuilder.com and USA TODAY did for financial analysts: It only seemed to confirm what many have been speculating. 

The Q4 2008 Job Forecast indicates a weakening job market, which should come as no surprise given what we now know about the financial crisis; however, the survey was conducted between August 21 and September 9, which means it might not reflect the full effects of the last few days.  Thus, hiring managers may now have to take an even more conservative approach than the one they indicated they would take in the upcoming quarter. 

At the time the survey of more than 3000 employers and over 6100 workers was conducted, results indicated more of the same for hiring in what has been a slower year for the job market. When asked, 23 percent of employers said they planned to add full-time, permanent employees in Q4, a slight decline from the previous quarter.  Ten percent planned to decrease headcount, while 63 percent anticipated no change.  

Below are some of the more interesting takeaways from the survey, which reflect emerging trends in employee behavior, and what they mean for you:   

  • Nearly one-in-ten workers said they have taken on a second job in 2008 to help make ends meet; 24 percent are considering it.
  • What it means for employers: If you haven’t read my co-worker’s post from yesterday on the growing popularity of daylighting, please do so now. It addresses what this trend means for your company and your employees, and the importance of recognizing it in your own workplace.
                                                                                          
  • Workers are postponing active job search – 38 percent will likely stay at their current jobs for at least a year while 41 percent plan to stay with their present employers until retirement.
  • What it means for employers: If you’re in the market for hiring new talent, you have to work even harder to reach passive job seekers than before. If you want to retain talent, one major way to do so would be to offer them tuition reimbursement and/or more flexible working hours since…
                                                                                                       
  • To make themselves more marketable, 26 percent of workers plan to go back to school to obtain a degree, certification or other training.
  • What it means for employers: If you’re in the position to offer your employees the benefit of paying full or partial tuition, it could be in your company’s best interest to do so. Not only does it help retain valuable employees, businesses are seeing quick returns on their investments. (In a recent Wall Street Journal survey of companies offering Executive MBA programs, 64 percent of respondents said sponsoring or allowing employees to attend these programs helped them retain talent, while one quarter reported seeing tangible results immediately from employers who are stronger managers and leaders after completing an E.M.B.A.; another quarter report seeing results within a year.) 

Overall, in light of this outlook - and regardless of the position this economy and the financial crisis puts you and your company in - it is an employer’s utmost duty to be upfront with employees about what’s going on.  In a recent BusinessWeek blog, Liz Ryan advises managers to confront employees regarding their concerns over job loss and fear of foreclosure. 

“When employees are distracted by zooming foreclosure rates, the cost of fuel, the threat of job loss, and other real-life concerns, our corporate mission is the last thing they want to hear about. We’re foolish if we don’t respond to our teams’ fears directly,” she says. 

And according to the Brazen Careerist, it is HR people who need to be at the forefront of the move to help employees.  In order to do so, he offers the following tips:

  • Look at your pay advance and hardship loan policies.
  • How flexible can you be with time off? Let your employees take personal time to take care of business while banks and brokers are open.
  • Bring a financial adviser on site to meet with employees.
  • Advise employees of the financial situation of the company and be honest about some of the struggles you may be facing because of the economy.
  • If you know a layoff may be possible, start preparing right now with outplacement resources for impacted employees.

Do you agree, readers?  Does your company practice full-disclosure with employees? If not, do you think you should?  If so, what do you find is the best way to communicate with them about such delicate information?

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