6 Emerging Employment Trends, According to Latest Job Forecast

Despite another dismal quarter for the job market, the outlook for the second quarter looks slightly more promising than that of the first quarter, according to CareerBuilder and  USA Today’s Q2 U.S. Job Forecast. 

“We’ll be looking for the market to stabilize over the next three to six months, when you’ll hopefully see job losses below 100,000 and eventually closer to zero,” said Matt Ferguson, CEO of CareerBuilder, in the report, released today.

In the meantime, employers are holding off on increasing headcount through hiring and instead focusing their energy on keeping their current headcounts.  In efforts to hold on to their talent, they are taking measures to contain costs and bring in new revenue streams to maintain their staff levels.   

Results from the survey indicated 6 projected trends for employers and job seekers in Q2:

1. Trimming Perks and Benefits – 31 percent of employers expect there will be cuts in the second quarter of 2009 – mainly in the areas of bonuses, 401K matching and healthcare coverage.
2. Upgrading Talent Rosters – 23% of employers are taking this time to replace lower-performing employees with new talent.
3. Postponing Retirement – 60% of workers over the age of 60 said, in a separate survey, they are putting off their retirement due to the impact of the U.S. financial crisis on their long-term savings.
4. Transferring Skills – 69% of hiring managers say they are open to hiring someone who didn’t have experience in their profession, but had transferable skills.
5. Relocating – With 39% of workers who were laid off and have not found work are willing to relocate for a job, 28% of hiring managers say they would pay to relocate a good job candidate.
6. Going Back to the Classroom - 21% of all workers surveyed are going back to school for formal degrees, certifications and refresher courses to make themselves more marketable to employers.

Among the survey’s other major findings: 

• 13% of employers increased their number of full-time, permanent employees in Q1 2009; roughly the same amount (14%) say they plan to increase their headcount in Q2
• 26% of employers reported a reduction in headcount in Q1, but only 14% plan to reduce headcount in Q2
• 22% of hiring managers reported layoffs at their locations in Q1, and 12% anticipate layoffs in the Q2
• Of those hiring managers specializing in human resources, 23% plan to rehire workers who were laid off once the economy turns around

The quarterly survey, conducted by Harris Interactive® of 2,500 hiring managers and human resource professionals and over 4,400 workers in private sector companies, tracks projected employment trends.  See the press release here, or click here to download the entire report.

 Note: Totals may not equal 100% due to rounding

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• Posted by: Mary Lorenz on April 1, 2009
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• Categories: Economy, Employee Retention, Survey Results