The second quarter of 2015 is here, as well as the six things you should know about hiring and pay for April – June, according to CareerBuilder’s quarterly jobs forecast.
1. More employers are hiring
The slowly-but-surely recession-recovery pace we’ve endured is continuing to yield good news. In the second quarter, 32 percent of employers plan to hire full-time, permanent employees, up from 26 percent last year.
2. Employers are still resizing their workforce
While an improved job market is good news for both hiring managers and job candidates, the second quarter is leaving some employers reassessing their needs and the people required to complete those roles: 8 percent expect to downsize staff, on par with last year; 55 percent anticipate no change while 5 percent are undecided.
3. Small-business hiring is up
When smaller businesses are able afford hiring more employees, it’s a sure sign that the economy has stabilized and even improved. This quarter’s forecast echoes that sentiment, as 23 percent of companies with 50 or fewer employees expect to add full-time, permanent staff over the next three months, up from 18 percent last year.
4. Some industries are outperforming the national rate of hiring
2015 is putting a focus on upgrading our internal structure with industries that are crucial to everyday life, like transportation and health care. Industries expected to match or exceed the national average for adding full-time, permanent headcount in the second quarter are:
- Information technology – 49 percent
- Transportation – 44 percent
- Financial services – 40 percent
- Health care (50 or more employees) – 32 percent
5. Pay is getting more competitive
The study also shows wages may get an upgrade as companies grow more competitive for skilled talent in the face of shrinking labor pools. Twenty-four percent of employers expect to increase salaries at least 5 percent in the second quarter compared to the same period last year; 44 percent anticipate there will be an increase of 4 percent or less while 1 percent expect a decrease and 4 percent are undecided.
6. Employers willing to wait for right job candidate
As the job market continues to grow more competitive and salary offers grow with the demand of skilled workers, employers are willing to wait for the right job candidate to get the most for their money. Forty-three percent of employers have job vacancies that stay open for 12 weeks or longer.
“The brisk hiring anticipated for the second quarter comes against the backdrop of stronger sales, new product development and market expansion among companies of all sizes,” says Matt Ferguson, CEO of CareerBuilder and co-author of The Talent Equation. “Small businesses have been playing a larger part in the solid stretch of job growth the U.S. has experienced over several months. When you pair that with the fact that hiring has increased in a variety of industries and regional areas, it bodes well for workers seeking new and better-paying employment prospects.”