CareerBuilder’s latest quarterly forecast covers a lot of ground, but the findings all point to one larger theme – employer confidence. That’s really been the story of 2015, as each of CareerBuilder’s quarterly forecasts this year have shown year-over-year increases in hiring expectations.
And Q4 is shaping up to continue that trend, with 34 percent of employers planning to add full time workers and 33 percent adding seasonal staff over the next three months.
“Our study is reflecting a durability in the U.S. economy and labor market,” said Matt Ferguson, CEO of CareerBuilder and co-author of The Talent Equation. “Employer confidence is widespread and the strongest we’ve seen since 2006. Hiring will continue on an upward trajectory for both permanent and seasonal positions, with pay expected to improve over last year as companies keep pace with minimum wage hikes and compete more aggressively for elusive talent.”
Full time hiring continues to rise
Employer confidence is clearly reflected in the projections for this quarter, with 34 percent of employers planning to add full-time, permanent employees in Q4, up from 29 percent in 2014 and 25 percent in 2013.
Seasonal hiring on the rise, too
The number of employers adding seasonal workers this quarter saw a year-over-year jump, too. A third (33 percent) of employers plan to hire seasonal workers in Q4, up from 26 percent last year. Even more encouraging is the dramatic increase in employers planning on transitioning seasonal staff into full-time positions – 57 percent, compared to 42 percent this time last year, indicating that employers are expecting to see continued growth moving into 2016.
While half of seasonal employers say they’re taking on more workers to help with the holiday rush, 31 percent say it’s to gear up for 2016 – further evidence that we will see this confidence carry over into the new year.
Higher wages for seasonal workers
The increased number of companies looking to hire seasonal employees along with recent federal and state minimum wage increases are driving forces behind employers offering bigger take-homes for seasonal workers.
Thirty-seven percent of employers say they are increasing wages for their seasonal staff this quarter – ten percentage points higher than last year. Nearly three quarters of seasonal employers will pay $10 or more per hour, and 19 percent will offer $16 or more.
Big and small – they’re all hiring
Much of this year’s increase in seasonal hiring can be attributed to demand from larger companies. Forty-two percent of companies with more than 500 employees plan to take on seasonal workers this quarter, up 11 percentage points from this time last year.
Small businesses, on the other hand, are increasingly looking to make longer-term investments in their hires. The number of companies with 50 employees or fewer looking to add full-time headcount in Q4 jumped from 16 percent in 2014 to 23 percent this year.
The South is winning, but the Midwest is catching up
The South houses the largest percentage of employers planning to add full-time, permanent employees in Q4 (36 percent), while the Midwest saw the largest year-over-year gain (34 percent, up from 24 percent last year).
Seasonal hiring saw a year-over-year increase in all four regions, though most notably in the West, where 42 percent of employers say they plan to hire seasonal workers this quarter, up from 29 percent last year.