CareerBuilder’s Q2 2016 U.S. Job Forecast revealed that the U.S. job market can plan for another successful quarter of growth. A survey of over 2,000 hiring managers and HR professionals found that 69 percent of employers plan to increase compensation during the next three months; 25 percent expect that increase to be at least 5 percent, and 44 percent say this salary increase will be 4 percent or less.
However, not every employer is planning a raise for employees – 2 percent expect a decrease and 29 percent say they will either stay the same or don’t know yet.
CareerBuilder also found that over a third of surveyed employers plan to hire more permanent or temporary staff during Q2 2016 (34 percent and 37 percent, respectively).
Matt Ferguson, CEO of CareerBuilder and co-author of “The Talent Equation,” says, “The vast majority of companies are either maintaining their headcount or adding new employees at various skill levels. This is promising news for college students approaching graduation and seasoned workers who want to re-enter the workforce or change jobs.”
What does this mean for you?
As more jobs are added in the marketplace, and a majority of employers plan to increase wages, competition for quality talent will continue to grow as well. Twenty-five percent of surveyed employees say they plan to change jobs this year, so keeping the talent you have should also be a main goal.
Labor market data can help you keep track of average salary ranges and workforce growth for jobs and geographic markets for which you hire.
Contact your CareerBuilder sales representative to discuss data tools that can help your business prepare for growth, like Emsi Analytics and Talentstream Supply & Demand. Don’t forget to ask about our suite of College Recruiting solutions to help make an impact on campus.