In the Economic News release for February from the Department of Labor (Bureau of Labor Statistics), the average hourly earnings jumped 2.9 percent year over year. This is a big indicator that the slow economic recovery is finaly reaching American workers and families pockets. According to the article posted in the New York Times, Job and Wage Gains Deliver a Promising Start for the Year, "Separate data released this week showed that private-sector wages and salaries rose 2.8 percent in the final three months of 2017 compared with a year earlier, the fastest growth since the recession."
The New York Times article quotes Catherine Barrera, chief economist of the online job marketplace ZipRecruiter as saying, “People have been wondering when the wages are going to start to rise. I think that over the first six months of this year, we’re really going to start to see the wages rise.”
With the positive trends in at the end of 2017 combined with tax season, industry is starting off strong for 2018. With the increase in digital buying, many industries are seeing steady growth in demand, leading to steady increases in earnings, spurring on employment. This is leading to more positions and new career opportunities. However, the hiring pool is smaller meaning demand is high for skilled workers! Many employers that once turned away individuals with criminal records are losening restrictions. Employers with 100% in-office requirements are leaning more on technology and accepting telecommuting as an option. Even those in states that have not approved Medical-Marijuana use are not immediately refusing candidates with 'medical use or those that declare illegal use.
This means that now is the time for employers to refine their hiring processes or find unique solutions that help improve retention, employee morale, reduce turnover, and increase efficiencies. For the career/job seeker, this environment means that they have options. However, this also means that employers are going to be keen on finding the right person that fills the need, but also aligns with the culture to avoid a mismatch.
Prospective employees may have the power in the current job market, but ultimately, employers feel empowered as well because of the economic growth they are seeing.
Not experiencing this in your industry or personal experience? We can help. From staffing solutions and Digital Interviews to career planning, TA Staffing offers a wide variety to both the business looking for the next ideal candidate to the rock star searching for the new position that will keep them sated for the foreseeable future. No matter the need, we can help businesses find their next game changer and build the relationships that make sure everyone wins. Searching for your next 'right' position? Check out our job postings. Need help finding the right talent? We can help there too! Turn to TA today!
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