Staff retention trumps hiring in job market
Following many jobs losses in today’s economy, employers are holdingoff on staff expansions and focusing efforts on keeping currentheadcount as they navigate through a tough economy.
Following many jobs losses in today’s economy, employers are holding off on staff expansions and focusing efforts on keeping current headcount as they navigate through a tough economy.
This is according to the latest quarterly survey from CareerBuilder and USA Today. Those surveyed include 2,500 hiring managers and human resource professionals and over 4,400 workers.
“We’ll be looking for the market to stabilize over the next three to six months, when you’ll hopefully see (fewer) job losses,” said Matt Ferguson, CEO of CareerBuilder.com. “Employers want to hold on to their talent and are taking measures to contain costs and bring in new revenue streams.”
Some upcoming trends to expect:
• Trimming Perks and Benefits: Companies are taking interim measures to free up funds to weather the economic storm. Forty-two per cent of employers reported they experienced a cut in perks and benefits at their organizations in the first quarter of 2009.
• Upgrading Talent Rosters: Twenty-three per cent of employers said they are taking this time, when hiring has slowed, to replace lower-performing employees with top talent that may not have been available in a healthier economy.
• Transferring Skills: Seventy-one per cent of workers who were laid off and have not found work said they are looking for jobs outside of their chosen profession.