Dive Brief:
- Recent survey information from Allegis Group warns employers that the cost of holiday expenses may be prompting employees to look for better ways to pay off those charge card bills in the coming year. With 51% of survey respondents admitting increased expenses around the holiday inspire them to look for jobs with greater financial opportunity, wise employers may consider steps they can take to retain staff.
- Another holiday-time routine that could spell trouble for business: New Year's resolutions. Of the almost 200 respondents polled this past December, 62% said they planned to increase their job search efforts in 2019. On the plus side, the news may be good for recruiters looking to find talent.
- The small sampling emailed to HR Dive included about half of full-time employees, while the remainder were split between contractors, part-timers, freelancers and even non-working respondents. Half were management-level staffers, including directors and executives. The prospect of better wages appeared to be across all levels of workers and all industries.
Dive Insight:
In the aftermath of the holiday season, many employees may be taking stock of their needs — and smart employers will be watching for potential new hires as well as ways to keep their current employees.
But even in today's tight applicant market, wages don't appear to be rising across the board. Industry experts believe many companies fear reacting too fast to market conditions and then being stuck overpaying employees for the long term. While wages are increasing for new hires, as companies struggle to attract talent from a shrinking labor pool, existing employees are not reaping the benefits. For recruiters, the ability to attract talent with even just a slightly better salary could reap some long-term gains.
Notably, turnover in the U.S. is at an all-time high according to one report, reaching almost 20% in 2018. That's a 1% increase from 2017 and over 3% higher than just four years ago. Turnover remains most likely prompted by a desire for increased wages, an OfficeTeam survey revealed last year. Experts agree to minimize employee losses, business must keep a pulse on earning trends and conditions in their area to assure their wages are competitive in their market.
