By Ringside Talent
July 7, 2016
Whether you’re in the market for a new job with better pay or simply trying to cope with Starbucks’ new price increases, you may be in for good news: According to CareerBuilder’s Midyear Job Forecast, more than half of employers will raise wages for current employees in the next six months, while 2 in 5 will offer higher starting salaries on job offers.
The survey of more than 2,000 hiring and human resources managers found that 1 in 2 employers plan to hire full-time, permanent workers in the second half of 2016. Meanwhile, 3 in 10 (29 percent) plan to hire part-time employees, and 1 in 3 (32 percent) plan to hire temporary or contract workers.
Employment holds steady as wages increase
While job growth in the second half of 2016 is not expected to outpace 2015 levels, one area where we are likely to see significant change is in the area of compensation. “The majority of employers feel they will now have to pay workers more to attract and retain them because the talent supply is not keeping up with demand,” explains Matt Ferguson, CEO of CareerBuilder and co-author of The Talent Equation.
Indeed, according to the survey, 70 percent of hiring managers feel their companies will have to start paying workers higher wages because the market has become increasingly competitive for the talent needed.
How much will wages increase?
Nearly 2 in 5 employers (39 percent) plan to offer higher starting salaries for new employees over the next six months, and 1 in 5 (20 percent) plan to increase starting salaries by 5 percent or more.
More than 1 in in 2 employers (53 percent) plan to increase compensation levels for current employees before year end, and 1 in 5 (21 percent) expect to increase wages for current employees by 5 percent or more.
Industries with the most opportunities
Not every industry is creating jobs equally, as some industries will add jobs at a faster pace than others. Those looking for full-time, permanent jobs in the following industries will have the best opportunities available to them:
- -Information technology (68 percent of employers plan to hire)
- -Health care (65 percent)
- -Financial services (56 percent)
- -Manufacturing (51 percent)
Got more technology skills than the average bear? Do you consider yourself a wellness guru? Your skills may be in demand. According to the survey, some of the in-demand roles for which employers plan to recruit are tied to the following:
- Cloud technology – 12 percent
- Mobile technology – 11 percent
- Social marketing – 11 percent
- Providing a good user experience – 11 percent
- Developing apps – 9 percent
- Wellness – 9 percent
- E-commerce – 9 percent
- Financial regulation – 9 percent
- Creating a digital strategy – 9 percent
- Managing and interpreting Big Data – 8 percent
- Cyber security – 8 percent
Among broader functional areas, employers will be hiring for:
- Customer Service – 29 percent
- Sales – 27 percent
- Information Technology – 25 percent
- Production – 20 percent
- Accounting/Finance – 13 percent
- Human Resources – 13 percent
- Clinical – 12 percent
- Business Development – 11 percent
- Marketing – 11 percent
- Research and Development – 11 percent
Want to learn more? Download the full report
Source: CareerBuilder written by Mary Lorenz