One-in-four employers (27 percent) report they will add new employees in the fourth quarter. Six percent expect a decrease in staff levels while 62 percent anticipate no change and five percent are unsure.
HIRING BY REGION
Consistent with previous surveys, hiring activity is expected to remain strongest in the South and West. Twenty-six percent of employers in the West and 31 percent in the South plan to increase their staff levels compared to 23 percent in the Northeast and Midwest. Plans to reduce headcount ranked highest in the Midwest at 7 percent, followed by the Northeast and South at 6 percent and the West at 5 percent.
HIRING BY COMPANY SIZE
Hiring is expected across all company sizes, from small and medium-sized businesses to larger corporations. Thirty-two percent of organizations with more than 1,000 employees plan to recruit new staff members. Twenty-six percent of employers with 501 to 1,000 employers and 30 percent of those with 251 to 500 employees also plan to recruit. Comparatively smaller organizations will be doing their part with 27 percent of organizations with 51 to 250 employees and 19 percent of those with 50 employees or less anticipating an increase in staff levels.
HIRING BY INDUSTRY
Comparing select industries, 35 percent of banking/finance, 34 percent of retail and 33 percent of sales employers expect to recruit new staff members in the fourth quarter, followed by 32 percent in information technology and 29 percent in both large healthcare (with over 50 employees) and hospitality organizations.
COMPENSATION IN Q4 2007
"The shortage of skilled workers has inspired more generous offers to job candidates and has resulted in companies holding on to existing employees who aren't necessarily top performers," said Ferguson. "Twenty-seven percent of employers say they are currently retaining workers whom they otherwise wouldn't due to performance issues or a slowdown in work. In Q4, employers are ramping up their departments for the coming year and are likely to pay a higher price to attract and retain the right talent."
The majority of employers plan to increase salaries in the fourth quarter. Compared to the same time last year, 39 percent of employers say salaries for permanent, full-time employees will be 1 to 3 percent higher, while 22 percent estimate 4 to 5 percent. Six percent of employers say raises will range from 6 to 10 percent. Twenty-four percent of employers anticipate no change in compensation levels while 1 percent anticipate a decrease and 5 percent are unsure.
