Happy New Year! It's been slightly longer than the usual two weeks since we've last reported the top talent management headlines and discussions. But after some much appreciated time off with family, we're back and ready to kick off the New Year.
We might as well start out with what everyone's talking about now -- the Labor Department's December jobs report. While the unemployment rate fell a fraction to 9.4 percent, and it's lowest level in 19 months, the economy didn't add as many jobs as were expected (only 103,000, compared to the forecast 150,000). Another interesting stat to note: Employment in temporary services rose by 16,000 in December.
New developments in the war for talent. The Wall Street Journal reported earlier this week that Myspace is planning to disclose the details of a major downsizing. Nearly one-third to one-half of the company's workforce could be let go. This would be the company's second major layoff in the past year.
Recruiters wanted. Another Wall Street Journal article this week examined how the war for talent is extending its grasp into the executive search industry. As the number of ways in candidates promote and submit themselves for jobs increases, it becomes increasingly difficult for companies hiring to sift through the noise and find the best qualified person for the job. The demand for highly experienced and successful recruiters is growing accordingly, and the competition for this talent among recruitment firms is heating up.
Show me the money. A recent survey by the Hay Group reveals that companies plan to raise their salary budgets a median of 2.8 percent in 2011. This follows median raise increases of 2.4 percent in 2011. But not everyone should expect a jump in pay. Four percent of companies have or are considering implementing salary cuts, and 18 percent have or are considering pay freezes.
Where the jobs are. Last week, Tory Johnson gave a jobs report on "Good Morning America," identifying four key areas for job seekers to consider in 2011: temp positions, health care, retail, and hospitality and restaurants. We can't help but agree. Companies have told us that they plan to retain or grow the size of their contingent workforces in 2011, and even throughout the recession, we saw a steady demand for health care professionals.
This post was written by Anna McMenamin, former Client Solutions Manager at Yoh. Learn more about Anna.