The month of May started out with a big of a mixed bag of news. In case you missed it, last Friday, the Bureau of Labor Statistics reported that payrolls and the jobless rate both rose in April. Despite the addition of 244,000 jobs to the U.S. economy, the unemployment rate crept back up to 9 percent. You're probably wondering, why did the unemployment rate rise?
The Wall Street Journal published a brief and logical explanation: More people are looking for jobs. In April 805,000 American workers re-initiated their job search and jumped back into the workforce. So the not-so good news (climbing unemployment) can be attributed to good news (Americans' increasing confidence in the economy and their ability to find a job).
The unemployed aren't the only ones looking for new jobs either. A new survey by Deloitte shows that two out of three workers are actively looking for a new job. A scary wake-up call if you're an employer. So what can you do get your employees to stay? According to respondents of the survey, the biggest retention incentives are: promotion/job advancement (53 percent); increased compensation (39 percent); and additional bonuses or other financial incentives (34 percent). Enhanced manager support/recognition also holds weight for 30 percent of respondents.
One more trend worth mentioning: IT pay is creeping up after a two-year downward spiral. Meridith Levinson at CIO.com writes (and talks to our own Joel Capperella) about the increasing demand for contract and permanent IT staff and the corresponding rise in tech wages. Factors contributing to the growth include companies' willingness to tap into their cash reserves to fund infrastructure upgrades and other projects aimed at the automation of processes. The consumerization of IT is also playing a role.
[hs_action id="4580, 4366, 4363, 4350"]