Looking Ahead

Only one-in-five employees considers their job rewarding and gratifying, according to research conducted by Right Management, while finding good candidates remains the top recruiting challenge for organizations, according to a new survey from Talent Technology Corporation, which also finds the more specific and higher skilled the job requirements, the harder it is to find qualified candidates – it’s been taking an average of 45 days for recruiters to fill a position. Survey results offer other insight: 63.4% of respondents see signs of economic pressure being relieved within their organization, and 51.4% expect to increase in size within the next 12 months (by about 12%) – suggesting new job requisitions, as well as corporate and economic growth, are possible in 2012.

Are Resumes Still Relevant or Has the Web Replaced Them?

With a weak job market and tools which allow applicants to apply for jobs almost instantly, recruiters and hiring managers are becoming more overwhelmed with the volume of resumes pouring in – yes, even with utilization of applicant tracking systems (above 90%) designed to filter out unlikely candidates (screening out about half of all resumes). Job boards and networking websites help companies broadcast their job openings to a wide audience they normally wouldn’t have access to, which results in an increase of unqualified or unwanted candidates. According to a recent survey from The Wall Street Journal, most recruiters report at least 50% of job hunters don’t possess the basic qualifications for the jobs they are pursuing.

According to other information from The Wall Street Journal, in order to stem the number of duds companies receive, many have begun to seek alternative methods of hiring – and/or finding the right “fit” for their organization’s needs.

Signs of Recovery: More Voluntary Turnover

According to the U.S. Bureau of Labor Statistics, employers added 200,000 jobs last month – contributing to the lowest unemployment rate in about three years (8.5%). It’s the sixth straight month the economy has added at least 100,000 jobs. Although seasonal hiring contributes to the job total, other evidence of some form of recovery comes from a report on CEO turnover compiled by global outplacement consultancy Challenger, Gray & Christmas, Inc., which finds the economy saw 1,178 CEO changes for the year – the lowest since 2004. Among those departing CEOs, 341 cited resignation as the reason for departure; another 245 CEOs retired from their companies; while 223 stepped down from their positions but stayed on the board.

Jobs on Rise for Small Businesses but Recovery Still Lagging

According to research from Intuit, small businesses created 55,000 new jobs in December and the November rate was revised upward to 70,000. This marks a growth of .3% in December and an annual growth rate of 3.3%. Yet, the hours worked also picked up, resulting in a December growth of .4% (2.5% for the year). In light of this, compensation per employee is up 3.4% for the year – a slight gain of after the noted 3.3% (+-) for inflation. However, on a brighter note, the fraction of hourly people working full time is now 31%, up from 29.7% in 2010.

More Organizations Have Difficulty Filling Positions

According to a recent study from the Society for Human Resource Management, recruiters are having difficulty finding candidates to fill specific jobs – 52% of survey respondents report difficulty recruiting for specific jobs in their organization. To fill these positions, some organizations are beginning to hire from outside the U.S. But most are not, suggesting they’re looking locally and domestically for the help they need. Those that have hired from outside the U.S. tend to be larger organizations – they are more likely than smaller organizations to have hired workers from outside the U.S. – yet only 23% of organizations believe they are facing global competition for qualified applicants for jobs they are having difficulty filling.

Diverse College Recruiting Efforts Lead to Hires

More than 70% of employers responding to the Recruiting Benchmarks Survey conducted by the National Association of Colleges and Employers (NACE) report their organization has a formal effort to hire diverse candidates – and these respondents averaged a higher percentage of new college graduate hires than those who hadn’t had a formal diversity recruiting effort. [...]

Further Recruiting and Retention Challenges Ahead

According to the October Jobs Report released by Department of Labor, the number of people who voluntarily left their job increased from 967,000 in September to 1,070,000 in October (up 9.63%) – while organizations step up their retention efforts. TNS Employee Insights research indicates that strategies geared toward engagement can increase retention, yet employees are still discontent with their jobs. In another survey by Right Management, workers continue to feel trapped in their jobs and continue to want to (and do) find new employment elsewhere – with 84% of employees polled saying they plan to look for a new position in 2012. And those companies seeking to retain their talent should be worried, because according to yet other findings, these from Robert Half, professional level hiring is expected to rise in the first quarter of the new year. A full 87% of C-level executives responding to a Robert Half survey say they are somewhat confident in their organization’s ability to grow during this period, with a net increase in hiring of 10% expected (16% anticipate hiring, while 6% expect reductions).

Companies Playing It Safe Leads to Employee Disengagement

According to a new BenchmarkPro survey from Compdata Surveys, 79.5% of companies have formal pay structures. The survey finds pay ranges and the average pay range adjustment for 2011 were 1.7%, up from 1.6% reported for 2010 (with a projected 1.8% for 2012); however, the length of time in which these adjustments occur is also growing. Although companies are making efforts to increase their pay rates and retain their employees, individuals are waiting longer to see these efforts put into effect, as reflected in BenchmarkPro survey results, where companies reported an average of 15.5 months since their last adjustments were made – up from 14.5 months reported in 2010, and 11.4 months in 2009.

Veteran Hiring and Assistance Increase

As companies prepare to honor our veterans on Nov. 11, many organizations are in the process of making them a part of their team. Several news releases this week indicate companies are teaming up with organizations involved with hiring transitioning veterans. Partnerships include Joining Forces and Taleo, and the National Resource Directory and SimplyHired.com. Meanwhile, realizing the benefits of veterans in the workforce, Chase is set to hire over 300 veterans on Friday.

Bonuses on the Rise – Job Cuts on the Decline

According to a new Robert Half survey, the bonus checks may be a little bigger this year. The survey finds a majority of executives expects to award the same or higher bonuses at year-end. Among companies that awarded bonuses to executives last year, 30% say they plan to give higher bonuses in 2011; only 14% expect to dole out smaller bonuses in comparison to 2010, and 53% report no change. One of the departments most likely to receive higher bonuses is human resources.