Top Talent on Sale?
You've probably heard the comments, and maybe thought them yourself, "With unemployment at record highs, can't I get the skills I need for a lower rate? I still want top talent but haven't pay scales come down?"
Thoughts like these were reflected in our recent client survey, so we called on our recruiting teams to get a clearer picture of what is happening in the market. And what we heard from them may surprise you. Candidates aren't jumping at just any opportunity, especially those perceived as paying below market rate. And if a candidate accepts such a position, the employee leaves the minute a better situation comes along.
So despite the fact that May unemployment was still a high 9.7% down from the 9.9% in April, confidence in the job market is increasing. Reinforcing what our recruiters are experiencing, the Bureau of Labor Statistics reported that for the last three months, more workers have quit their jobs than have been laid off, reversing the trend of the previous 15 months. This supports the recent Harvard Business Review report that 25 percent of top performers plan to leave their current job within a year.
So what's the take away? The truth is that fundamentals haven't changed much, if at all, in the labor market. To attract and retain top performers, be sure your compensation is in line with your competition. If you need help determining what the market rate for a particular skill set is in your area, reach out to your Joulé recruiter for the most up-to-date trends in the field. |
About Joulé Industrial Contractors
Joulé Industrial Contracting fulfills mission-critical, large-scale projects across the country in a wide range of industrial disciplines specializing in maintenance, fabrication, industrial construction, retrofit modifications, outage support, and facility expansion and rebuild. Founded in 1965, Joulé has more than 40 years of specialized experience in providing quality solutions for clients and outstanding job opportunities for skilled craftspeople.
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by nearly 30 percent above the prior-year level in May, according to new data from the World Steel Association. Despite some signs of a slowdown in growth, steel production has surpassed pre-recession levels...A modest slowdown in demand may be driving 
