The post recession job market

According to a recent survey, managers are planning to hire a combination of workers to support both long and short-term initiatives.

The Employment Dynamics and Growth Expectations (EDGE) Report provides an overview of the current employment situation, as well as a glimpse of the future hiring landscape. It offers information on what types of professionals employers will be looking for when economic conditions improve and the strategies businesses plan to implement to recruit and retain talent. More than 500 hiring managers and 500 workers participated in the study, which was conducted by International Communications Research from 30 April - 31 May 2009.

Key findings:

• In the next 12 months, more than half of employers polled plan to hire full-time employees, four in 10 will hire contract, temporary or project workers, and four in 10 will hire part-time employees.
• Technology, customer service and sales are the top three areas in which employers expect to add jobs first once the economy rebounds.
• The average time to fill open positions, depending on the job level, is 4.5 to 14.4 weeks, the same time range as last year.
• Despite an abundant labour pool, six in 10 employers are willing to negotiate with qualified candidates for higher compensation.
• Four in 10 employers expect the American Recovery and Reinvestment Act of 2009 to create jobs in their organisations over the next two years.
• More than half of employees polled plan to make a career change or go back to school when the economy recovers.
• 40% of hiring managers said that when the economy improves, giving pay raises will be their primary method for retaining top performers.

Most active sectors
Customer-facing roles are indispensable in good times and bad. In the current economy, hiring managers consider customer service the function most critical to their organization's success, followed by sales, marketing/creative and technology. Public relations/communications, business development and accounting/finance round out the list.

Looking ahead, respondents cited technology, customer service and sales as the departments that will add positions first. Marketing/creative, business development, human resources and accounting/finance also were cited.

When the pace of hiring begins to accelerate, entry and staff-level workers can expect to benefit the most in terms of new opportunities; 32% of hiring managers plan to hire staff-level professionals, while 28% will hire entry-level workers. Companies may be looking to restore positions affected by layoffs or hiring freezes while continuing to rely on existing staff to occupy leadership positions.

As companies are currently operating with fewer resources, hiring managers further appreciate the value of team members who can wear many hats. Asked to identify the most valuable characteristics in an ideal new hire, employers cited multitasking, initiative and creative problem-solving.

Retaining top talent
"As businesses look to the future, they also have to consider how tough decisions made during the financial crisis have impacted job satisfaction and loyalty of their current staff members," said Matt Ferguson, CEO of CareerBuilder.

The results also revealed that 55% percent of workers plan to make a career change, seek out new employers or go back into education once the economic recovery is underway. In addition to competitive pay and benefits, showing a committed investment in the professional development of employees will play a key part in retaining critical talent.

Nearly half of workers polled (49%) said that after the economy improves, the most effective way to keep them on board will be pay increases. In fact, 28% plan to ask for a raise. Employers seem amenable, with 40% stating that increasing pay will be their primary method for retaining top performers.

Another 20% of employees said they hope for better benefits and perks once the economy turns around. The top perks workers expect are technology upgrades, followed by tuition reimbursement or subsidised training.

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