Employees and employers face challenges in tough economy
While many workers are having a tough time finding suitable employment in today’s uncertain economy, companies also face challenges finding highly skilled people, according to the fourth annual Employment Dynamics and Growth Expectations (EDGE) report by Robert Half International and CareerBuilder.com.
Employees rated the level of challenge in finding a job at 3.56 on a one-to-five sliding scale. Similarly, employers rated the level of challenge in finding qualified candidates at 3.47.
Key findings from the report are:
- More than half of employers said it is challenging to find skilled professionals today
- Generation Y workers are the most difficult to recruit
- More than half of workers said it is challenging to find a job today
- Nearly two-thirds of workers are more likely to try to negotiate a better compensation package today than last year
- A lack of qualified workers and the higher cost of gas/commuting were among the top factors impacting companies’ ability to recruit skilled labor
- Many employers are likely to offer reduced work schedules, “bridge” jobs and consulting arrangements as an alternative to retirement
- The time to fill open positions ranges from four to 14 weeks, with senior-level roles demanding the most time
- Six-in-10 employers estimate at least a quarter of applicants are not qualified
Keeping top performers
While employee retention may be less of a concern in a tougher economy, many employers have nonetheless taken measures in the last 12 months to prevent good workers from leaving their organizations, including:
- 63% allow flexible work schedules
- 62% fund additional training/certification
- 56% increase salaries
- 29% institute telecommuting options
Companies also expressed an interest in retaining employees nearing retirement age to manage through the exodus of the baby boomers from the workforce.
- 47% likely to offer reduced work schedules as an alternative to retirement
- 39% likely to offer “bridge” jobs
- 37% likely to offer consulting arrangements
More news
- The “entitlement generation” enters the workplace
- There is much talk today about dealing with “millennials” – the newest generation to enter the workforce. This generation, also known as Generation Y, was born roughly between 1978 and 1995. As these twenty-somethings enter the workforce, they...
- Continuously monitoring workers’ comp can limit costs
- By Kirk N. Bantz A company risks losing money, time and productivity when it operates without a plan for managing its workers’ compensation program. For many companies, workers’ compen¬sation insurance premiums often are re¬duced to an annual...
- Opportunity to join on Earnings per Share exposure draft task force
- The OSCPA Accounting and Auditing Committee is appointing a member task force to respond to the FASB revised Exposure Draft of a proposed Statement of Financial Accounting Standards, Earnings per Share . The proposed Statement seeks to clarify...
- Accounting Today features the best accounting firms to work for
- Accounting Today will recognize 60 of the “Best Accounting Firms to Work For” in its January issue. The firms fall into the following categories: 5 small-sized firms (15-24 employees) 40 medium-sized firms (25-249 employees) 15 large-sized firms...
- Demand for forensic CPAs accelerates
- Demand for CPAs providing forensic accounting services has accelerated, according to an AICPA survey. Two out of three CPAs polled (68%) say their forensic practices have grown over the past year.
- Top 100 firms post double-digit growth for three years running
- The majority of the nation’s highest revenue accounting firms are realizing double-digit revenue growth rates according to Public Accounting Report’s Top 100 Firms 2008 annual survey. The “Top 100” actually includes 102 firms, with a three-way...
- Reliability Project aims to change the performance and reporting of review engagements
- The AICPA’s Accounting and Review Services Committee (ARSC) launched the Reliability Project to reconcile the marketplace’s demands for their CPAs to be involved in their financial reporting without impairing the CPAs’ independence. If a CPA’s...
- High gas prices may cause employers to rethink telecommuting, compressed work weeks
- As gasoline costs continue to take a big bite out of employees’ paychecks, programs such as telecommuting and compressed work weeks can effectively attract new hires and retain current employees under any circumstances, according to a recent...
- Employees and employers face challenges in tough economy
- While many workers are having a tough time finding suitable employment in today’s uncertain economy, companies also face challenges finding highly skilled people, according to the fourth annual Employment Dynamics and Growth Expectations (EDGE)...
- Possible job growth for next two years
- Economists at the University of Michigan predict that 3.5 million jobs will be created in the next two years – 900,000 in 2009 and 2.6 million in 2010. The report brings good news for an economy that has seen 463,000 jobs lost so far in 2008,...
LAST UPDATED 9/3/2008