Tag Archives: unemployment rate

When Competitive Pay is Not Enough

 

images(Post written by Rick Dacri, March 28, 2016)

There are times when paying competitive wages is not enough. The General Manager of a public power utility called me recently. He was having difficulty in both recruiting and retaining electrical engineers and experienced line workers. The feedback he was receiving was that his pay program was out of line with other electrical utilities. I was ultimately engaged to conduct a market analysis of their wages. The results were startling to him and his board—their wages were competitive with other public utilities within their market. How could this be? They found this incredulous.

A new reality has entered the marketplace. In some situations, paying the market rate is insufficient. The unemployment rate is plummeting. It is Continue reading

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Filed under Compensation, executive recruitment, Recruitment, Uncategorized

Workforce Predictions and Trends for 2013 (Audio Podcast)

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In a lively, give and take radio interview on WLOB’s Mind Your Own Business, I give my workforce predictions for 2013. In addition, I discuss what the future workforce will look like, predict where unemployment will be at the end of the year, discuss how employers should address  social media, why turnover in many companies will begin to increase and much more. Listen in and give me your thoughts in the comment section below.

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January 13, 2013 · 10:58 AM

The Bounce Back Year: 10 Workforce Predictions for 2013

2012 is quickly coming to a close. A new year always brings with it hope and anticipation—and of course predictions. In the New Year, expect to see the following:

  1. Strong Economic Rebound: 2013 will be a better year for business and its employees. Remnants of the crippling recession that began in 2008 will be put behind us. Business expansion will be up, unemployment will be down, and the stock market will continue to climb. Optimism reigns.
  2.  Employment Will Be Up: As the economy grows, the pressure to hire will increase. Unemployment nationally will drop to near 7%. Employers, who had been reluctant to bring on more workers, will slowly open the spigot. Watch for an initial flurry of temporary hires that will slowly be converted to regular employment.
  3.  Turnover Will Follow: As the economy heats up with more hiring, existing workers will begin to look for greener pastures. No longer will they feel constrained by the fear of not finding a job. Employees will be looking for better opportunities, pay and flexibility. Recruiters will be active enticing workers to test the waters.
  4.  Hiring Demands Expose Old Problems: The labor and skills shortage about which employers lamented during the turn of the century and forgot about during the recession will begin to rear its ugly head again. Finding quality, skilled labor will be difficult and the expected flood of retirements from baby boomers and the exodus of workers wanting a change will exacerbate this issue.
  5.  Succession Planning Takes Center Stage: American workers continue to gray. As the economy improves and the stock market approaches 14,000, bringing with it healthier 401Ks, baby boomers will begin to feel confident and secure enough to begin planning their exits (though don’t expect them to leave the world of work completely). The subsequent loss of talent and knowledge will spur employers to quickly put in place succession and knowledge-retention plans.
  6.  Mixed Wage Growth: Wage increases will remain Continue reading

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