Planning in this economy is a little like waiting for the yellow light at the signal to change. You know its going to blink green, but it’s taking its own sweet time. Here’s 3 reasons to hire in this yellow light economy:
1. The confident ones are looking
Confidence and ambition are key to the employees who are willing to take the risk in this economic climate. It’s an uncertain time to switch – years of work at a place you’re comfortable at – could come crashing down, if the job move goes wrong. Maybe not for the risk takers – the ones who are answering your tweet are the strong, confident ones who are willing to take the risk. Our advice, grab them while you can.
2. It’s getting more expensive to hire
In a survey conducted by Careerbuilder, 2012 employers expect compensation levels to increase for current and prospective employees in 2012, as hiring for skilled people becomes aggressive. 62% of employers plan to increase compensation for their existing headcount, while 32% will offer higher starting salaries for new employees.
Among functional areas, human resource managers expect sales (24% managers) and information technology (20% managers) to be subject to the highest increases, with engineering and business development (14% managers) rounding up the list. In short, the people cost is going up. So the opportunity cost of not hiring right now, is increasing even as you read. Waiting is like dollars going out of your yearly budget.
3. Competitors are looking too
Other industries are looking to hire as well. They may be unrelated to your small business, but they have the lure of the brand and the bucks to favor them. Automotive and retail are two industries that are currently starting to pick up headcount. Auto’s shifting gears pretty fast especially with companies like BMW and Daimler stepping up on US hiring in the hundreds to thousands. So you’re going to have to fight for that next new guy pretty soon, unless you pick him up immediately.
We think the timing’s right, do you?