The snow has melted, there are leaves on the trees and flowers are becoming more and more abundant each week. Inevitably, summer is right around the corner and we’re nearly half way through 2019. As sure as our seasons change, so does the job market; as such, we wanted to take a few minutes and update you on what we’re seeing at Horizontal Integration (HI) and what we predict may happen over the next few months of summer and the rest of 2019.
Good news, job seekers! It’s an extremely candidate-driven job market right now and we are seeing great momentum heading into summer. Nick Bata, HI’s Sales Director, doesn’t expect this to ease anytime soon. In fact, he foresees the market turning even more candidate-driven because of the continued economic growth in the US, which will further limit the supply of qualified candidates. So, what does this mean for those of you searching for your next move? Well, you may just be able to take your pick from any number of great opportunities and be even more selective in your ultimate choice.
What does this mean for hiring managers? As there are more job opportunities out there, than candidates available, time is of the essence and doing what it takes to attract the best candidates is imperative. Not to worry though…as Nick suggests, “the market continues to be very tight with the availability of talent. However, it’s times like these, where our deep-rooted candidate networks payoff, with respect to delivering strong candidates to our client base.”
As we continue to move into 2019, contract to hire opportunities are becoming more prevalent and we are seeing more and more clients convert their temporary workers to permanent employees. Because the unemployment rate is so low, the IT Staffing Industry, as a whole, is trending in this direction as clients are aiming to hire and retain valuable talent for the long term. As conversions are happening more frequently, now is the perfect time for those seeking permanent employment, to potentially start considering contract opportunities.
According to Jeff Seebinger, HI’s VP of Client Services, we are also seeing an uptick in direct hire staffing requests from our clients, in part due to the growing demand of permanent placements vs. contracts. As cited by Monster.com, SIA (Staffing Industry Analysts) predicts permanent placements will grow by 5% in 2019, compared to a predicted 3% growth for contingent workers. Seebinger also noted that HI is adjusting to this type of growth by increasing our direct hire placement opportunities, while working with our clients to make sure rates and salaries “at market” so that we can attract and retain as many workers as possible.
Here are some additional trends we can expect to see:
- The IT labor category will continue to remain among the fastest growing. In fact, according to a report detailed by Business Insider, more than 5 million IT jobs are expected to be added globally by 2027.
- Employers offering more incentives to attract and retain talent including, offering work from home opportunities, flexible work hours, increased paid time off, retention bonuses, hiring bonuses, etc.
- Continued increase in wages/salaries. According to data from the Bureau of Labor Statics, wage growth is the highest it’s been since 2009. Given the current market is increasingly candidate-driven and employers want to attract the best talent, we expect this will continue to grow as we head into the second half of 2019.
If you are in the market for a new job or curious to see what’s out there, connect with one of our Recruiters, as now is a GREAT time to do so! Alternatively, if you are a hiring manager looking for solid talent in this tight market, connect with one of our Account Managers and let HI do the work.