Our 2019 annual Job Market Report is based on input from over 2000 respondents across a variety of industries, organizational levels, and job functions, to provide information to help job seekers and hiring managers navigate the most candidate-friendly employment market in decades.
For the first time since we began surveying and tracking the job market, more money was not the number one reason to pursue a new job, granted, it came in second. This year’s top reason to pursue a new job went to “better advancement and growth opportunity.”
Things are getting competitive
The odds are in your favor to land a comparable or better job in the current hiring environment. Survey participants in a position to hire admit they are stressed with the struggle to source and attract talent, and by retaining employees and developing succession plans. Overall, hiring managers do not believe their organizations have improved compensation/benefits to retain employees.
Raise your hands if…
Did you receive a raise this past year, or do you predict one in the near future? Fifty-seven percent of full-time non-executive employees reported a raise in the past year, averaging 8%, and those in new jobs reported a higher average hike of 13%, confirming the long-held belief that making a job switch is often the fastest way to a bigger paycheck. Though compensation did rise for most survey takers, most respondents felt that their benefits had worsened and are only continuing to worsen. Are you concerned about your benefits or retirement? If so, you’re not alone. See what other insights this year’s study includes:
80% of employees are confident about landing a comparable or better job in this talent-scarce environment, and more than half surveyed are actively planning a job switch
About 6 in 10 employees had a pay raise last year, averaging 8%. Employees expect raises to be around 6% in the coming year. Hiring managers predict future raises to average 4.6%.
While freelance workers surveyed estimate that they earn an average of 26% more than full-time employees in a similar role, 7 in 10 independent workers say they’d prefer to transition to a full-time position at a company
Almost 4 in 10 employees say the workplace reality is worse than expectations set by employer branding
Click here to download a copy of 24 Seven’s 2019 Job Market Report.