24 Seven recently released our annual research study of the beauty hiring market in partnership with CEW. Following the release of our Beauty Job Market Report, Lisa Marie Ringus, 24 Seven’s Executive Vice President, Global Sales and Business Development, held a webinar to review our findings. We’re sharing some of the highlights here but be sure to get your copy of the full report.
Compensation & Benefits
For full-time beauty employees, 68% reported a raise in the past year, averaging just above 7%. Those in new jobs reported a higher average hike of a little over 13%. While compensation did rise for most survey takers, the majority of respondents expressed concern for their healthcare benefits and retirement plans.
We found just under half of the workers surveyed are determined to make a job change in the coming year, and another 17% ripe for poaching. This year, a bigger paycheck was tied with ‘better advancement and growth opportunity’ for first place for top reasons to switch jobs.
Battle Stations Recruiting
We discovered the top seven talent management challenges, with employees agreeing with the number one spot. 54% of respondents said that there is no one at work ready to take over their responsibilities if they were to leave.
Hire Expectations & Employment Branding
Hiring managers participating in the research indicated that their company’s candidate experience and employer branding are major factors in the hiring process. Online review sites are becoming more relevant, giving both candidates and companies outside impressions and opinions that can either make or break the lasting influences of candidates’ experience.
Additional insights from this year’s study include:
- Only 50% of employees say my company compensates fairly based on gender and/or race
- 87% confident in their ability to secure a comparable or better job in today’s market
- 43% determined to make a job move in the next 12 months
- 4 in 10 are happy with their current job & employer
- Functional areas with the highest demand are Marketing/Digital Marketing, Ecommerce, and Sales
- 63% of decision makers agree that today’s talent is more discerning and demanding than before
- 66% of employees said the candidate experience had an impact on their employment decision
- 65% have used sites like Glassdoor to either rate or research employers
Interested in additional insights into the current beauty market? Click here to download a copy of 24 Seven’s 2019 Beauty Job Market Report.