Since the economic recession, employers have been slow to return to previous hiring levels. It’s taken quite a while for the job market to bounce back, but according to the 2015 hiring forecast from CareerBuilder, things may be finally turning a corner with the strongest forecast since 2006.
An increase in hiring is good news all around, but it also means that both employers and job seekers will face stiffer competition in a recovering job market.
All types of hiring will increase in 2015
The CareerBuilder survey found that employers plan to hire more for full-time, part-time, and temporary positions within their organizations.
This year, 36 percent of employers will hire more full-time, permanent employees — up from 24 percent of employers last year. What’s more, full-time hiring is anticipated to be over the national average for some industries that have recently seen accelerated growth. According to CareerBuilder:
- 54 percent of employers plan to hire full-time IT employees
- 42 percent will hire for financial services
- 41 percent will hire in manufacturing
- 38 percent of employers plan to hire healthcare professionals
Also this year, 46 percent of employers plan to hire temporary or contract workers, compared to 42 percent in 2014. Part of the reason behind the increase in temporary hires is that employers are looking for ways to maintain a more flexible workforce, in order to adapt to changes in the market. In addition, more employers are hiring temporary staff to fill high-demand roles where talent is in short supply.
Finally, 23 percent of employers plan to hire more part-time employees in 2015, up from 17 percent last year.
The STEM jobs market continues to increase
Hiring for STEM (science, technology, engineering, and math) jobs has increased sharply over the last few years, and this trend is expected to continue in 2015 with 31 percent of employers planning to create and hire for jobs in these areas.
Related positions that are tied to innovation, customer loyalty, and revenue growth will also see an increase in hiring for 2015. Employers plan to hire more full-time, permanent staff for positions in:
- Sales (36 percent)
- Customer service (33 percent)
- Information technology (26 percent)
- Production (26 percent)
- Administration (22 percent)
More jobs with better pay
In 2015, many employers plan to pay staff higher salaries, with the minimum wage battle and increased competition for in-demand skills cited as the primary reasons for raising pay.
While it’s still uncertain whether the federal minimum wage will increase, at least 21 states are raising minimum wage — and some employers are increasing their own minimum salaries within the company. In 2015, 45 percent of employers expect to raise their minimum pay, with 50 percent increasing by $2 or more per hour and around one-third increasing by $3 or more per hour.
Employers are also offering more competitive salaries in order to attract and retain the best talent. This year, 82 percent plan to increase salaries for current employees and 64 percent plan to offer higher starting salaries — up from 73 percent and 49 percent in 2014, respectively.
Educational requirements are increasing
In a more competitive job market, employers are looking for candidates with more advanced education. According to the CareerBuilder survey:
- 28 percent of companies will hire more employees with master’s degrees for positions that were previously held by employees with four-year degrees.
- 37 percent of companies will hire employees with college degrees for positions previously held by employees with high school diplomas.
- 65 percent of employers attribute the increase in educational requirements to evolving skills required for the positions.
Today’s job market is more competitive — and more rewarding — for professionals in many industries, with particularly strong growth and opportunity for IT pros and STEM-related skills.