A rebound from the current economic recession may not come as quickly as some had hoped.
A new survey from Dice Holdings, Inc. found that three in four recruiters and hiring managers have scaled back their hiring plans for the next six months because of the current economy.
“These results reflect what we hear from our customers on a daily basis,” Scot Melland, chairman, president and CEO of Dice Holdings, said. “While hiring managers and recruiters generally believe the economy is no longer falling off a cliff, these survey results indicate that employers have yet to take the tangible steps which will improve the labor market.”
The survey found that 31 percent of respondents believe layoffs are likely within the next six months, which, despite the amount of job cuts already seen this year, is only a slight decrease from the 34 percent of respondents who expected job cuts at the end of 2008.
The survey further found that almost 60 percent of respondents have seen a substantial increase in the number of candidates who are applying for open jobs. For those who were lucky enough to recently be hired, 51 percent say their salaries will be the same, while 38 percent say they will have lower salaries when compared to last year.
“Companies need to figure out smart ways to balance workforce needs with budgetary constraints,” Melland said. “If not, when the economy turns upward – and it will – employers will be faced with the risk of an exodus of talent. There may be few green shoots in today’s labor market, but professionals understand and act quickly when green grass is right around the corner.”
From May 18 to 22, Dice surveyed about 1,900 respondents from U.S. companies and recruiting firms from every region of the country who hire or recruit a variety of professionals. Of the respondents, 80 percent were companies that recruit for their own needs, while almost 40 percent had more than 500 employees.
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