Hiring rates, job fill rates, and salaries are on the rise according to the annual Salary & Job Market Report conducted by 24 Seven, an international search firm specializing in fashion, retail, marketing, digital, design and beauty. While job market indicators are positive, raises were smaller than last year, and the survey finds talent dissatisfied with salaries, jobs, is disengaged and looking to move. This doesn’t bode well for their managers, as the majority of executives surveyed report being under the same or increased pressure to retain talent.
Nearly three quarters (72 percent) of professionals surveyed reported an increase in total compensation, averaging 4 percent, down from 5.5 percent in 2013. Heightened caution with salary budgets is working against companies as 45 percent of responders report being unhappy with their salary and 70 percent are planning a career move in the next year. Those looking to move face an improving job market with 81 percent of executives reporting hiring rates the same or higher than last year.
“We are seeing the greatest growth in demand for talent among digitally- and creatively-focused skill sets,” Celeste Gudas, founder and CEO of 24 Seven, said. “Across all the industries we support, talent who embrace digital disruption; who understand how it’s changing their industry and work; who continually accumulate the skills needed to thrive in the ever-evolving, technology-driven workplace; and who understand how digital is changing the consumer/brand journey are the most sought after today.”
The majority of talent surveyed (70 percent) said they planned to make a career move within the year. Along with dissatisfaction with salary, only 55 percent said they were satisfied in their job, and 47 percent said they were truly engaged in their work. Top reasons to seek out new opportunities included higher salary, better chance at advancement, better growth potential, and improved quality of life. The majority of executives (85 percent) reported feeling under the same or mounting pressure to attract/retain talent, and believe that having the right talent is critical to company success.