Whether you’re in the market for a new job with better pay or simply trying to cope with Starbucks’ new price increases, you may be in for good news: According to CareerBuilder’s Midyear Job Forecast, more than half of employers will raise wages for current employees in the next six months, while 2 in 5 will offer higher starting salaries on job offers.
The survey of more than 2,000 hiring and human resources managers found that 1 in 2 employers plan to hire full-time, permanent workers in the second half of 2016. Meanwhile, 3 in 10 (29 percent) plan to hire part-time employees, and 1 in 3 (32 percent) plan to hire temporary or contract workers.
Employment holds steady as wages increase
While job growth in the second half of 2016 is not expected to outpace 2015 levels, one area where we are likely to see significant change is in the area of compensation. “The majority of employers feel they will now have to pay workers more to attract and retain them because the talent supply is not keeping up with demand,” explains Matt Ferguson, CEO of CareerBuilder and co-author of The Talent Equation.
Indeed, according to the survey, 70 percent of hiring managers feel their companies will have to start paying workers higher wages because the market has become increasingly competitive for the talent needed.