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Keeping Cool with Hot Jobs (Part 2)

October 29, 2019  |   Uncategorized   |     |   Comments Off on Keeping Cool with Hot Jobs (Part 2)

Keeping on top of the changing job market is key for employers. Accurately assessing when a job is hot and when it’s cooling down is critical to determining appropriate compensation.

As discussed in our previous post, when jobs are hot, it’s important for employers to up their compensation game, making sure that their total rewards offerings are on par with, if not surpassing, the competition.

Things can change significantly when jobs cool down.  Job postings for certain roles can be scarce and the competition among job seekers higher. Jobs cool down for a number of reasons. Emerging roles that were new to the workforce become more commonplace and there is a larger cohort with the skills you’re looking for to choose from.

How do you know when a hot job is cooling down?

•  The job begins to appear in traditional salary surveys;
•  Previously hot skills become core to the job;
•  Market demand for the job drops;
•  Supply of talent for the job increases to meet demand; or
•  The technology driving the hot skill is no longer relevant.

What Should Employers Do as Hot Jobs Cool?

BCR October blog 2019

Keep In Mind….

During a cooling job market, current employees are less likely to be seeking greener pastures and attrition will typically slow. Many employers find that with more qualified candidates at their door this is a good time to assess the overall performance of existing staff. Underperformers may be replaced with higher qualified or experienced candidates.

It is critical for organizations to stay on top of the job market, and make adjustments accordingly.

Contact Us

Should you have any questions regarding the above or particular situations you want to discuss, let us know. Reach out to Benefits and Compensation Resources (BCR): 847.236.1208; info@b-cresources.com

Written by: Dyana ten Berge, BCR Consultant

BCR is a local, minority-owned firm with more than 25 years experience in serving non-profit, public, and privately held entities in the key areas of Benefits and Compensation Consulting, Performance Management, Human Resource Organization Development, and Human Resource Information Systems and Processes.

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