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New-hire compensation increased at more organizations in April
ALEXANDRIA, Va. — More than one-half of manufacturers (51.1 percent) and service-sector companies (53.6 percent) will add jobs in May, according to this month’s Society for Human Resource Management (SHRM) Leading Indicators of National Employment® (LINE) Report.
Additionally, with layoff rates expected to remain low and hiring continuing to increase, recruiting difficulty remained problematic for both sectors this past month.
In fact, the month of April marked the 14th consecutive month that recruiting difficulty rose in both sectors when compared to the previous year. Over one-third of manufacturing respondents (35 percent) had more difficulty with recruiting in April, while nearly one-third of service-sector HR professionals (31.4 percent) had more difficulty this past month.
“We continue to see a pattern of increased recruiting difficulty, which rose again in April,” said Jen Schramm, SHRM-SCP, manager of workforce trends at SHRM. “And as a result of this growing problem, many organizations are experiencing difficulty finding applicants for key jobs.”
While many organizations are still keeping new-hire compensation flat, the net totals in both sectors represented four-year highs for the month of April. In the manufacturing sector, a net total of 14.3 percent of respondents reported raising new-hire compensation in April, an increase of 9.8 points from April 2014. In the service sector, a net total of 19.7 percent of companies increased new-hire compensation in April, up 13.1 points from a year ago.
The SHRM LINE Report forecasts employment activity for the coming month about 30 days before data on employment for the same time frame are available from the U.S. Bureau of Labor Statistics. It provides a snapshot of month-ahead hiring expectations and examines difficulty in recruiting top-level talent, new-hire compensation and job vacancies. Respondents include HR professionals from private service-sector companies and manufacturing companies. Together, these sectors employ more than 90 percent of U.S. private-sector workers.
Media: To read the full SHRM LINE Report, visit shrm.org/line. Follow SHRM Research on Twitter @SHRM_Research.
The SHRM LINE Report is typically released at 8:30 a.m. Eastern time on the first Thursday of each month. The SHRM employment expectations index describes the same time period referenced a month later by the Bureau of Labor Statistics’ Employment Situation report.
For more information or for an interview with a SHRM LINE researcher, contact Vanessa Gray of SHRM Public Affairs at 703-535-6072 or Vanessa.Gray@shrm.org.
About the Society for Human Resource Management
Founded in 1948, the Society for Human Resource Management (SHRM) is the world’s largest HR membership organization devoted to human resource management. Representing more than 275,000 members in over 160 countries, the Society is the leading provider of resources to serve the needs of HR professionals and advance the professional practice of human resource management. SHRM has more than 575 affiliated chapters within the United States and subsidiary offices in China, India and United Arab Emirates. Visit us at shrm.org and follow us on Twitter @SHRMPress.
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