One good thing to come from this recession: It allowed companies to scoop up top talent at rock-bottom prices. But now, if you want to keep that talent, it could cost you – big.
The recent economic crisis taught us a lesson in supply and demand. With a low supply of available jobs, and high demand for every opening, employers could snap up talented job seekers without having to a high price for them.
With economy on the upswing — and companies’ finances loosening up — talented workers seem to be out to get what they’re worth.
Workers who took a financial hit during the recession are looking for salaries equal to (if not more than) what they were making before mass layoffs swept through nation.
In fact, Russ Riendeau, senior partner and recruiter for the Barrington, IL-based East Wing Group, Inc., was cited in The Wall Street Journal as saying one in five candidates who call him are trying to return to their previous salary levels after being in their current job for a year or less.
That’s more than double the number of candidates who were doing that in 2009, Riendeau says.
Troubling signs
Recognizing that more highly talented workers are seeking greener pastures, Google, Inc., recently gave all its employees a 10% raise.
Of course, only a select few businesses have the resources to do that. But it underscores the gravity of the problem many employers who snapped up “good deals” are facing.
One warning sign you may have a mutiny on your hands: Employees try to pitch for higher roles within your organization. According to recruiter Nick Corcodilos, who also publishes the jobs advice site AsktheHeadhunter.com, that’s typically the first move employees make when they’re unhappy.
Rest assured, there’s still plenty of talent out there. That just means employers must make a difficult decision: pay top talent more, or let high performers walk and try to find more steals while unemployment remains high.
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