Finally some good news for the global economy – the jobs scene is once again looking brighter in 2013.
According to an annual survey conducted by compensation data and software provider PayScale, Inc. of employers on their compensation best practices, uncovered rare optimism about the economy and increasing business confidence. The PayScale’s 2013 Compensation Best Practices Report, which surveyed companies across the United States, Canada, and 11 additional countries to understand past and projected business performance, looked at compensation, hiring, and retention as financial indicators in the economy.
Highlights from the report:
– A whopping 70% of small businesses – and 61% of large companies – expect their business performance to improve in 2013.
– Companies are planning to invest in new talent to grow their business with 15% more companies planning to hire in 2013 than in 2012.
– The number of organizations hiring employees has consistently risen, with 2012 growth exceeding original expectations by 12%.
– In 2012, small business wage growth increased significantly, demonstrating the little guy is competing with large companies for skilled employees.
– As more companies look to hire in 2013, skilled labor is in demand. In the survey, 59% of respondents cited retention as a main concern.
“Consistent with the quarterly PayScale Index, the results of the 2013 Compensation Best Practices Report show more optimism amongst small and large businesses than in past years,” said Katie Bardaro, Lead Economist and Director of Analytics at PayScale.
Here’s an infographic showing you some of the numbers from the report: