IT, financial services and manufacturing lead the way
In a booming economy, finding a new job can be pretty easy. In a recovering economy, however, you may feel more like a detective than a job seeker, spending most of your time searching for jobs, researching companies and investigating new opportunities.
In the last quarter of 2013, expect to continue using your detective skills as the hiring forecast predicts relatively steady hiring rates.
"Consistent hiring has been the theme throughout this jobs recovery," says Matt Ferguson, CEO of CareerBuilder. "Economic concerns are still looming. Some headlines in the news need to play themselves out before employers fully mobilize to create a more active job market. Companies will continue to produce an even stream of new jobs in the fourth quarter as they assess their positioning and prospects for the coming year."
While you may have to spend more time investigating in Q4, a recent CareerBuilder survey* of more than 2,000 hiring managers and human resource professionals across industries and company sizes nationwide found clues that will point you in the right direction of who's hiring and where.
Several industries are outperforming the national hiring rate
A closer look at hiring plans in the last quarter of 2013 shows the strong points of the economy. First, the overall hiring rate will remain stable, with one in four employers planning to add full-time, permanent headcount in the fourth quarter. This rate is very similar to last year, with 26 percent in Q4 2012.
However, several industries are expected to outpace the national average for companies hiring, including information technology (36 percent), financial services (32 percent) and manufacturing (30 percent).
Hiring among large health care organizations (those with 50 employees or more) is expected to mirror the national average, though that number may change as the Affordable Care Act takes effect and additional health care workers are needed.
The remaining organizations surveyed are either at full headcount or may need to reduce: 9 percent expect to downsize staffs, the same as last year. Sixty-one percent anticipate no change and 5 percent are undecided.
Despite the sluggish hiring numbers, there will still be a large number of employment opportunities in Q4. Thirty-two percent of employers plan to hire temporary or contract workers in the fourth quarter, similar to 33 percent last year. Those opportunities may very well turn into permanent employment by the New Year. Twenty-two percent report that they will transition some temporary or contract staff into permanent employees before the end of the year.
Opportunities will vary by size and location of company
Not only is it important to understand the industries that are hiring, but it's just as essential to know what kinds of companies are hiring and where those jobs are. Although small businesses continue to trail large organizations in the percentage of employers hiring, recruitment activity among companies of all sizes will remain relatively steady over the next three months.
- 50 or fewer employees -- 15 percent plan to add full-time, permanent staff in Q4 compared to 16 percent last year; 8 percent expect to reduce headcount compared to 7 percent last year.
- 250 or fewer employees -- 18 percent plan to add full-time, permanent staff in Q4 compared to 20 percent last year; 9 percent expect to reduce headcount compared to 8 percent last year.
- 500 or fewer employees -- 20 percent plan to add full-time, permanent staff in Q4 compared to 21 percent last year; 9 percent expect to reduce headcount compared to 8 percent last year.
- More than 500 employees -- 32 percent plan to add full-time, permanent staff in Q4 compared to 34 percent last year; 11 percent expect to reduce headcount compared to 9 percent last year.
Similar to previous surveys, the West remains the most optimistic in terms of hiring plans. The South saw the largest year-over-year decrease (four percentage points) in the number of employers expecting to recruit new talent in Q4 but is still slightly ahead of the Northeast and Midwest.
- West -- 29 percent plan to add full-time, permanent staff in Q4 compared to 31 percent last year; 9 percent expect to reduce headcount compared to 7 percent last year.
- South -- 24 percent plan to add full-time, permanent staff in Q4 compared to 28 percent last year; 9 percent expect to reduce headcount compared to 8 percent last year.
- Northeast -- 23 percent plan to add full-time, permanent staff in Q4 compared to 24 percent last year; those reducing headcount remained at 10 percent.
- Midwest -- 23 percent plan to add full-time, permanent staff in Q4, the same as last year; 11 percent expect to reduce headcount compared to 10 percent last year.