In today’s tight employment market, we are finding clients making strong offers for highly skilled candidates – and for many, they do so without prompting. Companies understand that good talent is at a premium and that they must move quickly, coming in with offers that are both competitive and generous. It is a smart move, decreasing the likelihood candidates will even consider a counteroffer.
A strong offer also assures candidates that their prospective employer sees their value/worth and illustrates this with a substantial package that is fair and compensates them for their experience and background. Additionally, it increases the chances that candidates remove themselves from consideration for any other job opportunities prior to their start date.
Not only are we seeing this job and wage growth in the local markets we serve, but this is a nationwide trend proven in the latest data from the Bureau of Labor Statistics which shows that 201,000 jobs were added to the U.S. economy in August, which exceeded economists’ predictions of 190,000 jobs. The unemployment rate was unchanged at 3.9 percent (and even lower than what is considered “full employment” in our markets). The most exciting news this month, however, is wage growth. Year-over-year wage growth hit a nine-year high at 2.9 percent, now occurring at its fastest rate since the Great Recession.